Bed Bath & Beyond, Inc. (NYSE:BBBY) Given Average Recommendation of “Reduce” by Brokerages

Shares of Bed Bath & Beyond, Inc. (NYSE:BBBY) have earned a consensus recommendation of “Reduce” from the nine research firms that are currently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $8.8571.

Several research analysts have weighed in on the company. Needham & Company LLC reiterated a “hold” rating on shares of Bed Bath & Beyond in a report on Tuesday, July 29th. Wedbush reiterated an “outperform” rating and set a $13.00 target price on shares of Bed Bath & Beyond in a report on Tuesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bed Bath & Beyond in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Bed Bath & Beyond from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd.

Bed Bath & Beyond Stock Up 2.0%

NYSE:BBBY opened at $8.40 on Friday. Bed Bath & Beyond has a 12-month low of $3.54 and a 12-month high of $12.65. The firm has a market capitalization of $578.62 million, a P/E ratio of -2.06 and a beta of 2.76. The stock’s fifty day simple moving average is $9.52 and its 200-day simple moving average is $7.54.

Bed Bath & Beyond (NYSE:BBBY) last posted its quarterly earnings results on Monday, July 28th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.15. Bed Bath & Beyond had a negative return on equity of 78.27% and a negative net margin of 17.86%.The business had revenue of $282.25 million for the quarter, compared to analyst estimates of $250.37 million. During the same period last year, the company earned ($0.76) EPS. The firm’s revenue was down 29.1% on a year-over-year basis. As a group, equities research analysts expect that Bed Bath & Beyond will post -3.75 earnings per share for the current year.

Institutional Trading of Bed Bath & Beyond

Hedge funds and other institutional investors have recently modified their holdings of the company. Marex Group plc acquired a new position in shares of Bed Bath & Beyond during the second quarter worth about $79,000. Headlands Technologies LLC acquired a new position in shares of Bed Bath & Beyond during the second quarter worth about $33,000. Fund 1 Investments LLC acquired a new position in shares of Bed Bath & Beyond during the second quarter worth about $1,184,000. Balyasny Asset Management L.P. acquired a new position in shares of Bed Bath & Beyond during the second quarter worth about $3,414,000. Finally, Bank of America Corp DE boosted its position in shares of Bed Bath & Beyond by 587.3% during the second quarter. Bank of America Corp DE now owns 236,529 shares of the company’s stock worth $1,627,000 after buying an additional 202,113 shares during the period. Institutional investors and hedge funds own 76.30% of the company’s stock.

Bed Bath & Beyond Company Profile

Beyond, Inc operates as an online retailer of furniture and home furnishings products in the United States and Canada. The company offers furniture, bedding and bath, patio and outdoor gear, area rugs, tabletop and cookware, décor, storage and organization, small appliances, home improvement, and other products under the Bed Bath & Beyond brand.