Bed Bath & Beyond (NYSE:BBBY) Trading Down 4.8% - Here's What Happened

Key Points

• Bed Bath & Beyond's stock price dropped 4.8%, trading as low as $9.75, with a significant 81% decline in trading volume compared to the average.
• Analysts have varying ratings on the stock, with two Buy ratings, four Holds, and two Sells, leading to a consensus rating of "Hold" and an average price target of $8.86.
• The company reported a quarterly loss, with the most recent earnings per share at ($0.22), despite beating expectations and generating revenue of $282.25 million, although this is a 29.1% decline from the previous year.

Bed Bath & Beyond, Inc. (NYSE:BBBY - Get Free Report)'s stock price fell 4.8% during trading on Tuesday . The company traded as low as $9.75 and last traded at $9.77. 584,114 shares were traded during trading, a decline of 81% from the average session volume of 3,096,763 shares. The stock had previously closed at $10.26.

Analysts Set New Price Targets

Several equities analysts have issued reports on BBBY shares. Wall Street Zen raised shares of Bed Bath & Beyond from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Needham & Company LLC reaffirmed a "hold" rating on shares of Bed Bath & Beyond in a research note on Tuesday, July 29th. Finally, Wedbush increased their price target on Bed Bath & Beyond from $10.00 to $13.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Bed Bath & Beyond currently has an average rating of "Hold" and a consensus target price of $8.86.

Bed Bath & Beyond Price Performance

The stock has a 50-day moving average price of $9.29 and a 200 day moving average price of $6.83. The firm has a market cap of $545.40 million, a PE ratio of -2.33 and a beta of 2.77.

Bed Bath & Beyond (NYSE:BBBY - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The company reported ($0.22) EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $250.37 million. During the same quarter in the prior year, the company posted ($0.76) EPS. The company's quarterly revenue was down 29.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Bed Bath & Beyond, Inc. will post -3.75 earnings per share for the current year.

Institutional Investors Weigh In On Bed Bath & Beyond

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its stake in shares of Bed Bath & Beyond by 85.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,629 shares of the company's stock valued at $25,000 after purchasing an additional 1,669 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its stake 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 valued at $32,000 after purchasing an additional 2,823 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Bed Bath & Beyond in the 2nd quarter valued at about $33,000. Ameritas Investment Partners Inc. lifted its stake 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 valued at $39,000 after purchasing an additional 1,133 shares in the last quarter. Finally, Platform Technology Partners acquired a new position in Bed Bath & Beyond during the 1st quarter worth approximately $59,000. 76.30% of the stock is currently owned by institutional investors and hedge funds.

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.