On Friday amid rising risk-off sentiment meme stocks like GameStop and AMC entertainment plunged Ryan Cohen abruptly sold his stake in Bed Bath & Beyond The decline came after retail investor favorite. In early 2021, Cohen rose to fame after piling into GameStop amid the original meme-stock craze on Friday after retail investor icon Ryan Cohen abruptly exited his stake in Bed Bath & Beyond after a massive multi-week rally Meme stocks stalwarts GameStop and AMC Entertainment plunged.
In early Friday trades, GameStop and AMC Entertainment shares fell more than 9% as investors lose hope that Cohen could spark a turnaround in the struggling home goods retailer Meanwhile, Bed Bath & Beyond plunged more than 40%.nearly $60 million profit on its stake as it became clear that the company’s large debt load Cohen gave up on Bed Bath & Beyond and booked. decline sales were combined ultimately leading to bankruptcy. According to Bloomberg reports, lawyers this week, Bed Bath & Beyond hired debt restructuring.
As a reminder to meme stock investors that these stocks are highly vols, The swift and sharp decline in Bed Bath & Beyond likely served .on Friday is a report from the Wall Street Journal that UK-based Cineworld Likely adding to AMC Entertainment’s stock weakness. due to a lack of blockbusters and a large pile of debt, is preparing for bankruptcy.
so far this year, While the US box office has seen strength with movies like Top Gun and Minions driving people to theaters, overall attendance is still down.AMC Entertainment has more than $5 billion in debt and is still not profitable.on Friday contributed to GameStop’s weakness And as a broader risk-off move in the stock market Beyond likely did too Cohen’s abrupt exit from Bed Bath.
Gamestop chairman cohen he owns more than 36 million shares in video games.no signs of losing confidence in GameStop has shown cohen.to meme-stock investors that activists can sell their stake as quickly as they amassed it but his abrupt about-face in Bed Bath & Beyond should serve as a reminder.