Activist investor Ryan Cohen has left his position at retailer Bed Bath & Beyond, according to a securities filing made public Thursday afternoon.
The filing shows that Cohen’s RC Ventures dumped its shares on Tuesday and Wednesday to a price range between $18.68 per share and $29.22 per share. The firm also sold its call options. Cohen said in a filing earlier this week that he intended to sell his holdings of the meme stock.
Shares fell 35% in extended trading, adding to a loss of nearly 20% during Thursday̵[ads1]7;s regular trading session.
Cohen, who co-founded Chewy and is chairman of GameStop, bought more than 7 million shares and options in Bed Bath & Beyond earlier this year. The company added board members after Cohen’s election and pushed out the CEO after RC Ventures disclosed its stake.
Cohen originally bought his shares in Bed Bath & Beyond at an average of about $15.34 per share.
In a statement Wednesday, Bed Bath & Beyond said it had reached a “constructive agreement” with RC Ventures in March and was exploring potential changes to its financial structure.
Shares of Bed Bath & Beyond have soared higher this month, driven in part by retail traders in an apparent revival of the meme-trading craze. Shares rose more than 200% in August at Thursday’s close.
Bed Bath & Beyond has seen abnormally high trading volume this month, and the stock has become the dominant topic of conversation on Reddit’s WallStreetBets page. The stock has high short interest, or bets that it will decline, made by hedge funds, which was one of the main characteristics of names that rose sharply during the meme stock mania of 2021.
The private investor interest has come despite the company’s fundamental struggles. Bed Bath & Beyond reported in June that first-quarter net sales were down 25% year over year, resulting in a net loss of $358 million. The company also reported negative operating cash flow of about $400 million.