Additionally, we are decreasing our FY2023/2024 adjusted EBITDA estimates to $2 million/$105 million, respectively. "We are lowering our FY22 adjusted EBITDA estimate to ($326 million) from ($226 million) due largely to expectations for continued lower same-store sales with softening demand trends across the home furnishings industry, and ongoing pressure through the second half, despite sequential improvement. How McShane is modeling BBBY's future financials: What market share loss and poor execution looks like for a retailer. We reiterate our Sell rating with a 12-month price target of $2 given weak 2Q comp trends, along with ongoing inventory issues and negative consumer sentiment." Bed Bath & Beyond's brutal sales trend, visually: The noted added that "we would add that Bed Bath & Beyond is experiencing negative same-store sales trends today on top of declines in FY21, differentiating the company from many industry peers which saw pandemic-related strength last year. We would note that while this is a step in the right direction, it is not dissimilar to what Bed Bath & Beyond was offering before the new management team came on board in 2019 and when the company was still comping negative compares consistently since FY16, indicating there may be more to the underperformance aside from merchandising." Over the past year, the retailer's stock has lost more than 70 of its value. The stock quadrupled in the first half of. "In addition to addressing their liquidity issues through financing, cost cuts, and the closing of underperforming doors, Bed Bath & Beyonds announced a return to focus on national brands and a reduction in private label. Bed, Bath & Beyond's share price plummeted on Tuesday, falling 15 to 7.18 a share in mid-morning trade. The saga surrounding Bed Bath & Beyond ( BBBY -9.29) stock continued Thursday after yet another twist from widely followed activist investor Ryan Cohen. On September 4, the New York City medical examiner’s office said it had determined that on September 2. (Photo by Michael Brochstein/SOPA Images/LightRocket via Getty Images) McShane's Call: Bed Beth & Beyond (BBBY) stock could be over-valued in the wake of a terrible tragedy. But now Cohen wants to cash in, and it is tanking the stock.Bed Bath & Beyond store in New York City. It's possible that retail traders and others who consider this a meme stock didn't realize those call options had been purchased months ago, and thought Cohen was making a more current bet. The discussion of those call options seemed to be the catalyst for the recent surge in the company's stock price. Jake Freeman shed light on his background, his. That includes almost 8 million shares of common stock and the balance owned through call options purchased earlier this year. A 20-year-old college student plowed 25 million into Bed Bath & Beyond stock, then cashed out a 110 million profit less than a month later. The latest Form 144 filing from Cohen indicates his intention to sell all of his over 9.45 million shares. Bed Bath & Beyond shares plunged almost 30% in early trading, and remained down 23.6% as of 11:20 a.m. But a new Securities and Exchange Commission (SEC) filing by Cohen dated Tuesday has the bubble bursting in the stock today. The stock quadrupled in the first half of August as the meme stock craze took hold once again in the market. The saga surrounding Bed Bath & Beyond ( BBBY -1.62%) stock continued Thursday after yet another twist from widely followed activist investor Ryan Cohen.
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