Bed Bath & Beyond (NYSE:BBBY) Shares Down 7.2% - Here's What Happened

Key Points

• Bed Bath & Beyond shares fell by 7.2% to $8.38, with trading volume down 59% from the average, indicating significant market activity and concerns about the stock's performance.
• A recent earnings report showed a loss of ($0.22) per share against expectations of ($0.37), but revenue decreased by 29.1% year-over-year.
• Institutional ownership in Bed Bath & Beyond remains high, with 76.30% of the stock held by institutional investors and hedge funds, suggesting continued institutional interest despite the stock's volatility.

Bed Bath & Beyond, Inc. (NYSE:BBBY - Get Free Report) shares traded down 7.2% on Wednesday . The company traded as low as $8.39 and last traded at $8.38. 1,231,939 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 3,034,962 shares. The stock had previously closed at $9.03.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Bed Bath & Beyond in a research note on Tuesday, July 29th. Wedbush boosted their price target on shares of Bed Bath & Beyond from $10.00 to $13.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Bed Bath & Beyond in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Bed Bath & Beyond from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Bed Bath & Beyond presently has an average rating of "Reduce" and an average target price of $8.86.

Bed Bath & Beyond Stock Down 8.3%

The firm has a market cap of $569.94 million, a PE ratio of -2.03 and a beta of 2.76. The firm's 50 day moving average is $9.57 and its 200-day moving average is $7.38.

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

Institutional Investors Weigh In On Bed Bath & Beyond

A number of large investors have recently added to or reduced their stakes in BBBY. Nisa Investment Advisors LLC grew its holdings in Bed Bath & Beyond by 85.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,629 shares of the company's stock worth $25,000 after acquiring an additional 1,669 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its position in shares of Bed Bath & Beyond by 104.2% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 5,531 shares of the company's stock worth $32,000 after buying an additional 2,823 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Bed Bath & Beyond in the 2nd quarter worth about $33,000. Ameritas Investment Partners Inc. lifted its position in shares of Bed Bath & Beyond by 25.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,617 shares of the company's stock worth $39,000 after buying an additional 1,133 shares during the last quarter. Finally, Platform Technology Partners bought a new position in shares of Bed Bath & Beyond in the 1st quarter worth about $59,000. 76.30% of the stock is owned by institutional investors and hedge funds.

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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