Here's Why Bed Bath & Beyond Stock Is Trading Higher Today

Bed Bath & Beyond Inc. BBBY shares are trading higher after the company reported a cooperation agreement with Ryan Cohen's RC Ventures.

Ryan Cohen and RC Ventures LLC are the beneficial owners of approximately 9.8% of the company's outstanding shares.

In conjunction with the cooperation agreement, Bed Bath & Beyond today announced that Ms. Bowen and Mr. Rosenzweig, will join a four-member Strategy Committee focused on exploring alternatives to unlock greater value from the company's buybuy BABY banner.

"The resolution announced today represents a positive outcome for all of Bed Bath's shareholders. By refreshing the Board with shareholder-designated individuals who possess capital markets acumen and transaction experience, the company is well-positioned to review alternatives for buybuy BABY," said Chewy, Inc. CHWY Founder, GameStop Corp. GME Chairman Ryan Cohen.

Bed Bath & Beyond is a home furnishings retailer, operating just under 1,000 stores in all 50 states, Puerto Rico, Canada, and Mexico.

Bed Bath & Beyond's stock was trading about 9.5% higher at $24.20 per share on Friday at the time of publication. The stock has a 52-week high of $44.51 and a 52-week low of $12.39.