Bob’s Discount Furniture (NYSE:BOBS) Trading Down 7.5% – Here’s What Happened

Bob’s Discount Furniture, Inc. (NYSE:BOBS)’s share price traded down 7.5% during mid-day trading on Tuesday . The stock traded as low as $15.00 and last traded at $14.94. 223,936 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 1,083,974 shares. The stock had previously closed at $16.15.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BOBS. Royal Bank Of Canada increased their target price on Bob’s Discount Furniture from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Evercore reissued an “outperform” rating and issued a $20.00 target price on shares of Bob’s Discount Furniture in a research report on Friday, August 7th. Weiss Ratings upgraded shares of Bob’s Discount Furniture from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, August 17th. Finally, Robert W. Baird set a $19.00 target price on Bob’s Discount Furniture in a report on Friday, August 7th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

Bob’s Discount Furniture Stock Down 10.1%

The firm has a market cap of $1.90 billion and a price-to-earnings ratio of 22.63. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.28 and a current ratio of 0.90. The business’s 50-day moving average is $16.93 and its 200-day moving average is $14.72.

Bob’s Discount Furniture (NYSE:BOBS) last announced its earnings results on Thursday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.20. The company had revenue of $619.57 million for the quarter. On average, equities analysts predict that Bob’s Discount Furniture, Inc. will post 0.93 EPS for the current year.

Institutional Trading of Bob’s Discount Furniture

Institutional investors have recently modified their holdings of the company. Readystate Asset Management LP bought a new stake in Bob’s Discount Furniture in the 2nd quarter valued at approximately $237,000. Penn Capital Management Company LLC acquired a new stake in Bob’s Discount Furniture in the second quarter valued at $423,000. Bank of New York Mellon Corp bought a new stake in shares of Bob’s Discount Furniture in the 2nd quarter valued at about $700,000. Finally, Alyeska Investment Group L.P. bought a new position in Bob’s Discount Furniture during the second quarter worth about $16,599,000.

About Bob’s Discount Furniture

Bob’s Discount Furniture (NYSE: BOBS) is a furniture retailer that sells a broad selection of home furnishings through its retail stores and e-commerce platform. Its product offerings include living room, bedroom, dining room and home office furniture, as well as mattresses, rugs, lighting, home accessories and other household products.

The company was founded in 1991 by Bob Kaufman in Newington, Connecticut, with a focus on offering furniture at value-oriented prices. Bob’s has since expanded beyond its New England roots and serves customers primarily across the eastern United States through a network of retail locations, delivery operations and online shopping services.

Bob’s Discount Furniture also provides services such as furniture delivery, assembly and mattress-related support.