Bed Bath & Beyond Shares Skyrocket After GameStop Chair Cohen Takes Stake

Regulatory filings show that billionaire investor Ryan Cohen has taken a 9.8% stake in Bed Bath & Beyond Inc BBBY.
Cohen serves as the Chairman of the board of directors of GameStop Corp GME.
On March 6, 2022, Cohen also issued a letter to the company's board to adjust strategy and explore alternative paths.
The investor called for exploring strategic alternatives that include separating buybuy Baby, Inc. and a full sale of the company.
In response to the letter from Cohen's RC Ventures, the company stated, "Bed Bath & Beyond's Board and management team maintain a consistent dialogue with our shareholders and, while we have had no prior contact with RC Ventures, we will carefully review their letter and hope to engage constructively around the ideas they have put forth."
Price Action: BBBY shares are trading higher by 62.5% at $26.30 in premarket on the last check Monday.