 "Bed Bath & Beyond shares zoom after investor Ryan Cohen’s latest bet; check details here")
Shares of Bed Bath & Beyond jumped over 60 percent after news emerged that GameStop Chairman Ryan Cohen has placed another bet on the struggling retailer. According to an article on NASDAQ, the shares of Bed Bath & Beyond zoomed 78.8 percent to $28.60 on Tuesday. Furthermore, trade was stopped multiple times due to volatility. The shares were still trading at $23.08 after the trading session ended on Wednesday. The shares of Bed Bath & Beyond have risen 116.19 percent in the last five days. The stock has risen 440 percent so far this month. According to reports, a regulatory filing on Monday showed Ryan Cohen’s RC Ventures bought out out-of-the-money call options on over 1.6 million Bed Bath & Beyond shares with strike prices between $60-80. RC Ventures is the second largest investor in the retailer. According to NASDAQ, the options expire in January next year. The news led to a surge in interest by bidders. Trading in Bed, Bath & Beyond’s shares has triggered a short squeeze signal. What does Ryan Cohen’s investment indicate? An option gives buyers the right to sell or buy a security at a given price on a specific date. Buying a call option means that the investor is betting that the price of the underlying asset will rise. According to CNBC, Ryan Cohen first revealed that he had shares in Bed, Bath & Beyond in March this year, adding that he held a stake of about 10 percent in the home furnishings retailer. He also wrote a letter to Bed Bath’s then CEO, Mark Tritton, asking him to reconsider selling its Buybuy Baby chain. The GameStop chairman also wrote that he believed Bed Bath & Beyond was struggling to move past supply chain issues and declining market share. Later, the company struck a deal to add three people chosen by Ryan Cohen to its board of directors. After the firm went through another quarter of heavy losses, Bed Bath & Beyond removed Mark Tritton as the CEO. The company appointed Sue Gove as his interim successor. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.
According to reports, a regulatory filing on Monday showed that Ryan Cohen’s RC Ventures bought out out-of-the-money call options on over 1.6 million Bed Bath & Beyond shares with strike prices between $60-80
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