Best Buy Co Trading Up 5.1% Following Strong Earnings (BBY)
Best Buy Co (NYSE:BBY)’s share price was up 5.1% during mid-day trading on Wednesday following a stronger than expected earnings report, StockRatingsNetwork reports. The company traded as high as $31.73 and last traded at $31.32, with a volume of 9,611,092 shares traded. The stock had previously closed at $29.80.
The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.13. The company had revenue of $8.90 billion for the quarter, compared to the consensus estimate of $8.98 billion. During the same quarter in the previous year, the company posted $0.32 earnings per share. The company’s revenue for the quarter was down 4.0% on a year-over-year basis.
BBY has been the subject of a number of recent research reports. Analysts at RBC Capital raised their price target on shares of Best Buy Co from $34.00 to $36.00 in a research note on Wednesday. They now have an “outperform” rating on the stock. Separately, analysts at Piper Jaffray reiterated a “buy” rating on shares of Best Buy Co in a research note on Friday, August 22nd. Finally, 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. Three analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Best Buy Co has an average rating of “Buy” and an average target price of $41.08.
The stock’s 50-day moving average is $30.32 and its 200-day moving average is $27.60. The company has a market cap of $10.935 billion and a P/E ratio of 9.73. Best Buy Co also was the target of a significant growth in short interest in the month of August. As of August 15th, there was short interest totalling 27,793,796 shares, a growth of 13.1% from the July 31st total of 24,579,290 shares. Based on an average trading volume of 2,938,124 shares, the days-to-cover ratio is presently 9.5 days. Approximately 9.8% of the shares of the company are sold short.
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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