Activist investor Ryan Cohen has exited his position in retailer Bed Bath & Beyond, according to a securities filing released Thursday afternoon.
The filing shows that Cohen’s RC Ventures sold its shares Tuesday and Wednesday at a price range of between $18.68 a share and $29.22 a share. The company also sold its call options. Cohen said in a filing earlier this week that he intends to sell his holdings of meme stock.
Shares of the stock fell 35% in extended trading, contributing to a nearly 20% loss during Thursday’s regular trading session.
Cohen, co-founder of Chewy and chairman of GameStop, bought more than 7 million shares and call options in Bed Bath & Beyond earlier this year. The company added board members of Cohen’s choice and ousted its CEO after RC Ventures announced its stake.
Cohen originally bought his shares in Bed Bath & Beyond for an average of about $15.34 per share.
In a statement Wednesday, Bed Bath & Beyond said it reached a “constructive agreement” with RC Ventures in March and is evaluating possible changes to its financial structure.
Bed Bath & Beyond shares have soared this month, fueled in part by retailers in an apparent revival of the meme trading craze. Shares were up more than 200% in August at Thursday’s close.
Bed Bath & Beyond saw unusually high trading volume this month, and the stock has become the dominant topic of conversation on Reddit’s WallStreetBets page. The stock has high short-term interest, or bets that it will fall, being made by hedge funds, which has been one of the key qualities of names soaring during the meme stock craze of 2021.
Retail investor interest has come despite the company’s fundamental struggles. Bed Bath & Beyond reported in June that first-quarter net sales fell 25% year over year, resulting in a $358 million net loss. The company also reported negative operating cash flow of about $400 million.