Bed Bath & Beyond Stock Is Falling Today: What's Going On?

Bed Bath & Beyond Inc BBBY shares are trading lower Thursday after GameStop Corp GME chairman Ryan Cohen filed a Form 144 with the SEC showing intent to sell his stake in the home furnishings retailer. The stock was also downgraded by Wedbush.

According to Cohen's Form 144 filing, JPMorgan has filed an intent to sell 9,450,100 million shares, representing Cohen's total stake, on behalf of Cohen's firm RC Ventures. Some of the shares are represented by call options.

The filing represents the potential sale of up to 7.78 million common shares, as well as 1,257 $60 strike call options, 444 $75 strike calls and 5,000 calls at the $80 strike. All of the call options are set to expire in January 2023. 

The date of notice for the filing is marked Aug. 16. It's not clear if any shares have been sold on behalf of RC Ventures to date.

Wedbush analyst Seth Basham downgraded Bed Bath & Beyond from Neutral to Underperform and announced a $5 price target. 

See Also: Bed Bath & Beyond Analyst Says Pullback To $2 Likely, Trends At Retailer Remain 'Challenged'

BBBY Price Action: Bed Bath & Beyond shares have traded between $4.38 and $30 over the last month. 

The stock was down 19.2% at $18.62 at press time, according to Benzinga Pro.

Photo: JJBers from Flickr.