Bed Bath & Beyond (NYSE:BBBY) Stock Price Up 7.3% – Should You Buy?

Bed Bath & Beyond, Inc. (NYSE:BBBY)’s stock price rose 7.3% during trading on Thursday . The stock traded as high as $7.38 and last traded at $7.3180. Approximately 538,637 shares were traded during trading, a decline of 75% from the average daily volume of 2,129,643 shares. The stock had previously closed at $6.82.

Analyst Ratings Changes

Several research firms have issued reports on BBBY. Weiss Ratings restated a “sell (d-)” rating on shares of Bed Bath & Beyond in a research note on Wednesday, October 8th. Barclays set a $8.00 target price on Bed Bath & Beyond and gave the company an “equal weight” rating in a research report on Tuesday, October 28th. Finally, Wedbush reiterated an “outperform” rating and issued a $13.00 price objective on shares of Bed Bath & Beyond in a research note on Tuesday, October 21st. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Bed Bath & Beyond presently has an average rating of “Hold” and a consensus price target of $10.20.

Bed Bath & Beyond Trading Up 1.1%

The company has a 50 day simple moving average of $6.14 and a 200 day simple moving average of $8.01. The stock has a market capitalization of $501.30 million, a PE ratio of -2.59 and a beta of 2.85.

Institutional Investors Weigh In On Bed Bath & Beyond

Hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in shares of Bed Bath & Beyond by 20.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,241,524 shares of the company’s stock worth $8,543,000 after buying an additional 211,446 shares in the last quarter. ProShare Advisors LLC raised its position in Bed Bath & Beyond by 19.4% in the second quarter. ProShare Advisors LLC now owns 518,173 shares of the company’s stock worth $3,565,000 after acquiring an additional 84,356 shares in the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Bed Bath & Beyond during the 2nd quarter worth $3,414,000. Bank of America Corp DE grew its stake in shares of Bed Bath & Beyond by 587.3% during the 2nd quarter. Bank of America Corp DE now owns 236,529 shares of the company’s stock worth $1,627,000 after purchasing an additional 202,113 shares during the period. Finally, Fund 1 Investments LLC acquired a new position in shares of Bed Bath & Beyond during the 2nd quarter worth $1,184,000. Institutional investors and hedge funds own 76.30% of the company’s stock.

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.