Bed Bath and Beyond (BBBY) Stock Price and Forecast: Don’t get caught napping!
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CLAIM OFFER- Strong start to 2021, another short being squeezed?
- BBBY presents mixed results but changes to business model planned.
- New CEO Mark Tritton is committed to a turnaround plan.
Bed Bath & Beyond (BBBY) is a traditional brick and mortar retail focusing on, you guessed it, home furnishings, bed linens and bathroom products. BBBY has over 1,500 operating primarily in the US and Canada. BBBY also operates numerous online stores under the Bed Bath & Beyond name as well as subsidiaries.
BBBY stock news: Coronavirus hits in-store sales but boosts online
The last results for BBBY for Q3 2020 showed slowing growth in sales as the COVID-19 impact was evident across the retail space. Total sales fell 5% year on year (YoY) but online sales rose nearly 80% over the same quarter.
New CEO Mark Tritton has pushed through with his digital-first strategy with new executive appointments. In Q3 2020, BBBY gained 2.2M new online customers and nearly 7 million new customers for the year. Increasing web speed, the introduction of buy-online pick up in-store and pushing BBBY’s online shopping app all helped the online segment.
A strong start to 2021
BBBY shares are up a whopping 55% so far in 2021. New appointments to the marketing department with hires from Macy’s and Target, coupled with a renewed push on marketing and communication spending boosted confidence in the new strategy. Hopes for a swift rebound in the economy and stimulus spending plans under President Joe Biden will also have helped.
Is there more to it than that?
BBBY has in 2021 been one of the most heavily trending stocks among retail investors, gaining mentions from Jim Crammer in December and being heavily discussed on the /wallstreetbets reddit site. BBBY has a strong short position with as much as 60% of shares of BBBY sold short.
Bed Bath & Beyond (BBBY) technical analysis
BBBY was up strongly on Thursday, closing over 7% higher. The MACD crossed on January 4 giving a bullish signal. BBBY broke its late-2020 old high of $26.16 and needs to stay above this level to keep the shorter-term bullish trend intact. A move lower for BBBY would have $17.75 as key support.
The author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has received compensation for writing this article. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to do your own research before making any investment and take independent advice from a registered investment advisor. This article is for information purposes only. We/I do not provide personalized recommendations. I make no representations as to accuracy, completeness, the suitability of this information. I will not be liable for any errors, omissions or any losses, injuries or damages arising from this information display or use. I will not be held responsible for information that is found at the end of links posted on this page.
- Strong start to 2021, another short being squeezed?
- BBBY presents mixed results but changes to business model planned.
- New CEO Mark Tritton is committed to a turnaround plan.
Bed Bath & Beyond (BBBY) is a traditional brick and mortar retail focusing on, you guessed it, home furnishings, bed linens and bathroom products. BBBY has over 1,500 operating primarily in the US and Canada. BBBY also operates numerous online stores under the Bed Bath & Beyond name as well as subsidiaries.
BBBY stock news: Coronavirus hits in-store sales but boosts online
The last results for BBBY for Q3 2020 showed slowing growth in sales as the COVID-19 impact was evident across the retail space. Total sales fell 5% year on year (YoY) but online sales rose nearly 80% over the same quarter.
New CEO Mark Tritton has pushed through with his digital-first strategy with new executive appointments. In Q3 2020, BBBY gained 2.2M new online customers and nearly 7 million new customers for the year. Increasing web speed, the introduction of buy-online pick up in-store and pushing BBBY’s online shopping app all helped the online segment.
A strong start to 2021
BBBY shares are up a whopping 55% so far in 2021. New appointments to the marketing department with hires from Macy’s and Target, coupled with a renewed push on marketing and communication spending boosted confidence in the new strategy. Hopes for a swift rebound in the economy and stimulus spending plans under President Joe Biden will also have helped.
Is there more to it than that?
BBBY has in 2021 been one of the most heavily trending stocks among retail investors, gaining mentions from Jim Crammer in December and being heavily discussed on the /wallstreetbets reddit site. BBBY has a strong short position with as much as 60% of shares of BBBY sold short.
Bed Bath & Beyond (BBBY) technical analysis
BBBY was up strongly on Thursday, closing over 7% higher. The MACD crossed on January 4 giving a bullish signal. BBBY broke its late-2020 old high of $26.16 and needs to stay above this level to keep the shorter-term bullish trend intact. A move lower for BBBY would have $17.75 as key support.
The author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has received compensation for writing this article. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to do your own research before making any investment and take independent advice from a registered investment advisor. This article is for information purposes only. We/I do not provide personalized recommendations. I make no representations as to accuracy, completeness, the suitability of this information. I will not be liable for any errors, omissions or any losses, injuries or damages arising from this information display or use. I will not be held responsible for information that is found at the end of links posted on this page.
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