Bob’s Discount Furniture (NYSE:BOBS) Stock Price Down 8% – Here’s What Happened

Bob’s Discount Furniture, Inc. (NYSE:BOBS) shares traded down 8% on Thursday . The company traded as low as $10.75 and last traded at $10.9770. 59,720 shares were traded during mid-day trading, a decline of 95% from the average session volume of 1,286,742 shares. The stock had previously closed at $11.93.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BOBS. Evercore began coverage on shares of Bob’s Discount Furniture in a research note on Monday, March 2nd. They set an “outperform” rating and a $25.00 target price for the company. Craig Hallum began coverage on Bob’s Discount Furniture in a research note on Wednesday. They issued a “buy” rating and a $21.00 price target on the stock. Bank of America assumed coverage on Bob’s Discount Furniture in a report on Monday, March 2nd. They set a “buy” rating and a $28.00 price target for the company. UBS Group downgraded Bob’s Discount Furniture to a “buy” rating and set a $27.00 price objective on the stock. in a report on Monday, March 2nd. Finally, Zacks Research raised Bob’s Discount Furniture to a “hold” rating in a research report on Tuesday, March 3rd. Eleven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Bob’s Discount Furniture presently has an average rating of “Moderate Buy” and an average target price of $24.67.

Bob’s Discount Furniture Price Performance

Bob’s Discount Furniture (NYSE:BOBS) last posted its earnings results on Tuesday, March 17th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.24. The firm had revenue of $648.83 million for the quarter, compared to analyst estimates of $647.49 million. During the same quarter last year, the firm posted $0.36 EPS. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis.

Insider Buying and Selling

In other Bob’s Discount Furniture news, Director John Thomas Kilgallon sold 2,917,500 shares of Bob’s Discount Furniture stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $15.94, for a total transaction of $46,504,950.00. Following the transaction, the director owned 95,370,751 shares of the company’s stock, valued at $1,520,209,770.94. The trade was a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jennifer Lynn Davis sold 2,917,500 shares of the business’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $15.94, for a total value of $46,504,950.00. Following the completion of the sale, the director owned 95,370,751 shares of the company’s stock, valued at approximately $1,520,209,770.94. This represents a 2.97% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 3.20% of the company’s stock.

About Bob’s Discount Furniture

Bob’s Discount Furniture (NYSE: BOBS) is a U.S.-based specialty retailer of residential furniture and home furnishings. The company operates a network of company-owned showrooms alongside an e-commerce platform to sell living room, bedroom and dining furniture, mattresses, home office pieces, and decorative accessories. Its merchandising and marketing emphasize value-oriented pricing and broad selection across mainstream categories.

In addition to merchandise sales, Bob’s Discount Furniture offers services commonly associated with full-service furniture retail, including delivery, white-glove setup in some markets, and consumer financing options.