Beyond (NYSE:BYON) Trading Up 8.9% - Here's What Happened

Key Points

• Beyond, Inc. (NYSE:BYON) experienced a significant share price increase of 8.9%, trading at $8.68, following a decline in average trading volume.
• Analysts show mixed sentiment towards Beyond, with Wedbush upgrading its target price from $10.00 to $13.00, while Jefferies and Barclays both reduced their target prices significantly.
• In its last quarterly report, Beyond reported a narrower-than-expected loss of ($0.22) EPS and a revenue of $282.25 million, although its revenue decreased 29.1% year-over-year.

Shares of Beyond, Inc. (NYSE:BYON - Get Free Report) shot up 8.9% during trading on Tuesday . The stock traded as high as $8.71 and last traded at $8.68. 2,059,596 shares changed hands during mid-day trading, a decline of 36% from the average session volume of 3,212,348 shares. The stock had previously closed at $7.97.

Analyst Upgrades and Downgrades

BYON has been the subject of several analyst reports. Needham & Company LLC reissued a "hold" rating on shares of Beyond in a report on Tuesday, July 29th. Wall Street Zen upgraded shares of Beyond from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Jefferies Financial Group decreased their price objective on shares of Beyond from $6.50 to $5.00 and set a "hold" rating for the company in a research note on Tuesday, April 29th. Wedbush raised their price target on shares of Beyond from $10.00 to $13.00 and gave the company an "outperform" rating in a report on Tuesday, July 22nd. Finally, Barclays reduced their price target on shares of Beyond from $7.00 to $5.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 30th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, Beyond presently has an average rating of "Hold" and a consensus target price of $8.86.

Beyond Trading Down 1.0%

The company has a market capitalization of $478.54 million, a price-to-earnings ratio of -2.05 and a beta of 2.76. The stock's 50 day moving average price is $7.65 and its 200 day moving average price is $6.47.

Beyond (NYSE:BYON - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The company reported ($0.22) earnings per share (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. Beyond had a negative net margin of 17.86% and a negative return on equity of 78.27%. The firm's revenue for the quarter was down 29.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.76) EPS. On average, research analysts expect that Beyond, Inc. will post -3.75 earnings per share for the current year.

Hedge Funds Weigh In On Beyond

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC raised its position in 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 buying an additional 1,669 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in Beyond during the 4th quarter valued at about $32,000. Caitong International Asset Management Co. Ltd increased its stake in Beyond by 104.2% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 5,531 shares of the company's stock worth $32,000 after acquiring an additional 2,823 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Beyond in the 4th quarter worth $39,000. Finally, Pingora Partners LLC bought a new position in shares of Beyond during the fourth quarter valued at about $41,000. 76.30% of the stock is owned by institutional investors and hedge funds.

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.