The stock of Bed Bath & Beyond Inc. (NASDAQ:BBBY) is now priced at $11.67 and the shares are 0.2 points up or 1.74% higher compared to its previous closing price of $11.47. The stock had 5.714 million contracts set over the past session. BBBY shares’ daily volume is compared to its average trading volume at 12.1 million shares. However, it has a float of 119 million and although its performance was -5.51% over the week, it’s one to watch. Analysts have given the BBBY stock a yearly average price target of $10.62 per share. It means the stock’s downside potential is -9% with the BBBY share price recently placing at $11.34 to $11.75. However, some brokerage firms have priced the stock below the average, including one that has called $5.
The shorts are running away from the Bed Bath & Beyond Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the BBBY shares have declined. Short interest in the stock represents just 58.7% of its float, but the volume has dropped by -1157728. The volume of shorted shares dropped to 69.7 million from 70.858 million shares over the last two weeks. The average intraday trading volume has been 8.773 million shares, which means that days to cover moved to roughly 7.945101.
In the last trading session, Bed Bath & Beyond Inc. (NASDAQ:BBBY) dropped by -$0.68 over the week and gained $1.53 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $17.79. The stock recorded its established 52-week high on 12/18/19.
Since 04/03/20, the stock has traded to a low of $3.43 at 240.23%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.56. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Bed Bath & Beyond Inc.’s two-week RSI is 53.74. This suggests that the stock is neutral at the moment and that BBBY shares’ price movement remains stable. The stochastic readings are equally revealing at 46.2% meaning the BBBY share price is currently in neutral territory.
The technical chart shows that the BBBY stock will likely settle at between $11.83 and $12 per share. However, if the stock dips below $11.42, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $11.18.
Currently, the stock is trading in the red of MACD, with a reading of -0.35. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Odeon raised their recommendation for BBBY from Hold to Buy in May 26 review. Telsey Advisory Group analysts see the stock as a Market Perform, but they also dropped the share’s target price from $7 to $4 in a flash note released to investors on April 03. Telsey Advisory Group seeing the stock struggling downgraded it from Outperform to Market Perform on March 23 placing it at $15 to $7.
The average rating for the BBBY equity is 2.84 and is currently gathering a bullish momentum. Of 19 analysts tracking Bed Bath & Beyond Inc. polled by Reuters, 11 rated BBBY as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 4 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 54.1. Bed Bath & Beyond Inc. has its P/E ratio at 1, which means that the stock is currently trading at a discount relative to the 7.2 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Bed Bath & Beyond Inc. (NASDAQ:BBBY) will increase by about 95.87%, which will see them reach $2560 million. The company’s full-year revenues are, however, expected to diminish by about -14.96%, down from $11200 million to $9490 million. BBBY’s expected adjusted earnings should drop almost -194.12% to end up at -$0.32 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -634.78% to record -$2.46/share.