Renaissance Technologies LLC Acquires 507,922 Shares of Bed Bath & Beyond, Inc. $BBBY

Renaissance Technologies LLC boosted its stake in shares of Bed Bath & Beyond, Inc. (NYSE:BBBY) by 95.3% in the first quarter, HoldingsChannel reports. The firm owned 1,041,100 shares of the company’s stock after purchasing an additional 507,922 shares during the quarter. Renaissance Technologies LLC’s holdings in Bed Bath & Beyond were worth $4,831,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Headlands Technologies LLC acquired a new stake in shares of Bed Bath & Beyond during the 2nd quarter worth about $33,000. Public Employees Retirement System of Ohio bought a new position in Bed Bath & Beyond in the 4th quarter valued at about $37,000. New York State Common Retirement Fund bought a new position in Bed Bath & Beyond in the 4th quarter valued at about $47,000. Stockman Wealth Management Inc. acquired a new stake in Bed Bath & Beyond during the fourth quarter worth approximately $55,000. Finally, ExodusPoint Capital Management LP bought a new stake in shares of Bed Bath & Beyond during the fourth quarter worth approximately $63,000. 76.30% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Bed Bath & Beyond news, Director Joanna M. Burkey sold 9,943 shares of Bed Bath & Beyond stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $6.38, for a total value of $63,436.34. Following the completion of the transaction, the director directly owned 32,474 shares of the company’s stock, 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 Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.80% of the stock is owned by corporate insiders.

Bed Bath & Beyond Stock Performance

NYSE BBBY opened at $4.50 on Friday. The firm has a 50-day moving average price of $5.62 and a two-hundred day moving average price of $5.41. Bed Bath & Beyond, Inc. has a 12-month low of $4.26 and a 12-month high of $12.65. The company has a market capitalization of $332.36 million, a P/E ratio of -3.94 and a beta of 2.89. The company has a quick ratio of 1.03, a current ratio of 0.76 and a debt-to-equity ratio of 0.06.

Bed Bath & Beyond (NYSE:BBBY) last announced its earnings results on Tuesday, August 4th. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.23). The business had revenue of $361.16 million for the quarter. Bed Bath & Beyond had a negative return on equity of 37.60% and a negative net margin of 7.13%.During the same quarter in the previous year, the company earned ($0.34) earnings per share. Analysts anticipate that Bed Bath & Beyond, Inc. will post -0.79 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Zacks Research upgraded Bed Bath & Beyond to a “hold” rating in a research note on Wednesday, June 24th. Weiss Ratings upgraded Bed Bath & Beyond from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 8th. Finally, Wedbush upped their price objective 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 research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price 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.