Wall Street Zen Downgrades Bed Bath & Beyond (NYSE:BBBY) to Sell

Key Points

• Wall Street Zen downgraded Bed Bath & Beyond from “hold” to “sell,” while the broader analyst consensus remains “hold” with a $8.67 price target.
• The company reported a quarterly loss of $0.53 per share, missing estimates by $0.23, on revenue of $361.16 million; analysts expect a full-year loss of $0.92 per share.
• BBBY shares opened at $4.63, near their 12-month low of $4.26, while institutional investors own 76.3% of the stock and an insider recently sold 9,943 shares.

Bed Bath & Beyond (NYSE:BBBY - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Saturday.

A number of other equities analysts have also commented on the company. Weiss Ratings raised Bed Bath & Beyond from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, July 8th. Zacks Research raised shares of Bed Bath & Beyond to a "hold" rating in a research report on Wednesday, June 24th. Finally, Wedbush raised their price target on shares of Bed Bath & Beyond from $8.00 to $10.00 and gave the stock an "outperform" rating in a report on Tuesday, June 23rd. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $8.67.

Bed Bath & Beyond Stock Up 2.8%

Shares of BBBY opened at $4.63 on Friday. The stock's 50-day moving average price is $5.59 and its two-hundred day moving average price is $5.41. Bed Bath & Beyond has a 12 month low of $4.26 and a 12 month high of $12.65. The company has a market capitalization of $342.05 million, a PE ratio of -4.06 and a beta of 2.89. The company has a current ratio of 0.76, a quick ratio of 1.03 and a debt-to-equity ratio of 0.06.

Bed Bath & Beyond (NYSE:BBBY - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.23). The company had revenue of $361.16 million during the quarter. Bed Bath & Beyond had a negative net margin of 7.13% and a negative return on equity of 37.60%. During the same period last year, the firm posted ($0.34) earnings per share. On average, analysts anticipate that Bed Bath & Beyond will post -0.92 EPS for the current year.

Insiders Place Their Bets

In other Bed Bath & Beyond news, Director Joanna M. Burkey sold 9,943 shares of the stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $6.38, for a total transaction of $63,436.34. Following the completion of the sale, the director directly owned 32,474 shares in the company, valued at approximately $207,184.12. This trade represents a 23.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.80% of the company's stock.

Institutional Investors Weigh In On Bed Bath & Beyond

Several institutional investors and hedge funds have recently made changes to their positions in BBBY. Nuveen LLC bought a new stake in Bed Bath & Beyond in the fourth quarter worth approximately $12,594,000. Geode Capital Management LLC bought a new position in shares of Bed Bath & Beyond during the 4th quarter worth approximately $8,890,000. State Street Corp bought a new position in shares of Bed Bath & Beyond during the 4th quarter worth approximately $7,175,000. Renaissance Technologies LLC boosted its holdings in shares of Bed Bath & Beyond by 95.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,041,100 shares of the company's stock worth $4,831,000 after buying an additional 507,922 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Bed Bath & Beyond by 49.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 905,712 shares of the company's stock worth $4,201,000 after buying an additional 299,391 shares during the period. Institutional investors own 76.30% of the company's stock.

Bed Bath & Beyond Company 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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