Retail investors who followed high-profile investor Ryan Cohen into Bed Bath & Beyond (NASDAQ: BBBY) were left sorely disappointed when he revealed that he had sold his entire stake in the company -- 9.4 million shares plus options. The about-face by the founder and former CEO of Chewy and chairman of GameStop was abrupt, as Cohen owned about 10% of the company.
It was only in March that Cohen had pushed to gain three new seats on the board of directors. Cohen's call options with far out-of-the-money strike prices of $60 to $80 had some investors excited that shares of the beleaguered home goods retailer could make a run to that level. But with the stock down big over the past week, shareholders are stuck holding the bag without a lot left to be excited about right now.
Instead of trying to trying to parse out the moves of a high-profile but fickle investor, folks who are interested in a turnaround story are better served taking a look at shares of Foot Locker (NYSE: FL) , a retailer with some intriguing catalysts of its own -- and a lot more potential than Bed Bath & Beyond.
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Like Bed Bath & Beyond? This Turnaround Stock Is Far More Promising