Traders Purchase High Volume of Put Options on Best Buy Co (BBY)
Best Buy Co (NYSE:BBY) saw unusually large options trading activity on Tuesday. Stock investors purchased 15,748 put options on the company, AnalystRatings.NET reports. This represents an increase of approximately 511% compared to the average daily volume of 2,577 put options.
Several analysts have recently commented on the stock. Analysts at Citigroup Inc. raised their price target on shares of Best Buy Co from $31.00 to $36.00 in a research note on Friday, July 11th. They now have a “buy” rating on the stock. Separately, analysts at Morgan Stanley reiterated a “buy” rating on shares of Best Buy Co in a research note on Wednesday, June 25th. Finally, analysts at Morgan Stanley initiated coverage on shares of Best Buy Co in a research note on Tuesday, June 24th. They set an “overweight” rating and a $36.00 price target on the stock. Five research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Best Buy Co currently has a consensus rating of “Buy” and an average target price of $40.08.
Best Buy Co (NYSE:BBY) traded up 2.81% on Tuesday, hitting $30.75. The stock had a trading volume of 4,316,830 shares. Best Buy Co has a one year low of $22.15 and a one year high of $44.66. The stock has a 50-day moving average of $30.32 and a 200-day moving average of $27.26. The company has a market cap of $10.726 billion and a P/E ratio of 9.77.
Best Buy Co (NYSE:BBY) last released its earnings data on Thursday, May 22nd. The company reported $0.33 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.20 by $0.13. The company had revenue of $9.04 billion for the quarter, compared to the consensus estimate of $9.20 billion. During the same quarter last year, the company posted $0.36 earnings per share. Best Buy Co’s revenue was down 3.3% compared to the same quarter last year. Analysts expect that Best Buy Co will post $2.28 EPS for the current fiscal year.
Best Buy Co, Inc is a multinational, multichannel retailer of technology products, including tablets and computers, televisions, mobile phones, large and small appliances, entertainment products, digital imaging and related accessories.
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