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

Bed Bath & Beyond (NYSE:BBBY) posted its quarterly earnings results on Tuesday. The company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.23), Zacks reports. Bed Bath & Beyond had a negative net margin of 7.13% and a negative return on equity of 37.93%. The company had revenue of $361.16 million during the quarter. During the same period in the previous year, the business posted ($0.34) earnings per share.

Bed Bath & Beyond Stock Down 1.8%

Shares of NYSE:BBBY traded down $0.09 during trading on Thursday, hitting $4.54. 2,349,512 shares of the company were exchanged, compared to its average volume of 2,589,615. Bed Bath & Beyond has a 1-year low of $4.26 and a 1-year high of $12.65. The company has a market capitalization of $335.32 million, a P/E ratio of -3.98 and a beta of 2.89. The business’s 50 day moving average is $5.66 and its 200-day moving average is $5.43.

Insiders Place Their Bets

In related news, Director Joanna M. Burkey sold 9,943 shares of the business’s stock in a transaction on Thursday, June 4th. The stock was 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. The trade was a 23.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bed Bath & Beyond

Several large investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company raised its stake in shares of Bed Bath & Beyond by 20.6% in the second quarter. The Manufacturers Life Insurance Company now owns 20,291 shares of the company’s stock valued at $140,000 after buying an additional 3,469 shares during the period. Headlands Technologies LLC purchased a new position in shares of Bed Bath & Beyond in the second quarter worth about $33,000. Public Employees Retirement System of Ohio purchased a new position in shares of Bed Bath & Beyond in the fourth quarter worth about $37,000. New York State Common Retirement Fund bought a new stake in shares of Bed Bath & Beyond in the fourth quarter valued at approximately $47,000. Finally, ExodusPoint Capital Management LP bought a new stake in Bed Bath & Beyond during the 4th quarter valued at $63,000. Institutional investors own 76.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on BBBY shares. Zacks Research upgraded shares of Bed Bath & Beyond to a “hold” rating in a research report on Wednesday, June 24th. Weiss Ratings upgraded shares of Bed Bath & Beyond from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, July 8th. Finally, Wedbush raised their target price on Bed Bath & Beyond from $8.00 to $10.00 and gave the company an “outperform” rating in a report on Tuesday, June 23rd. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Bed Bath & Beyond currently has an average 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.