Analysts Set Bed Bath & Beyond, Inc. (NYSE:BBBY) Price Target at $7.00

Bed Bath & Beyond, Inc. (NYSE:BBBY) has earned a consensus recommendation of “Hold” from the six analysts that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has given a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $7.00.

A number of equities research analysts recently commented on BBBY shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bed Bath & Beyond in a report on Wednesday, January 21st. Piper Sandler set a $8.00 price objective on shares of Bed Bath & Beyond and gave the company a “neutral” rating in a research report on Tuesday, February 24th. Finally, Wedbush lowered their price objective on shares of Bed Bath & Beyond from $13.00 to $7.00 and set an “outperform” rating for the company in a research note on Wednesday, February 18th.

Insider Transactions at Bed Bath & Beyond

In other Bed Bath & Beyond news, Director Joseph J. Tabacco, Jr. purchased 20,000 shares of Bed Bath & Beyond stock in a transaction that occurred on Tuesday, March 10th. The shares were bought at an average price of $5.11 per share, for a total transaction of $102,200.00. Following the acquisition, the director directly owned 167,209 shares in the company, valued at approximately $854,437.99. This trade represents a 13.59% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bed Bath & Beyond

Several hedge funds have recently made changes to their positions in BBBY. Nuveen LLC bought a new position in shares of Bed Bath & Beyond during the fourth quarter valued at approximately $12,594,000. Geode Capital Management LLC bought a new stake in Bed Bath & Beyond in the fourth quarter valued at $8,890,000. State Street Corp purchased a new position in Bed Bath & Beyond during the 4th quarter valued at $7,175,000. Federated Hermes Inc. purchased a new position in Bed Bath & Beyond during the 4th quarter valued at $4,730,000. Finally, Able Wealth Management LLC bought a new position in Bed Bath & Beyond in the 4th quarter worth $4,612,000. 76.30% of the stock is owned by hedge funds and other institutional investors.

Bed Bath & Beyond Price Performance

Shares of Bed Bath & Beyond stock opened at $4.68 on Wednesday. Bed Bath & Beyond has a one year low of $3.54 and a one year high of $12.65. The business’s 50 day simple moving average is $5.67 and its two-hundred day simple moving average is $6.96. The stock has a market capitalization of $324.12 million, a P/E ratio of -3.22 and a beta of 3.02.

Bed Bath & Beyond (NYSE:BBBY) last released its quarterly earnings data on Monday, February 23rd. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.07. Bed Bath & Beyond had a negative return on equity of 33.44% and a negative net margin of 8.10%.The firm had revenue of $273.43 million during the quarter. Sell-side analysts expect that Bed Bath & Beyond will post -3.75 earnings per share for the current fiscal year.

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.