Bed Bath & Beyond’s (BBBY) Outperform Rating Reiterated at Wedbush

Wedbush reaffirmed their outperform rating on shares of Bed Bath & Beyond (NYSE:BBBY) in a research report released on Tuesday morning,RTT News reports. The brokerage currently has a $13.00 target price on the stock.

Other analysts also recently issued research reports about the company. Needham & Company LLC reissued a “hold” rating on shares of Bed Bath & Beyond in a research note on Tuesday, July 29th. Wall Street Zen upgraded shares of Bed Bath & Beyond from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Bed Bath & Beyond in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $8.86.

Bed Bath & Beyond Stock Performance

Shares of Bed Bath & Beyond stock opened at $8.40 on Tuesday. Bed Bath & Beyond has a fifty-two week low of $3.54 and a fifty-two week high of $12.65. The company has a market capitalization of $578.62 million, a P/E ratio of -2.06 and a beta of 2.76. The company has a fifty day moving average of $9.52 and a 200 day moving average of $7.54.

Bed Bath & Beyond (NYSE:BBBY) last posted its quarterly earnings results on Monday, July 28th. The company reported ($0.22) EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $250.37 million. During the same period last year, the firm earned ($0.76) earnings per share. The business’s quarterly revenue was down 29.1% on a year-over-year basis. Analysts forecast that Bed Bath & Beyond will post -3.75 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC increased its position in Bed Bath & Beyond by 20.5% in the second quarter. Geode Capital Management LLC now owns 1,241,524 shares of the company’s stock worth $8,543,000 after purchasing an additional 211,446 shares during the last quarter. Able Wealth Management LLC purchased a new position in shares of Bed Bath & Beyond in the 1st quarter worth $3,913,000. ProShare Advisors LLC grew its stake in shares of Bed Bath & Beyond by 19.4% in the 2nd quarter. ProShare Advisors LLC now owns 518,173 shares of the company’s stock worth $3,565,000 after buying an additional 84,356 shares in the last quarter. Balyasny Asset Management L.P. bought a new stake in shares of Bed Bath & Beyond in the 2nd quarter worth about $3,414,000. Finally, Nuveen LLC purchased a new stake in shares of Bed Bath & Beyond during the 1st quarter valued at about $2,256,000. 76.30% of the stock is owned by hedge funds and other institutional investors.

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.