Bed Bath & Beyond (NYSE:BBBY) Shares Down 6.8% - What's Next?

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 fell 6.8% during mid-day trading on Wednesday . The stock traded as low as $10.34 and last traded at $10.36. 1,533,336 shares changed hands during trading, a decline of 51% from the average session volume of 3,119,642 shares. The stock had previously closed at $11.11.

Wall Street Analyst Weigh In

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

Bed Bath & Beyond Price Performance

The company has a 50-day simple moving average of $9.15 and a 200 day simple moving average of $6.74.

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, beating the consensus estimate of ($0.37) by $0.15. Bed Bath & Beyond had a negative return on equity of 78.27% and a negative net margin of 17.86%.The company had revenue of $282.25 million for 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. Bed Bath & Beyond's quarterly revenue was down 29.1% on a year-over-year basis. On average, equities research analysts expect 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

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Ameritas Investment Partners Inc. grew its position in shares of Bed Bath & Beyond by 25.3% during 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 in the last quarter. Haven Private LLC grew its position in shares of Bed Bath & Beyond by 10.8% during the 2nd quarter. Haven Private LLC now owns 13,620 shares of the company's stock worth $94,000 after buying an additional 1,325 shares in the last quarter. Nisa Investment Advisors LLC grew its position in shares of 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 buying 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 33.1% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 7,359 shares of the company's stock worth $51,000 after purchasing an additional 1,828 shares during the last quarter. Finally, Avantax Advisory Services Inc. lifted its stake in shares of Bed Bath & Beyond by 21.5% during the 1st quarter. Avantax Advisory Services Inc. now owns 18,655 shares of the company's stock worth $108,000 after purchasing an additional 3,304 shares during the last quarter. Institutional investors own 76.30% of the company's stock.

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.