Bed, Bath & Beyond shares plunge after investor Ryan Cohen reveals his intention to sell his stake

bed bath behind Shares fell 20% in extended trading on Wednesday after activist investor Ryan Cohen said he intends to sell his entire stake in the retailer through his company RC Ventures.

according to Form 144 filed with the Securities and Exchange CommissionRC Ventures intends to sell 9.45 million shares of the company, which is The total amount he carries in the Bed Bath. Form 144 is a formal notice of a proposed sale of securities.

Representatives for RC Ventures and Bed Bath did not immediately respond to CNBC’s request for comment.

The total purchase price of 7.78 million shares owned directly by RC Ventures is approximately $119.4 million, excluding brokerage commissions, according to previous SEC filings. The total purchase price of the company’s call options that are exercisable in 1.67 million shares owned directly by RC Ventures is approximately $1.8 million, also excluding that commission.

Cohen first open He owned approximately 10% of the shares in Bed Bath through his active company in early March. FactSet says its holdings were 11.82% in late March.

At that time, Cohen Jim Stop Chewy CEO and founder wrote a letter to Mark Tritton, CEO of Bed Bath, saying he believes the household goods chain is struggling to reverse its declining market share and bypass supply chain problems. He also urged the retailer to consider selling the Buybuy Baby chain.

Later in March, Bed Bath said that make a deal With the activist company to add three people selected by Cohen to its board of directors, effective immediately.

Just three months later, Bed Bath abruptly replaced Triton as CEO in June, and appointed restructuring expert and independent director Sue Goff as his interim successor. This came after the company suffered another quarter of slowing sales and heavy losses.

However, the meme-stock craze has found new life in recent weeks, and the Bed Bath was the main beneficiary. As of Wednesday’s close, the stock is up 58% so far this year, easily outpacing the broader market.

Shares of the home goods retailer are up more than 300% in August alone, with heavy volume.

The stock saw nearly 400 million shares traded on Tuesday and another 249 million shares on Wednesday, according to FactSet.

Bed Bath has also been the most cited stock on Reddit’s Wall Street Bets page over the past week, according to third-party data provider Quiver Quantitative.

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