844,600 Shares in Bed Bath & Beyond, Inc. $BBBY Acquired by Able Wealth Management LLC

Key Points

• Able Wealth Management LLC acquired 844,600 shares of Bed Bath & Beyond (about $4.61M) in Q4, making the position the fund's 23rd-largest holding and representing roughly 1.5% of its portfolio.
• Director Joseph J. Tabacco, Jr. purchased 20,000 shares at an average price of $5.11, increasing his stake to 167,209 shares (a 13.59% rise).
• Sell-side analysts have a consensus Hold rating with a consensus target price of $7.00 (one Buy, four Hold, one Sell), with recent notes including Wedbush cutting its target to $7 and Piper Sandler setting an $8 target.

Able Wealth Management LLC acquired a new position in shares of Bed Bath & Beyond, Inc. (NYSE:BBBY - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 844,600 shares of the company's stock, valued at approximately $4,612,000. Bed Bath & Beyond makes up 1.5% of Able Wealth Management LLC's portfolio, making the stock its 23rd biggest position. Able Wealth Management LLC owned about 1.23% of Bed Bath & Beyond as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Bed Bath & Beyond during the 4th quarter worth approximately $125,000. Choreo LLC purchased a new stake in Bed Bath & Beyond during the 4th quarter worth approximately $68,000. Headlands Technologies LLC purchased a new stake in Bed Bath & Beyond during the 2nd quarter worth approximately $33,000. Balyasny Asset Management L.P. purchased a new stake in Bed Bath & Beyond during the 2nd quarter worth approximately $3,414,000. Finally, Bank of America Corp DE grew its position in Bed Bath & Beyond by 587.3% during the 2nd quarter. Bank of America Corp DE now owns 236,529 shares of the company's stock worth $1,627,000 after purchasing an additional 202,113 shares during the last quarter. Institutional investors own 76.30% of the company's stock.

Insider Transactions at Bed Bath & Beyond

In other news, Director Joseph J. Tabacco, Jr. purchased 20,000 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were purchased at an average cost of $5.11 per share, with a total value of $102,200.00. Following the completion of the acquisition, the director owned 167,209 shares of the company's stock, valued at approximately $854,437.99. This represents a 13.59% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.80% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Wedbush dropped their target price on shares of Bed Bath & Beyond from $13.00 to $7.00 and set an "outperform" rating on the stock in a research report on Wednesday, February 18th. Weiss Ratings reissued a "sell (d-)" rating on shares of Bed Bath & Beyond in a research report on Wednesday, January 21st. Finally, Piper Sandler set a $8.00 target price on shares of Bed Bath & Beyond and gave the stock a "neutral" rating in a research report on Tuesday, February 24th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $7.00.

Bed Bath & Beyond Price Performance

BBBY stock opened at $6.13 on Tuesday. The firm's fifty day simple moving average is $4.97 and its 200-day simple moving average is $6.22. The company has a market capitalization of $424.71 million, a P/E ratio of -4.22 and a beta of 3.01. Bed Bath & Beyond, Inc. has a 12 month low of $3.71 and a 12 month high of $12.65.

Bed Bath & Beyond (NYSE:BBBY - Get Free Report) last released its quarterly earnings data on Monday, February 23rd. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.07. The business had revenue of $273.43 million for the quarter. Bed Bath & Beyond had a negative net margin of 8.10% and a negative return on equity of 33.44%. As a group, sell-side analysts forecast that Bed Bath & Beyond, Inc. will post -0.69 earnings per share for the current year.

Bed Bath & Beyond Profile

Bed Bath & Beyond Inc NYSE: BBBY was a leading home goods retailer offering a broad assortment of domestics merchandise, including bed linens, bath accessories, kitchenware, home décor and small appliances. Through its flagship Bed Bath & Beyond stores and affiliated banners, the company provided both in-store and online shopping experiences, catering to a wide range of household needs from everyday essentials to specialized nursery and wellness products.

The company was founded in 1971 by Leonard Feinstein and Warren Eisenberg and was headquartered in Union, New Jersey.

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