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

Bed Bath & Beyond (NYSE:BBBY) issued its quarterly earnings results on Tuesday. The company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.23), Zacks reports. The business had revenue of $361.16 million for the quarter. Bed Bath & Beyond had a negative return on equity of 27.60% and a negative net margin of 5.76%.During the same period in the prior year, the firm posted ($0.34) EPS.

Bed Bath & Beyond Trading Down 17.6%

Bed Bath & Beyond stock traded down $0.98 during trading on Wednesday, hitting $4.58. 1,769,601 shares of the company were exchanged, compared to its average volume of 2,533,722. The business’s 50 day moving average is $5.70 and its 200 day moving average is $5.45. The company has a market capitalization of $338.65 million, a P/E ratio of -4.82 and a beta of 2.89. Bed Bath & Beyond has a 52 week low of $4.26 and a 52 week high of $12.65.

Insiders Place Their Bets

In other Bed Bath & Beyond news, Director Joanna M. Burkey sold 9,943 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $6.38, for a total value of $63,436.34. Following the completion of the sale, the director directly owned 32,474 shares of the company’s stock, valued at approximately $207,184.12. This represents a 23.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Bed Bath & Beyond

Hedge funds and other institutional investors have recently modified their holdings of the business. Headlands Technologies LLC purchased a new stake in shares of Bed Bath & Beyond during the second quarter valued at approximately $33,000. Public Employees Retirement System of Ohio purchased a new position in shares of Bed Bath & Beyond in the 4th quarter worth about $37,000. New York State Common Retirement Fund bought a new position in Bed Bath & Beyond during the fourth quarter valued at about $47,000. Engineers Gate Manager LP purchased a new stake in Bed Bath & Beyond during the fourth quarter worth about $63,000. Finally, ExodusPoint Capital Management LP purchased a new stake in shares of Bed Bath & Beyond during the 4th quarter worth approximately $63,000. Hedge funds and other institutional investors own 76.30% of the company’s stock.

Wall Street Analysts Forecast Growth

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

About Bed Bath & Beyond

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.