Activist Investor Ryan Cohen Sells Entire Stake In Bed Bath & Beyond; Stock Plunges

(RTTNews) - Shares of Bed Bath & Beyond Inc. (BBBY) fell about 45% in extended trading on Thursday, after Activist investor Ryan Cohen disclosing that he sold his entire stake in the home improvement retailer.

According to a securities filing released Thursday afternoon, Cohen's RC Ventures sold 7.78 million shares at a range of prices between $18.68 per share and $29.22 per share, after buying them earlier this year at an average of about $15.34 per share. The firm also sold its call options.

Bed Bath & Beyond said in a statement on Wednesday that it reached a constructive agreement with RC Ventures in March and was committed to maximizing value for all shareholders.

The company added that it was continuing to execute on its priorities to enhance liquidity, make strategic changes and improve operations to win back customers.

BBBY closed Thursday regular trading at $18.55 down $4.53 or 19.63%. In the after-hours trade, the stock further dropped $8.28 or 44.64%.