Beyond (NYSE:BYON) Shares Gap Up After Better-Than-Expected Earnings

Beyond, Inc. (NYSE:BYON)’s stock price gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $10.30, but opened at $10.86. Beyond shares last traded at $10.33, with a volume of 923,287 shares trading hands.

The company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.15. The business had revenue of $282.25 million during the quarter, compared to the consensus estimate of $250.37 million. Beyond had a negative net margin of 17.86% and a negative return on equity of 74.03%. Beyond’s quarterly revenue was down 29.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.76) EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on BYON shares. Wedbush increased their price objective on shares of Beyond from $10.00 to $13.00 and gave the company an “outperform” rating in a research note on Tuesday, July 22nd. Jefferies Financial Group dropped their price objective on shares of Beyond from $6.50 to $5.00 and set a “hold” rating for the company in a research note on Tuesday, April 29th. Needham & Company LLC restated a “hold” rating on shares of Beyond in a research note on Tuesday. Finally, Barclays dropped their price objective on shares of Beyond from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 30th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $8.86.

Institutional Trading of Beyond

Several hedge funds have recently modified their holdings of the stock. Tidal Investments LLC boosted its stake in shares of Beyond by 140.4% in the 4th quarter. Tidal Investments LLC now owns 2,406,746 shares of the company’s stock valued at $11,865,000 after purchasing an additional 1,405,770 shares during the last quarter. Two Sigma Advisers LP boosted its stake in shares of Beyond by 362.8% in the 4th quarter. Two Sigma Advisers LP now owns 901,500 shares of the company’s stock valued at $4,444,000 after purchasing an additional 706,700 shares during the last quarter. Able Wealth Management LLC bought a new position in shares of Beyond in the 1st quarter valued at about $3,913,000. BNP Paribas Financial Markets boosted its stake in shares of Beyond by 654.5% in the 4th quarter. BNP Paribas Financial Markets now owns 668,415 shares of the company’s stock valued at $3,295,000 after purchasing an additional 579,826 shares during the last quarter. Finally, Federated Hermes Inc. boosted its stake in shares of Beyond by 390.0% in the 4th quarter. Federated Hermes Inc. now owns 728,158 shares of the company’s stock valued at $3,590,000 after purchasing an additional 579,565 shares during the last quarter. 76.30% of the stock is owned by institutional investors.

Beyond Price Performance

The firm has a 50 day simple moving average of $7.41 and a two-hundred day simple moving average of $6.38. The stock has a market cap of $526.62 million, a price-to-earnings ratio of -2.24 and a beta of 3.25.

Beyond Company Profile

Beyond, Inc operates as an online retailer of furniture and home furnishings products in the United States and Canada. The company offers furniture, bedding and bath, patio and outdoor gear, area rugs, tabletop and cookware, décor, storage and organization, small appliances, home improvement, and other products under the Bed Bath & Beyond brand.