Bob’s Discount Furniture (NYSE:BOBS) Trading Up 14% – Here’s What Happened

Bob’s Discount Furniture, Inc. (NYSE:BOBS) traded up 14% during trading on Wednesday . The company traded as high as $12.09 and last traded at $11.95. 296,539 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 1,265,402 shares. The stock had previously closed at $10.48.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Raymond James Financial upgraded Bob’s Discount Furniture to a “moderate buy” rating in a research report on Monday, March 2nd. Evercore began coverage on Bob’s Discount Furniture in a research note on Monday, March 2nd. They issued an “outperform” rating and a $25.00 price objective on the stock. UBS Group downgraded Bob’s Discount Furniture to a “buy” rating and set a $27.00 price objective on the stock. in a research note on Monday, March 2nd. The Goldman Sachs Group began coverage on Bob’s Discount Furniture in a research note on Monday, March 2nd. They issued a “neutral” rating and a $25.00 price objective on the stock. Finally, Zacks Research raised Bob’s Discount Furniture to a “hold” rating in a research note on Tuesday, March 3rd. Eleven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.67.

Bob’s Discount Furniture Trading Up 9.7%

Bob’s Discount Furniture (NYSE:BOBS) last announced its quarterly earnings data on Tuesday, March 17th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.24. The business had revenue of $648.83 million during the quarter, compared to analyst estimates of $647.49 million. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.36 earnings per share.

Insider Buying and Selling

In related news, Director John Thomas Kilgallon sold 2,917,500 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $15.94, for a total transaction of $46,504,950.00. Following the transaction, the director directly owned 95,370,751 shares of the company’s stock, valued at approximately $1,520,209,770.94. This represents a 2.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jennifer Lynn Davis sold 2,917,500 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $15.94, for a total value of $46,504,950.00. Following the transaction, the director directly owned 95,370,751 shares in the company, valued at approximately $1,520,209,770.94. This trade represents a 2.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 3.20% of the stock is currently owned by corporate insiders.

Bob’s Discount Furniture Company Profile

Bob’s Discount Furniture (NYSE: BOBS) is a U.S.-based specialty retailer of residential furniture and home furnishings. The company operates a network of company-owned showrooms alongside an e-commerce platform to sell living room, bedroom and dining furniture, mattresses, home office pieces, and decorative accessories. Its merchandising and marketing emphasize value-oriented pricing and broad selection across mainstream categories.

In addition to merchandise sales, Bob’s Discount Furniture offers services commonly associated with full-service furniture retail, including delivery, white-glove setup in some markets, and consumer financing options.