Freeman bought his stake at under US$5.50 a share. On Tuesday, Bed Bath & Beyond surged to more than US$27 a share. As the stock soared, Freeman sold more than US$130-million worth of stock from his TD Ameritrade and Interactive Brokers accounts.
After selling the shares, Freeman went for dinner with his parents in the suburb of New York City where they live and on Wednesday he flew to Los Angeles to return to campus, he said.Freeman’s initial stake cost about US$25 million, which he said was mostly raised from friends and family. He has invested for years with his uncle, Dr. Scott Freeman, a former pharmaceutical executive. The two recently built an activist stake in a publicly traded pharmaceutical company called Mind Medicine.
Freeman amassed his more than six-per-cent position in Bed Bath & Beyond via Freeman Capital Management, a fund registered in the cowboy town of Sheridan, Wyoming, according to the filings. Shares of the New Jersey-based chain — known for operating cavernous stores full of vacuums, towels and kitchen gadgets — have risen fivefold over the past month even after the grim earnings report on June 29.
Education Education Latest News, Education Education Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: fpinvesting - 🏆 43. / 63 Read more »
Source: nationalpost - 🏆 10. / 80 Read more »
Source: OttawaCitizen - 🏆 21. / 68 Read more »
Source: calgaryherald - 🏆 64. / 52 Read more »
Source: calgaryherald - 🏆 64. / 52 Read more »
Source: VancouverSun - 🏆 49. / 61 Read more »