Bob's Discount Furniture (NYSE:BOBS) Trading Down 6.9% After Analyst Downgrade

Key Points

• Stock down 6.9% intraday after Royal Bank of Canada cut its price target from $25 to $18 (maintaining an "outperform" rating); shares traded as low as $10.18 and last at $10.31 on volume of ~277,811 shares, about 76% below average.
• Large insider sales: Directors John Thomas Kilgallon and Jennifer Lynn Davis each sold 2,917,500 shares on Feb. 13 at an average price of $15.94 (≈$46.5M apiece); insiders now own about 3.20% of the company.
• Recent fundamentals and analyst view: Bob's reported Q EPS of $0.35 vs. $0.11 expected and revenue of $648.8M (up 8.2% YoY); analysts' consensus is a "Moderate Buy" with a $24.08 price target.

Bob's Discount Furniture, Inc. (NYSE:BOBS - Get Free Report)'s stock price dropped 6.9% during mid-day trading on Monday after Royal Bank Of Canada lowered their price target on the stock from $25.00 to $18.00. Royal Bank Of Canada currently has an outperform rating on the stock. Bob's Discount Furniture traded as low as $10.18 and last traded at $10.3110. Approximately 277,811 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 1,172,786 shares. The stock had previously closed at $11.07.

Other equities research analysts have also issued reports about the company. Craig Hallum initiated coverage on Bob's Discount Furniture in a research note on Wednesday, April 1st. They issued a "buy" rating and a $21.00 price objective for the company. Robert W. Baird lowered their price objective on Bob's Discount Furniture from $22.00 to $16.00 and set a "neutral" rating for the company in a research note on Wednesday, March 18th. Morgan Stanley lowered their price objective on Bob's Discount Furniture from $25.50 to $23.00 and set an "overweight" rating for the company in a research note on Wednesday, March 18th. Loop Capital began coverage on Bob's Discount Furniture in a research note on Monday, March 2nd. They issued a "buy" rating and a $28.00 price objective for the company. Finally, JPMorgan Chase & Co. decreased their price target on Bob's Discount Furniture from $29.00 to $26.00 and set an "overweight" rating for the company in a research note on Wednesday, March 18th. Eleven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $24.08.

Insider Buying and Selling

In related news, Director John Thomas Kilgallon sold 2,917,500 shares of the firm's stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $15.94, for a total transaction of $46,504,950.00. Following the completion of the sale, the director directly owned 95,370,751 shares of the company's stock, valued at approximately $1,520,209,770.94. This trade represents a 2.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jennifer Lynn Davis sold 2,917,500 shares of the firm's stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $15.94, for a total value of $46,504,950.00. Following the sale, the director directly owned 95,370,751 shares of the company's stock, valued at $1,520,209,770.94. This represents a 2.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 3.20% of the stock is currently owned by company insiders.

Bob's Discount Furniture Stock Down 7.9%

The stock has a fifty day simple moving average of $14.26.

Bob's Discount Furniture (NYSE:BOBS - Get Free Report) last released its quarterly earnings data on Wednesday, March 18th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.11 by $0.24. The firm had revenue of $648.83 million for the quarter, compared to analysts' expectations of $647.49 million. The company's revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.36 earnings per share.

About Bob's Discount Furniture

Bob’s Discount Furniture NYSE: BOBS is a U.S.-based specialty retailer of residential furniture and home furnishings. The company operates a network of company-owned showrooms alongside an e-commerce platform to sell living room, bedroom and dining furniture, mattresses, home office pieces, and decorative accessories. Its merchandising and marketing emphasize value-oriented pricing and broad selection across mainstream categories.

In addition to merchandise sales, Bob’s Discount Furniture offers services commonly associated with full-service furniture retail, including delivery, white-glove setup in some markets, and consumer financing options.

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