Bed Bath & Beyond, Inc. (NYSE:BBBY) Short Interest Up 14.7% in April

Key Points

• Short interest up 14.7% in April to 9,065,481 shares — about 13.3% of the float — with a days-to-cover of 4.7, signaling elevated shorting activity.
• Director Joseph J. Tabacco Jr. purchased 20,000 shares at $5.11 on March 10, raising his stake to 167,209 shares; company insiders own 1.8% of the stock.
• Reported Q1 EPS of -$0.25 (vs. -$0.31 estimate) on $248M revenue but the company remains unprofitable (negative net margin and ROE); analysts hold a consensus "Hold" rating with an average $8 price target.

Bed Bath & Beyond, Inc. (NYSE:BBBY - Get Free Report) saw a large increase in short interest in the month of April. As of April 15th, there was short interest totaling 9,065,481 shares, an increase of 14.7% from the March 31st total of 7,900,994 shares. Approximately 13.3% of the shares of the company are sold short. Based on an average daily volume of 1,930,661 shares, the days-to-cover ratio is presently 4.7 days.

Insider Buying and Selling

In related news, Director Joseph J. Tabacco, Jr. purchased 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 10th. The shares were acquired at an average price of $5.11 per share, for a total transaction of $102,200.00. Following the purchase, the director owned 167,209 shares in the company, valued at approximately $854,437.99. This represents a 13.59% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.80% of the company's stock.

Hedge Funds Weigh In On Bed Bath & Beyond

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Able Wealth Management LLC bought a new position in Bed Bath & Beyond in the 4th quarter valued at approximately $4,612,000. WMG Financial Advisors LLC bought a new position in Bed Bath & Beyond in the 4th quarter valued at approximately $507,000. Choreo LLC bought a new position in Bed Bath & Beyond in the 4th quarter valued at approximately $68,000. Patriot Financial Group Insurance Agency LLC bought a new position in Bed Bath & Beyond in the 4th quarter valued at approximately $125,000. Finally, Lane Brothers & Co. Inc. bought a new position in Bed Bath & Beyond in the 4th quarter valued at approximately $142,000. Institutional investors own 76.30% of the company's stock.

Bed Bath & Beyond Trading Up 2.0%

Shares of Bed Bath & Beyond stock opened at $4.92 on Friday. The company has a 50 day moving average of $5.02 and a 200-day moving average of $5.98. Bed Bath & Beyond has a 1-year low of $3.74 and a 1-year high of $12.65. The company has a market cap of $363.42 million, a PE ratio of -5.17 and a beta of 3.01.

Bed Bath & Beyond (NYSE:BBBY - Get Free Report) last issued its quarterly earnings results on Monday, April 27th. The company reported ($0.25) earnings per share for the quarter, topping analysts' consensus estimates of ($0.31) by $0.06. Bed Bath & Beyond had a negative net margin of 5.76% and a negative return on equity of 27.60%. The company had revenue of $248.00 million during the quarter. Research analysts forecast that Bed Bath & Beyond will post -0.71 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on BBBY shares. Piper Sandler set a $8.00 price target on shares of Bed Bath & Beyond and gave the company a "neutral" rating in a research note on Tuesday, February 24th. Wedbush reiterated an "outperform" rating and issued a $8.00 price target (up from $7.00) on shares of Bed Bath & Beyond in a research note on Tuesday. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Bed Bath & Beyond in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Bed Bath & Beyond currently has a consensus rating of "Hold" and an average price target of $8.00.

Bed Bath & Beyond Company Profile

Bed Bath & Beyond Inc NYSE: BBBY was a leading home goods retailer offering a broad assortment of domestics merchandise, including bed linens, bath accessories, kitchenware, home décor and small appliances. Through its flagship Bed Bath & Beyond stores and affiliated banners, the company provided both in-store and online shopping experiences, catering to a wide range of household needs from everyday essentials to specialized nursery and wellness products.

The company was founded in 1971 by Leonard Feinstein and Warren Eisenberg and was headquartered in Union, New Jersey.

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