Loop Capital Issues Pessimistic Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price target cut by equities researchers at Loop Capital from $100.00 to $90.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the technology retailer’s stock. Loop Capital’s price objective suggests a potential upside of 19.43% from the stock’s current price.

Several other analysts also recently commented on the stock. Jefferies Financial Group dropped their price objective on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a report on Tuesday. Telsey Advisory Group lowered their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research note on Wednesday. Piper Sandler decreased their price objective on Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Best Buy in a report on Friday, February 28th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $94.28.

Best Buy Stock Performance

BBY stock traded up $0.16 during midday trading on Wednesday, reaching $75.36. The stock had a trading volume of 5,762,153 shares, compared to its average volume of 2,919,810. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The firm has a fifty day simple moving average of $86.20 and a two-hundred day simple moving average of $90.62. The stock has a market cap of $16.11 billion, a PE ratio of 12.88, a P/E/G ratio of 2.10 and a beta of 1.43. Best Buy has a 52-week low of $69.29 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.18. The firm had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period last year, the business posted $2.72 earnings per share. As a group, equities research analysts anticipate that Best Buy will post 6.18 EPS for the current year.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the transaction, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rakuten Securities Inc. increased its position in shares of Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 311 shares during the last quarter. Vermillion Wealth Management Inc. acquired a new stake in shares of Best Buy during the fourth quarter valued at about $31,000. Golden State Wealth Management LLC purchased a new stake in shares of Best Buy in the 4th quarter valued at approximately $32,000. Atlas Capital Advisors Inc. boosted its position in shares of Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 243 shares during the period. Finally, Ancora Advisors LLC raised its position in Best Buy by 18,700.0% in the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 374 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.