Bed Bath and Beyond (BBBY) stock soared 86% at the open on Monday, the most on record after activist investor Ryan Cohen took a 9.8% stake in the retailer. Cohen is pushing for changes, including a possible sale of the company. Shares paired back their gains by mid-morning, but were still trading more than 40% higher.
Cohen’s stake in BBBY is reminiscent to his strategy to overhaul GameStop (GME) last year. Cohen is currently chairperson of GameStop with a large social media following among retail investors. They often refer to him as “Papa Cohen.”
Bed Bath and Beyond is undergoing a 3-year transformation plan spearheaded by CEO Mark Tritton, a former Target (TGT) executive.
Cohen’s RC Ventures wrote a letter to the board with ideas, including separating itself from BuyBuy Baby, and even a sale of the company.
“The final path we want to raise for…
