Bed Bath & Beyond (NYSE:BBBY) Sets New 52-Week High - Time to Buy?

Key Points

• Bed Bath & Beyond (BBBY) shares reached a new 52-week high, trading at $11.88, showing a significant rise from the previous close of $9.99.
• Recent ratings from analysts indicate a mostly neutral stance, with a "hold" rating from Needham & Company and a price target increase from Wedbush to $13.00.
• Despite beating earnings expectations with a loss of ($0.22) per share and revenue of $282.25 million, the company reported a 29.1% decline in quarterly revenue compared to the previous year.

Shares of Bed Bath & Beyond, Inc. (NYSE:BBBY - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $11.88 and last traded at $11.72, with a volume of 5112480 shares changing hands. The stock had previously closed at $9.99.

Analyst Ratings Changes

A number of equities research analysts recently commented on BBBY shares. Needham & Company LLC restated a "hold" rating on shares of Bed Bath & Beyond in a report on Tuesday, July 29th. Wall Street Zen upgraded shares of Bed Bath & Beyond from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Wedbush raised their price objective on shares of Bed Bath & Beyond from $10.00 to $13.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Bed Bath & Beyond currently has an average rating of "Hold" and an average target price of $8.86.

Bed Bath & Beyond Trading Up 17.3%

The firm's 50-day moving average price is $9.36 and its 200 day moving average price is $7.04. The company has a market capitalization of $672.67 million, a price-to-earnings ratio of -2.88 and a beta of 2.76.

Bed Bath & Beyond (NYSE:BBBY - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.37) by $0.15. The business had revenue of $282.25 million during the quarter, compared to analysts' expectations of $250.37 million. Bed Bath & Beyond had a negative net margin of 17.86% and a negative return on equity of 78.27%. The firm's quarterly revenue was down 29.1% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.76) EPS. As a group, equities research analysts anticipate that Bed Bath & Beyond, Inc. will post -3.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bed Bath & Beyond

A number of institutional investors have recently modified their holdings of the company. Able Wealth Management LLC purchased a new stake in Bed Bath & Beyond during the first quarter worth about $3,913,000. Balyasny Asset Management L.P. purchased a new stake in Bed Bath & Beyond during the second quarter worth about $3,414,000. Nuveen LLC purchased a new stake in Bed Bath & Beyond during the first quarter worth about $2,256,000. Jump Financial LLC purchased a new stake in Bed Bath & Beyond during the first quarter worth about $2,118,000. Finally, Geode Capital Management LLC increased its holdings in Bed Bath & Beyond by 20.5% during the second quarter. Geode Capital Management LLC now owns 1,241,524 shares of the company's stock worth $8,543,000 after buying an additional 211,446 shares during the last quarter. 76.30% of the stock is owned by institutional investors.

Bed Bath & Beyond Company Profile

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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