Ryan Cohen of Chewy Inc. (CHWY) and GameStop Corp. (GME) fame is eyeing a new project – revamping Nordstrom Inc. (JWN).
Cohen reportedly took a sizeable position at the start of February, becoming one of JWN’s top non-insider investors.
Cohen reportedly wants to remove Board Member Mark Tritton.
This is not the first time Cohen has painted a target on Tritton, as in August 2022, his firm, RC Ventures, took a stake in Bed Bath & Beyond (BBBY). Tritton was the CEO at the time and was eventually removed from his position.
At the time, Cohen ignited a brief rally for BBBY which ultimately led to a class action lawsuit, naming Cohen, alleging a “pump and dump” scheme – inflating the stock price long enough to cash out for $68 million in profit.
Plus, it’s no secret what happened to GameStop stock and the lashing its investors took once the mania cooled. But despite his track record of driving up prices and leaving others to hold the bag, the market saw Cohen’s new involvement in JWN as a positive – the stock price opened at $27.07 on Feb. 3, a 33% gain from the opening price of $20.35 on Feb. 2.
LikeFolio’s Vice President of Research Megan Brantley believes that Nordstrom seems to be losing its edge and that new leadership could help rejuvenate the brand.
We won’t know the company’s full results for 2022 until March, but with LikeFolio’s propriety data, you can get a sneak peek into what Nordstrom could most likely reveal.
LikeFolio’s data delivers insights into how happiness levels among consumers play a part in how well the company is projected to do and how much time was being spent on its digital site; the more time people spend on the site, the more money they may spend.
So, even if an activist like Cohen can make the stock price pop in the short term, you don’t want to miss the bigger picture Megan has to share about Nordstrom.
It can either make or break your hard-earned investing dollars.