Signs mark a Bed Bath & Beyond store in Somerville, Massachusetts.
Brian Snyder | Reuters
Bed Bath & Beyond shares fell more than 10% in extended trading Wednesday after activist investor Ryan Cohen said he intends to sell his entire stake in the retailer through his firm RC Ventures.
According to a Form 144 that was filed Wednesday with the Securities and Exchange Commission, RC Ventures intends to sell 9.45 million shares of the company, which is the total amount it holds in Bed Bath. A Form 144 acts an official notice of a proposed security sale.
Representative for RC Ventures and Bed Bath didn’t immediately respond to CNBC’s request for comment.
The meme stock craze has found new life in recent weeks, and Bed Bath has been the primary beneficiary. As of Wednesday’s close, the stock was up 58% so far this year, easily outpacing the broader market.
Shares of the consumer goods retailer are up more than 300% in August alone, with heavy trading volume.
The stock saw trading of nearly 400 million shares on Tuesday and another 249 million shares on Wednesday, according to FactSet.
Bed Bath & Beyond has also been far and away the most mentioned stock on Reddit’s Wall Street Bets page over the past week, according to third party data provider Quiver Quantitative.
—CNBC’s Jesse Pound contributed to this reporting.
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