Bed Bath & Beyond (NYSE:BBBY) Trading Down 6.8% - Here's Why

Key Points

• Bed Bath & Beyond's stock declined by 6.8%, trading as low as $10.34, with a significant drop in shares traded, down 51% from average daily volume.
• Wall Street analysts have mixed ratings on the stock, with a consensus rating of "Hold" and price target revisions ranging from $8.86 to $13.00.
• The company reported a quarterly earnings loss of ($0.22) EPS, outperforming estimates but reflecting a 29.1% year-over-year drop in revenue.

Bed Bath & Beyond, Inc. (NYSE:BBBY - Get Free Report) shares were down 6.8% on Wednesday . The stock traded as low as $10.34 and last traded at $10.36. Approximately 1,533,336 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 3,119,642 shares. The stock had previously closed at $11.11.

Wall Street Analysts Forecast Growth

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

Bed Bath & Beyond Price Performance

The firm has a market capitalization of $594.77 million, a PE ratio of -2.55 and a beta of 2.77. The firm's fifty day moving average is $8.92 and its two-hundred day moving average is $6.63.

Bed Bath & Beyond (NYSE:BBBY - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.37) by $0.15. The business had revenue of $282.25 million for the quarter, compared to analyst estimates 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 company's revenue for the quarter was down 29.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.76) earnings per share. As a group, equities research analysts predict that Bed Bath & Beyond, Inc. will post -3.75 EPS for the current fiscal year.

Institutional Trading of Bed Bath & Beyond

Hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC raised its position in Bed Bath & Beyond by 85.2% in the second 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 during the period. Headlands Technologies LLC bought a new stake in shares of Bed Bath & Beyond in the second quarter valued at approximately $33,000. Caitong International Asset Management Co. Ltd raised its position in shares of Bed Bath & Beyond by 104.2% in the first 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 during the period. Ameritas Investment Partners Inc. raised its position in shares of Bed Bath & Beyond by 25.3% in the second 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 during the period. Finally, Platform Technology Partners bought a new stake in shares of Bed Bath & Beyond in the first quarter valued at approximately $59,000. Institutional investors 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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