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Bed Bath & Beyond, the ultimate meme stock, has had a wild week on Wall Street as the domestic merchandise retailer has seen continued popularity from retail investors during the month of August.
Shares, through Thursday's closing price, have soared 268% this month as the company's largest shareholder, Ryan Cohen's RC Ventures, moves in and out of the stock.
|BBBY||BED BATH & BEYOND INC.||18.55||-4.53||-19.63%|
FOX Business takes a look at the timeline over the past several days.
Chewy.com co-founder and GameStop chairman Ryan Cohen's venture capital firm RC Ventures, Bed Bath & Beyond's second-largest investor, disclosed an updated stake in an amended 13D filing with the U.S. Securities and Exchange Commission.
According to the filing, RC Ventures beneficially owned 9,450,100 shares, or 11.8% of the company's roughly 80 million outstanding shares, including 1,670,100 shares underlying certain call options. As of Monday, the stake was worth approximately $145 million as the stock clocked its longest winning streak, nine straight days, since January 2007, as tracked by Dow Jones Market Data Group.
The options, which were set to expire in January 2023, were purchased at strike prices between $60 and $80. A call option gives the buyer the right to buy a stock at a given price for a fixed period of time.
BED BATH & BEYOND SLIDES AFTER RYAN COHEN FILES FOR STAKE SALE
The disclosure helped fuel a wave of buying from retail investors on Tuesday and Wednesday.
Bed Bath & Beyond
However, that momentum stalled by the end of Wednesday's trading session, when Cohen filed a Form 114 with the SEC, indicating his intent to sell up to 7.78 million shares and all the call options.
A spokesperson for RC Ventures did not immediately return FOX Business' request for comment.
On Thursday, Bed Bath & Beyond shares fell more than 20%, and selling accelerated after the closing bell when a fresh SEC filing revealed that Cohen unloaded his position with selling prices ranging from $18.68 on Aug. 16 to $29.21 on the Aug. 17.
Friday may be a rough session for the retailer.
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RC Ventures first amassed a 9.8% stake in Bed Bath & Beyond in March. At the time, Cohen called on the company to "narrow its focus to fortify operations and maintain the right inventory mix to meet demand, while simultaneously exploring strategic alternatives that include separating buybuy Baby, Inc and a full sale of the company."