Bed Bath & Beyond (NASDAQ:BBBY) Stock Price Down 8.8%

Bed Bath & Beyond Inc. (NASDAQ:BBBYGet Rating) dropped 8.8% on Friday . The stock traded as low as $8.02 and last traded at $8.02. Approximately 339,576 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 60,014,040 shares. The stock had previously closed at $8.79.

Analyst Upgrades and Downgrades

BBBY has been the topic of several recent analyst reports. Wedbush downgraded Bed Bath & Beyond from a “neutral” rating to an “underperform” rating and set a $5.00 price target on the stock. in a report on Thursday, August 18th. Bank of America reduced their price target on Bed Bath & Beyond from $8.00 to $3.00 and set an “underperform” rating on the stock in a report on Wednesday, June 22nd. Morgan Stanley reduced their price objective on Bed Bath & Beyond from $7.00 to $2.00 and set an “underweight” rating on the stock in a report on Thursday, June 30th. KeyCorp reduced their price objective on Bed Bath & Beyond from $6.00 to $5.00 and set an “underweight” rating on the stock in a report on Tuesday, June 28th. Finally, UBS Group reduced their price objective on Bed Bath & Beyond from $12.00 to $5.00 and set a “sell” rating on the stock in a report on Wednesday, June 22nd. Fourteen investment analysts have rated the stock with a sell rating and one has issued a hold rating to the stock. According to data from MarketBeat, Bed Bath & Beyond has an average rating of “Reduce” and a consensus price target of $6.50.

Bed Bath & Beyond Price Performance

The company has a current ratio of 1.02, a quick ratio of 0.15 and a debt-to-equity ratio of 6.77. The firm has a market cap of $641.28 million, a P/E ratio of -0.82 and a beta of 1.55. The firm has a 50-day simple moving average of $8.75 and a 200-day simple moving average of $11.90.

Bed Bath & Beyond (NASDAQ:BBBYGet Rating) last posted its quarterly earnings data on Wednesday, June 29th. The retailer reported ($2.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.33) by ($1.50). The business had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.51 billion. Bed Bath & Beyond had a negative return on equity of 90.91% and a negative net margin of 11.74%. The firm’s revenue for the quarter was down 25.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.05 EPS. As a group, analysts forecast that Bed Bath & Beyond Inc. will post -6.79 EPS for the current year.

Insider Transactions at Bed Bath & Beyond

In other news, major shareholder Ryan Cohen sold 5,000,000 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $21.17, for a total value of $105,850,000.00. Following the completion of the sale, the insider now owns 2,780,000 shares of the company’s stock, valued at approximately $58,852,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Ryan Cohen sold 5,000,000 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $21.17, for a total value of $105,850,000.00. Following the completion of the transaction, the insider now owns 2,780,000 shares in the company, valued at approximately $58,852,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sue Gove bought 50,000 shares of Bed Bath & Beyond stock in a transaction that occurred on Friday, July 1st. The stock was purchased at an average price of $4.61 per share, with a total value of $230,500.00. Following the purchase, the chief executive officer now directly owns 105,587 shares in the company, valued at $486,756.07. The disclosure for this purchase can be found here. Insiders acquired 62,000 shares of company stock valued at $288,720 in the last quarter. 1.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bed Bath & Beyond

A number of institutional investors have recently modified their holdings of BBBY. Federated Hermes Inc. purchased a new position in shares of Bed Bath & Beyond during the 2nd quarter valued at about $7,260,000. D. E. Shaw & Co. Inc. purchased a new position in shares of Bed Bath & Beyond in the 4th quarter valued at about $8,052,000. Bank of America Corp DE increased its stake in shares of Bed Bath & Beyond by 217.2% in the 1st quarter. Bank of America Corp DE now owns 783,717 shares of the retailer’s stock valued at $17,658,000 after purchasing an additional 536,654 shares in the last quarter. Royce & Associates LP purchased a new position in shares of Bed Bath & Beyond in the 1st quarter valued at about $6,595,000. Finally, Cambria Investment Management L.P. increased its stake in shares of Bed Bath & Beyond by 128.1% in the 2nd quarter. Cambria Investment Management L.P. now owns 432,622 shares of the retailer’s stock valued at $2,150,000 after purchasing an additional 242,964 shares in the last quarter. Hedge funds and other institutional investors own 88.95% of the company’s stock.

About Bed Bath & Beyond

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Bed Bath & Beyond Inc, together with its subsidiaries, operates a chain of retail stores. It sells a range of domestics merchandise, including bed linens and related items, bath items, and kitchen textiles; and home furnishings, such as kitchen and tabletop items, fine tabletop, basic housewares, general home furnishings, consumables, and various juvenile products.

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