Shares of Bath Bed & Beyond Inc. BBBY,
fell 35.7% in Thursday afternoon trading, setting them on track for the biggest one-day loss since they went public in June 1992, a day after going up to a higher rise, sales comes as a bad time for JP Morgan Chase & Co. JPM,
revealed on Thursday that it has received a 6.7 million stake, or 5.5% of the outstanding shares. That would make the bank the fifth largest shareholder, according to FactSet data. The stock of the home accessories retailer has been among the severely shortened ones that have gripped the trading frenzy recently. The stock rose 43.5% on Wednesday, the stock’s biggest ever one-day gain, to close at a 5-year high on a record high of 90.3 million shares. That was the fifth straight profit of the stock, with the stock rising to 112% over that period. At Wednesday’s closing price, JP Morgan Chase’s bet was worth $ 356.4 million, but it was now worth $ 229.2 million. Thursday’s sale comes as online trading platform Robinhood said it was preventing consumers from making new purchases of the stock, along with several others, including GME GameStop Corp.
and AMC Entertainment Holdings Inc.’s AMC,
Bed & Beyond Bed stock has grown 61.2% over the past three months, and the S&P 500 SPX,
has gained 16.7%.