Bed Bath & Beyond just filed for bankruptcy, 8 months after an activist investor and college student made a combined $180 million on the meme stock
Freeman, aged only 20 at the time, said that he bought BBBY stock because it appeared to be priced for bankruptcy. While he saw that outcome as a real possibility if the company didn't take action, he believed that if it adjusted its capital structure, it could raise more cash and gain more time to save its business.
The math and economics major also attributed his decision to take profits to the sharp rise in BBBY stock — it briefly quintupled during his holding period — and the fact he was headed back to school the next day. Both Cohen and Freeman nailed the timing of their sales, as BBBY stock has plunged 99% from its August peak. While their sales likely dashed hopes for a turnaround and contributed to the stock's decline, BBBY's bankruptcy suggests they got out at the right time.
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