Bed Bath & Beyond (NYSE:BBBY) Trading 4.8% Higher - Still a Buy?

Key Points

• Bed Bath & Beyond shares saw a price increase of 4.8%, reaching $9.67, despite trading volume significantly declining by 78% from the average.
• Analysts have mixed opinions on BBBY, with two Buy ratings, four Hold ratings, and two Sell ratings, while the average target price stands at $8.86.
• The company reported a narrower loss of ($0.22) EPS, beating estimates and generating revenue of $282.25 million, although this was 29.1% lower compared to the same quarter last year.

Shares of Bed Bath & Beyond, Inc. (NYSE:BBBY - Get Free Report) traded up 4.8% during trading on Tuesday . The stock traded as high as $9.62 and last traded at $9.67. 668,489 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 3,035,923 shares. The stock had previously closed at $9.23.

Wall Street Analysts Forecast Growth

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

Bed Bath & Beyond Stock Performance

The stock's fifty day moving average price is $9.40 and its 200-day moving average price is $7.00. The firm has a market cap of $560.32 million, a PE ratio of -2.40 and a beta of 2.77.

Bed Bath & Beyond shares are going to split on the morning of Thursday, October 2nd. The 11-10 split was recently announced. The newly minted shares will be payable to shareholders after the market closes on Wednesday, October 1st.

Bed Bath & Beyond (NYSE:BBBY - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.37) by $0.15. The business had revenue of $282.25 million during 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%. The business's revenue was down 29.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.76) EPS. Sell-side analysts forecast that Bed Bath & Beyond, Inc. will post -3.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bed Bath & Beyond

Several hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC raised its position in Bed Bath & Beyond by 43.9% during the fourth quarter. Millennium Management LLC now owns 166,886 shares of the company's stock worth $823,000 after acquiring an additional 50,935 shares during the last quarter. Nuveen Asset Management LLC raised its position in shares of Bed Bath & Beyond by 5.3% in the fourth quarter. Nuveen Asset Management LLC now owns 169,013 shares of the company's stock valued at $833,000 after buying an additional 8,472 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Bed Bath & Beyond by 18.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 116,431 shares of the company's stock valued at $574,000 after buying an additional 17,810 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Bed Bath & Beyond by 49,996.3% in the first quarter. GAMMA Investing LLC now owns 13,526 shares of the company's stock valued at $78,000 after buying an additional 13,499 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Bed Bath & Beyond in the first quarter valued at approximately $122,000. 76.30% of the stock is currently owned by hedge funds and other institutional investors.

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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