Bed Bath & Beyond (NYSE:BBBY) Given Outperform Rating at Wedbush

Key Points

• Wedbush has reissued an "outperform" rating for Bed Bath & Beyond (NYSE:BBBY) with a price target of $13.00, indicating a potential upside of 53.48% from its previous close.
• The stock traded down 0.7% to $8.47, with a 52-week range between $3.54 and $12.65, and currently has an average price target of $8.86.
• The company reported negative earnings per share of ($0.22), outperforming the consensus estimate, but revenue fell 29.1% year-over-year to $282.25 million.

Bed Bath & Beyond (NYSE:BBBY - Get Free Report)'s stock had its "outperform" rating reissued by Wedbush in a report released on Tuesday,RTT News reports. They currently have a $13.00 price objective on the stock. Wedbush's price target suggests a potential upside of 53.48% from the stock's previous close.

Other research analysts have also recently issued reports about the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of Bed Bath & Beyond in a report on Tuesday, July 29th. Weiss Ratings reissued a "sell (d-)" rating on shares of Bed Bath & Beyond in a research note on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Bed Bath & Beyond from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and a consensus price target of $8.86.

Bed Bath & Beyond Stock Down 0.7%

Shares of BBBY traded down $0.06 during mid-day trading on Tuesday, hitting $8.47. 654,317 shares of the company's stock were exchanged, compared to its average volume of 3,021,733. Bed Bath & Beyond has a 52 week low of $3.54 and a 52 week high of $12.65. The stock's 50-day simple moving average is $9.56 and its 200-day simple moving average is $7.50. The firm has a market cap of $583.16 million, a price-to-earnings ratio of -2.08 and a beta of 2.76.

Bed Bath & Beyond (NYSE:BBBY - Get Free Report) last announced its earnings results on Monday, July 28th. The company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.37) by $0.15. Bed Bath & Beyond had a negative net margin of 17.86% and a negative return on equity of 78.27%. The company had revenue of $282.25 million for the quarter, compared to analysts' expectations of $250.37 million. During the same period last year, the firm earned ($0.76) earnings per share. The business's revenue for the quarter was down 29.1% on a year-over-year basis. Analysts forecast that Bed Bath & Beyond will post -3.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bed Bath & Beyond

Several hedge funds have recently modified their holdings of BBBY. Able Wealth Management LLC acquired a new stake in shares of Bed Bath & Beyond during the 1st quarter valued at $3,913,000. Balyasny Asset Management L.P. acquired a new stake in shares of Bed Bath & Beyond during the 2nd quarter valued at $3,414,000. Nuveen LLC acquired a new stake in shares of Bed Bath & Beyond during the 1st quarter valued at $2,256,000. Jump Financial LLC acquired a new stake in shares of Bed Bath & Beyond during the 1st quarter valued at $2,118,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Bed Bath & Beyond by 20.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,241,524 shares of the company's stock valued at $8,543,000 after acquiring an additional 211,446 shares in the last quarter. Institutional investors and hedge funds own 76.30% of the company's stock.

About Bed Bath & Beyond

Beyond, Inc operates as an online retailer of furniture and home furnishings products in the United States and Canada. The company offers furniture, bedding and bath, patio and outdoor gear, area rugs, tabletop and cookware, décor, storage and organization, small appliances, home improvement, and other products under the Bed Bath & Beyond brand.

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