Bed Bath & Beyond (NYSE:BBBY) Posts Quarterly Earnings Results, Misses Estimates By $0.23 EPS

Bed Bath & Beyond (NYSE:BBBY) issued its earnings results on Tuesday. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.23), Zacks reports. Bed Bath & Beyond had a negative return on equity of 27.60% and a negative net margin of 5.76%.

Bed Bath & Beyond Price Performance

Bed Bath & Beyond stock traded up $0.25 during mid-day trading on Tuesday, reaching $5.57. The stock had a trading volume of 3,265,924 shares, compared to its average volume of 2,546,687. Bed Bath & Beyond has a one year low of $4.26 and a one year high of $12.65. The company has a 50-day moving average price of $5.70 and a two-hundred day moving average price of $5.46. The company has a market capitalization of $412.14 million, a price-to-earnings ratio of -5.87 and a beta of 2.89.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on BBBY shares. 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. Zacks Research raised shares of Bed Bath & Beyond to a “hold” rating in a research note on Wednesday, June 24th. Finally, Weiss Ratings raised Bed Bath & Beyond from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $8.67.

Insider Activity

In other news, Director Joanna M. Burkey sold 9,943 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $6.38, for a total transaction of $63,436.34. Following the sale, the director owned 32,474 shares in the company, valued at $207,184.12. This represents a 23.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Bed Bath & Beyond

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nuveen LLC purchased a new stake in Bed Bath & Beyond during the 4th quarter valued at $12,594,000. Geode Capital Management LLC purchased a new position in shares of Bed Bath & Beyond in the fourth quarter worth $8,890,000. State Street Corp purchased a new position in shares of Bed Bath & Beyond in the fourth quarter worth $7,175,000. Federated Hermes Inc. bought a new position in shares of Bed Bath & Beyond during the fourth quarter valued at $4,730,000. Finally, Dimensional Fund Advisors LP bought a new position in shares of Bed Bath & Beyond during the fourth quarter valued at $3,311,000. 76.30% of the stock is owned by institutional investors.

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.