BuzzFeed (NASDAQ:BZFD) Stock Price Down 0.9% - Here's Why

Key Points

• BuzzFeed shares fell 0.9% to $1.08 in mid-day trading, while volume was 60% below the average daily level.
• Analysts maintain a negative outlook, with an average rating of “Reduce” and a $1.00 target price; recent ratings included “Sell” and “Sell (D-).”
• BuzzFeed’s latest quarterly results missed expectations, reporting a $0.22 per-share loss versus the forecasted $0.14 loss and revenue of $36.29 million versus estimates of $43.11 million. Insiders, however, purchased 88,194 shares worth roughly $127,000 during the quarter.

Shares of BuzzFeed, Inc. (NASDAQ:BZFD - Get Free Report) traded down 0.9% during mid-day trading on Tuesday . The stock traded as low as $1.08 and last traded at $1.08. 169,901 shares traded hands during trading, a decline of 60% from the average daily volume of 423,669 shares. The stock had previously closed at $1.09.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BZFD. Wall Street Zen raised BuzzFeed from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 15th. Weiss Ratings reissued a "sell (d-)" rating on shares of BuzzFeed in a research report on Monday, August 17th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, BuzzFeed presently has an average rating of "Reduce" and an average target price of $1.00.

BuzzFeed Price Performance

The stock has a market cap of $90.00 million, a price-to-earnings ratio of -0.70 and a beta of 3.78. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.51. The company's fifty day moving average is $1.23 and its two-hundred day moving average is $1.10.

BuzzFeed (NASDAQ:BZFD - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.22) earnings per share for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.08). The firm had revenue of $36.29 million during the quarter, compared to analyst estimates of $43.11 million. BuzzFeed had a negative net margin of 35.83% and a negative return on equity of 113.86%.

Insiders Place Their Bets

In related news, Director Eric Gould bought 33,000 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was purchased at an average cost of $1.44 per share, with a total value of $47,520.00. Following the purchase, the director directly owned 33,000 shares of the company's stock, valued at $47,520. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Terence Hill bought 20,833 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were bought at an average cost of $1.44 per share, with a total value of $29,999.52. Following the completion of the purchase, the director directly owned 20,833 shares in the company, valued at $29,999.52. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders purchased 88,194 shares of company stock valued at $126,999. 15.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BuzzFeed

A number of institutional investors and hedge funds have recently made changes to their positions in BZFD. Bank of America Corp DE increased its stake in shares of BuzzFeed by 1,615.5% during the fourth quarter. Bank of America Corp DE now owns 14,136 shares of the company's stock worth $38,000 after buying an additional 13,312 shares during the period. Raymond James Financial Inc. acquired a new position in BuzzFeed during the 2nd quarter worth approximately $33,000. Blair William & Co. IL acquired a new position in BuzzFeed during the 3rd quarter worth approximately $29,000. XTX Topco Ltd purchased a new stake in shares of BuzzFeed in the 2nd quarter valued at approximately $37,000. Finally, Squarepoint Ops LLC increased its position in shares of BuzzFeed by 259.0% in the 3rd quarter. Squarepoint Ops LLC now owns 42,698 shares of the company's stock valued at $73,000 after purchasing an additional 30,803 shares during the last quarter. 37.64% of the stock is owned by institutional investors and hedge funds.

BuzzFeed Company Profile

BuzzFeed, Inc operates as a digital media and technology company specializing in news, entertainment, and social content. The company produces articles, videos and quizzes that target diverse audiences across web, mobile and social platforms. In addition to editorial content, BuzzFeed offers a suite of advertising solutions, including native advertising, branded content and programmatic display, designed to blend seamlessly with its editorial offerings and engage consumers at scale.

Founded in 2006 by Jonah Peretti and John S.

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