Bed Bath & Beyond Inc. (NASDAQ:BBBY) Expected to Earn Q2 2021 Earnings of ($0.52) Per Share
Bed Bath & Beyond Inc. (NASDAQ:BBBY) – Equities researchers at KeyCorp reduced their Q2 2021 EPS estimates for shares of Bed Bath & Beyond in a research report issued on Wednesday, July 8th. KeyCorp analyst B. Thomas now expects that the retailer will post earnings of ($0.52) per share for the quarter, down from their previous forecast of ($0.28). KeyCorp also issued estimates for Bed Bath & Beyond’s Q3 2021 earnings at ($0.72) EPS, Q4 2021 earnings at $0.20 EPS, FY2021 earnings at ($3.00) EPS and FY2022 earnings at ($2.00) EPS.
A number of other research firms have also recently issued reports on BBBY. BidaskClub raised Bed Bath & Beyond from a “hold” rating to a “buy” rating in a report on Tuesday, June 23rd. ValuEngine raised shares of Bed Bath & Beyond from a “hold” rating to a “buy” rating in a research note on Wednesday, April 15th. Bank of America increased their price target on shares of Bed Bath & Beyond from $12.50 to $14.50 and gave the company a “buy” rating in a research note on Friday, June 26th. Cfra dropped their price objective on shares of Bed Bath & Beyond from $5.00 to $3.00 and set a “sell” rating for the company in a research report on Thursday, April 16th. Finally, Odeon Capital Group upgraded Bed Bath & Beyond from a “hold” rating to a “buy” rating in a research report on Tuesday, May 26th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $10.70.
Bed Bath & Beyond (NASDAQ:BBBY) last released its quarterly earnings results on Wednesday, July 8th. The retailer reported ($1.96) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.42) by ($0.54). Bed Bath & Beyond had a negative return on equity of 11.52% and a negative net margin of 5.51%. The business had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter last year, the company earned $0.12 earnings per share. The firm’s revenue was down 49.2% on a year-over-year basis.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BBBY. Norges Bank acquired a new position in Bed Bath & Beyond in the fourth quarter valued at about $42,426,000. Victory Capital Management Inc. increased its stake in shares of Bed Bath & Beyond by 613.4% in the 4th quarter. Victory Capital Management Inc. now owns 2,640,709 shares of the retailer’s stock valued at $45,684,000 after acquiring an additional 2,270,568 shares during the last quarter. TCW Group Inc. raised its position in shares of Bed Bath & Beyond by 149.5% in the 1st quarter. TCW Group Inc. now owns 2,634,195 shares of the retailer’s stock valued at $11,090,000 after acquiring an additional 1,578,608 shares during the period. Quantitative Investment Management LLC bought a new position in Bed Bath & Beyond during the 1st quarter worth approximately $3,880,000. Finally, Voloridge Investment Management LLC bought a new position in Bed Bath & Beyond during the 1st quarter worth approximately $3,131,000.
Bed Bath & Beyond Company Profile
Bed Bath & Beyond Inc, together with its subsidiaries, operates a chain of retail stores. It sells a range of domestics merchandise, including bed linens and related items, bath items, and kitchen textiles; and home furnishings, such as kitchen and tabletop items, fine tabletop, basic housewares, general home furnishings, consumables, and various juvenile products.
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