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

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

Bed Bath & Beyond Price Performance

Shares of NYSE BBBY traded up $0.25 during midday trading on Tuesday, hitting $5.57. The company’s stock had a trading volume of 3,410,712 shares, compared to its average volume of 2,548,094. The firm has a market capitalization of $412.14 million, a price-to-earnings ratio of -5.87 and a beta of 2.89. The business’s fifty day simple moving average is $5.70 and its two-hundred day simple moving average is $5.46. Bed Bath & Beyond has a 1 year low of $4.26 and a 1 year high of $12.65.

Analyst Upgrades and Downgrades

BBBY has been the topic of a number of research reports. Weiss Ratings upgraded Bed Bath & Beyond from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 8th. Wedbush lifted their price objective on Bed Bath & Beyond from $8.00 to $10.00 and gave the company an “outperform” rating in a research note on Tuesday, June 23rd. Finally, Zacks Research raised Bed Bath & Beyond to a “hold” rating in a research note on Wednesday, June 24th. One research 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, Bed Bath & Beyond presently has a consensus rating of “Hold” and an average target price of $8.67.

Insiders Place Their Bets

In other Bed Bath & Beyond 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 directly owned 32,474 shares in the company, valued at $207,184.12. This represents a 23.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.80% of the stock is currently owned by insiders.

Institutional Trading of Bed Bath & Beyond

A number of large investors have recently modified their holdings of BBBY. AQR Capital Management LLC increased its holdings in Bed Bath & Beyond by 217.4% during the 1st quarter. AQR Capital Management LLC now owns 131,501 shares of the company’s stock worth $763,000 after purchasing an additional 90,076 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Bed Bath & Beyond by 30.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 66,512 shares of the company’s stock valued at $386,000 after buying an additional 15,707 shares during the period. Strs Ohio acquired a new position in shares of Bed Bath & Beyond during the first quarter worth about $151,000. Rhumbline Advisers increased its stake in shares of Bed Bath & Beyond by 38.9% during the second quarter. Rhumbline Advisers now owns 97,453 shares of the company’s stock worth $670,000 after buying an additional 27,286 shares during the period. Finally, Sei Investments Co. purchased a new stake in shares of Bed Bath & Beyond during the second quarter worth approximately $378,000. Hedge funds and other institutional investors own 76.30% of the company’s stock.

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.