Bed Bath & Beyond (BBBY.US) stock jumped over 27% on Thursday after regulatory filings show that several executives acquired a large number of shares in the company. Interim CEO Sue Gove bought 50,000 shares of the housewares retailer’s stock, while board members Harriet Edelman and Jeff Kirwan each bought 10,000 shares. Bed Bath & Beyond stock plunged more than 40% in recent weeks as part of a broader market selloff and a rough first quarter, which let to the departure of CEO Mark Tritton.
Insider purchases are usually taken as a positive sign, however in the case of Bed Bath & Beyond one should be vigilant given the company's current financial situation. According to some reports, earlier in the month stores were turning down air conditioning and reducing hours to save money. This is reflected in the analysts' recommendations.
Bed Bath & Beyond has a Moderate Sell consensus rating based on four Holds and eight Sells, with average price forecast of $4.16. Source: Tipranks.com
Bed Bath & Beyond (BBBY.US) stock tumbled more than 77.0% over the past three months, however price managed to find support at $4.00. Source: xStation5
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