Bob's Discount Furniture (NYSE:BOBS) Stock Price Up 7% - Here's Why

Key Points

• Bob’s Discount Furniture shares rose 7% to about $16.14, although trading volume was roughly 93% below the stock’s average daily volume.
• Analyst sentiment remains positive: 11 analysts rate the stock a Buy and four rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $23.83.
• The company matched quarterly earnings expectations at $0.20 per share on $619.57 million in revenue, while several institutional investors—including Alyeska Investment Group and State Street—recently initiated positions.

Shares of Bob's Discount Furniture, Inc. (NYSE:BOBS - Get Free Report) shot up 7% during trading on Thursday. The stock traded as high as $16.07 and last traded at $16.14. 77,080 shares were traded during trading, a decline of 93% from the average daily volume of 1,058,179 shares. The stock had previously closed at $15.08.

Analysts Set New Price Targets

A number of equities analysts have weighed in on BOBS shares. Evercore set a $18.00 price target on shares of Bob's Discount Furniture in a report on Tuesday, October 13th. Royal Bank Of Canada upped their price objective on Bob's Discount Furniture from $19.00 to $22.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. Robert W. Baird set a $19.00 target price on Bob's Discount Furniture in a research report on Friday, August 7th. Finally, Weiss Ratings upgraded Bob's Discount Furniture from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, August 17th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Bob's Discount Furniture currently has an average rating of "Moderate Buy" and an average price target of $23.83.

Bob's Discount Furniture Price Performance

The company's fifty day moving average is $15.73 and its 200 day moving average is $14.52. The company has a quick ratio of 0.28, a current ratio of 0.90 and a debt-to-equity ratio of 0.14. The stock has a market cap of $2.13 billion and a PE ratio of 25.50.

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

Hedge Funds Weigh In On Bob's Discount Furniture

Hedge funds and other institutional investors have recently made changes to their positions in the business. State of Alaska Department of Revenue acquired a new stake in Bob's Discount Furniture in the 3rd quarter valued at $93,000. State Street Corp acquired a new position in shares of Bob's Discount Furniture during the second quarter worth about $4,683,000. HBK Investments L P acquired a new position in shares of Bob's Discount Furniture during the second quarter worth about $3,955,000. Readystate Asset Management LP acquired a new position in shares of Bob's Discount Furniture during the second quarter worth about $237,000. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of Bob's Discount Furniture in the second quarter worth about $16,599,000.

Bob's Discount Furniture Company Profile

Bob's Discount Furniture is a U.S. furniture retailer that sells a broad selection of furniture and home furnishings at value-oriented prices. Its merchandise includes living room, bedroom, dining room and home office furniture, as well as mattresses, rugs, lighting, décor and other household products.

The company was founded in 1991 by Robert “Bob” Kaufman in Newington, Connecticut. Bob's operates an omnichannel retail model that combines a network of showrooms with online shopping and related delivery and service capabilities.

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