Beyond (NYSE:BYON) Shares Gap Up Following Better-Than-Expected Earnings

Key Points

• Beyond, Inc. shares opened at $10.86, up from a previous close of $10.30, following better-than-expected quarterly earnings.
• The company reported an earnings per share (EPS) of ($0.22), beating the consensus estimate of ($0.37), while revenue reached $282.25 million, exceeding expectations of $250.37 million.
• Despite the positive earnings report, the stock is trading down 2.9% from its recent peak, and analysts have mixed ratings with two sell ratings and four hold ratings.

Beyond, Inc. (NYSE:BYON - Get Free Report) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $10.30, but opened at $10.86. Beyond shares last traded at $10.33, with a volume of 923,287 shares trading hands.

The company reported ($0.22) EPS for the quarter, beating analysts' consensus estimates of ($0.37) by $0.15. The company had revenue of $282.25 million during the quarter, compared to the consensus estimate of $250.37 million. Beyond had a negative return on equity of 74.03% and a negative net margin of 17.86%. The firm's revenue for the quarter was down 29.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.76) earnings per share.

Analysts Set New Price Targets

Several brokerages recently issued reports on BYON. Jefferies Financial Group dropped their target price on shares of Beyond from $6.50 to $5.00 and set a "hold" rating on the stock in a report on Tuesday, April 29th. Needham & Company LLC reaffirmed a "hold" rating on shares of Beyond in a report on Tuesday. Wedbush increased their target price on Beyond from $10.00 to $13.00 and gave the company an "outperform" rating in a research report on Tuesday, July 22nd. Finally, Barclays lowered their price target on Beyond from $7.00 to $5.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Beyond has a consensus rating of "Hold" and a consensus target price of $8.86.

Institutional Trading of Beyond

Institutional investors and hedge funds have recently made changes to their positions in the company. Canada Pension Plan Investment Board acquired a new stake in Beyond in the fourth quarter valued at $32,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Beyond by 104.2% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 5,531 shares of the company's stock valued at $32,000 after acquiring an additional 2,823 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in shares of Beyond during the 4th quarter worth approximately $39,000. Pingora Partners LLC purchased a new position in Beyond in the 4th quarter valued at approximately $41,000. Finally, RPO LLC purchased a new stake in Beyond during the fourth quarter worth $52,000. 76.30% of the stock is owned by hedge funds and other institutional investors.

Beyond Stock Down 5.5%

The company has a market cap of $526.62 million, a price-to-earnings ratio of -2.24 and a beta of 3.25. The company has a fifty day simple moving average of $7.41 and a two-hundred day simple moving average of $6.38.

About 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.