Bed Bath & Beyond reported a 25% drop-off in sales in its most recent quarter, which followed a 22% sales decline the previous quarter.
Cohen sold all of the nearly 7.8 million shares he held in Bed Bath & Beyond on Tuesday and Wednesday, at prices between $18.68 and $29.22. He also sold options tied to the stock. In March, he first revealed that he had built a nearly 10% stake in Bed Bath & Beyond, with shares purchased at prices between $13.08 and $17.10.
"How many times are ‘meme traders’ going to keep mindlessly gambling on false prophets instead of actually learning how to invest and trade?" one commenter wrote. Cohen was a big reason many investors piled into Bed Bath & Beyond, particularly after his earlier investment into heights that stunned all of Wall Street. As Bed Bath & Beyond’s stock kept going higher in recent days, many voices on Reddit and other social media sites urged other investors to keep buying. Along the way, some reveled in facing down the professional investors who had bet Bed Bath & Beyond’s stock would fall.
Despite all the furor, Bed Bath & Beyond continues to lose money as it struggles to navigate the post-pandemic retail landscape.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bed Bath & Beyond tumbles after influential investor exitsThe newest meme stock on Wall Street, Bed Bath & Beyond, is tumbling even further in after-hours trading Thursday after a high-profile activist investor confirmed that's he's bailed out of the stock.
Read more »
Student, 20, makes $110 million trading meme stock Bed Bath & BeyondJake Freeman had amassed a 6.2 percent stake in the struggling housewares chain before the share price skyrocketed.
Read more »
Dirty stores, disengaged store associates: Crisis at Bed Bath & BeyondBed Bath & Beyond's stock price has been in a nearly continual decline since 2015. 'We are becoming increasingly concerned a Chapter 11 bankruptcy filing is forthcoming,' a managing director at Loop Capital says.
Read more »
Bed Bath & Beyond Earnings News: What next for BBBY stock after collapse?BedBathBeyond stock sparks a blood bath among retail investors as it collapses, $BBBY stock falls to $10 after hours on Thursday as ryancohen sells stake. BBBY is also rumored to have hired top bankruptcy lawyers by ivanbrian9 stocks trading
Read more »
USC student makes $110 million selling Bed Bath & Beyond meme stockA 20-year-old student at the University of Southern California took a gamble and it paid off big.
Read more »