Bob's Discount Furniture (NYSE:BOBS) Stock Jumps 7.8% - Here's What Happened

Key Points

• Bob’s Discount Furniture shares jumped 7.8% to about $14.60 in mid-day trading, although volume was roughly 98% below the stock’s average session volume.
• Analysts remain broadly positive: 11 rate the stock a Buy and four a Hold, producing a “Moderate Buy” consensus and an average price target of $23.83.
• The company’s latest quarterly results matched expectations with $0.20 EPS and $619.57 million in revenue, while several institutional investors—including Alyeska Investment Group and State Street—recently initiated positions.

Bob's Discount Furniture, Inc. (NYSE:BOBS - Get Free Report) shares rose 7.8% during mid-day trading on Thursday. The stock traded as high as $14.42 and last traded at $14.5950. Approximately 19,257 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 1,067,249 shares. The stock had previously closed at $13.54.

Wall Street Analysts Forecast Growth

BOBS has been the topic of several recent analyst reports. Evercore set a $18.00 price objective on shares of Bob's Discount Furniture in a research report on Tuesday. Royal Bank Of Canada raised their price objective on shares of Bob's Discount Furniture from $19.00 to $22.00 and gave the company an "outperform" rating in a research note on Thursday, August 6th. Weiss Ratings raised shares of Bob's Discount Furniture from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, August 17th. Finally, Robert W. Baird set a $19.00 target price on shares of Bob's Discount Furniture in a research note on Friday, August 7th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, Bob's Discount Furniture presently has an average rating of "Moderate Buy" and a consensus price target of $23.83.

Bob's Discount Furniture Stock Performance

The business's fifty day moving average price is $16.05 and its 200-day moving average price is $14.39. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.28 and a current ratio of 0.90. The stock has a market cap of $1.92 billion and a PE ratio of 22.91.

Bob's Discount Furniture (NYSE:BOBS - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.20 EPS for the quarter, hitting analysts' consensus estimates of $0.20. The company had revenue of $619.57 million during the quarter. As a group, equities research analysts forecast that Bob's Discount Furniture, Inc. will post 0.93 EPS for the current fiscal year.

Institutional Investors Weigh In On Bob's Discount Furniture

A number of large investors have recently added to or reduced their stakes in BOBS. Alyeska Investment Group L.P. bought a new position in shares of Bob's Discount Furniture during the 2nd quarter valued at $16,599,000. State Street Corp purchased a new position in shares of Bob's Discount Furniture in the 2nd quarter worth $4,683,000. HBK Investments L P bought a new stake in shares of Bob's Discount Furniture in the second quarter worth $3,955,000. Bank of New York Mellon Corp bought a new stake in shares of Bob's Discount Furniture in the second quarter worth $700,000. Finally, Penn Capital Management Company LLC purchased a new stake in Bob's Discount Furniture during the second quarter valued at $423,000.

About Bob's Discount Furniture

Bob's Discount Furniture NYSE: BOBS is a U.S. furniture retailer that sells value-oriented furniture and home furnishings through its retail stores and e-commerce platform. The company serves residential customers seeking affordable products for a range of rooms and home settings.

Its merchandise includes living room, bedroom, dining room, home office and children's furniture, as well as mattresses, rugs, lighting, décor and other home accessories. Bob's also provides related services such as furniture delivery, assembly and financing options, subject to applicable terms.

Founded in 1991 by Robert “Bob” Kaufman, the company is headquartered in Manchester, Connecticut, and operates primarily across the United States, with a retail presence concentrated in the Northeast, Mid-Atlantic, Midwest and other regions.

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