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Bed Bath & Beyond Inc (NASDAQ: BBBY) shares tumbled more than 45% on Friday, losing much of this month’s massive gains after top investor Ryan Cohen exited his stake.
The stock traded down 45.28% at $10.15 in New York, putting the retailer on course for its worst day since going public in 1992.
A filing with the US Securities and Exchange Commission (SEC) showed Cohen’s RC Ventures sold millions of shares on Tuesday and Wednesday at a range of prices from $18.68 to $29.21.
The sales came after an early August surge as retail investors piled in amid a broader revival in so-called meme stocks.
Wednesday’s intraday high of $30 was almost six times above where the shares started the month.
Shares of other meme-stock darlings also slid Friday, with GameStop Corp (NYSE: GME) and AMC Entertainment Holdings Inc (NYSE: AMC) slumping more than 8.5 each.
Picture Credit: Forbes
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