Gamestop Corporation (GME)

[Prudent Capitalist]

GME only spiked up in sympathy with BBBY, and it came tumbling down just like BBBY when GME's Chairman, Ryan Cohen, filed yesterday to sell all of his holdings and Options in BBBY. I would suspect GME shareholders would prefer Mr. Cohen concentrate on GME rather than the games with BBBY shares. And, $60 and $75 BBBY Calls? SMFH

Retail traders were quick to flock to the side of Chewy Inc (NYSE: CHWY) founder and GameStop Corp (NYSE: GME) chair Ryan Cohen when he purchased a stake in Bed Bath & Beyond Inc (NASDAQ: BBBY) in March.

Less than six months later, Cohen has filed intent to sell his stake in the embattled retailer and accusations are flying. One institutional investor has suggested that Cohen used retail investors to pump the stock for his own benefit.

"[Cohen] used an option gamma squeeze to pump the stock to unload his position at temporary higher valuations," Lloyd said.

According to recent SEC filings, Cohen had exposure to 9.45 million shares of Bed Bath & Beyond stock as of Tuesday. His position consisted of 7.78 million common shares, as well as 1,257 $60 strike call options, 444 $75 strike calls and 5,000 calls at the $80 strike. It's not clear if any shares or options contracts have been sold since Cohen filed the intent to sell.