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Bed Bath & Beyond (BBBY) Stock Up 15% after Announcement of Strategic Changes

UTC by Steve Muchoki · 3 min read
Bed Bath & Beyond (BBBY) Stock Up 15% after Announcement of Strategic Changes
Photo: Depositphotos

Bed Bath & Beyond stock has gained approximately 8.67%, 33.84%, and 41.19% in the past ten months, one month, and five days respectively.

Bed Bath & Beyond Inc (NASDAQ: BBBY) stock closed Wednesday trading at $19.30, up 15.22% from the day’s opening price. The gains continued during the extended trading period with approximately +3.74%. The spike in BBBY shares has been attributed to announcements of various strategic changes meant to speed up the company’s growth. Among the updates included a partnership with Kroger, the largest grocery chain in the US.

Additionally, the company announced that it expects to complete its $1 billion three-year share repurchase program by the end of the fiscal year 2021, which is two years ahead of the expected timeline. Further, the company announced the launch of its new digital marketplace to build on its existing authority in key Home & Baby categories.

According to market analytics provided by MarketWatch, Bed Bath & Beyond stock has gained approximately 8.67%, 33.84%, and 41.19% in the past ten months, one month, and five days respectively through Wednesday. However, the company’s stock market has dropped approximately 8.18%, and 28.86% in the past year, and three months respectively through Wednesday.

In the past 52 weeks, BBBY stock has ranged between $13.38 and $53.90. The company has a market capitalization of approximately $1.69 billion and has approximately 101.06 million outstanding shares.

Bed Bath & Beyond Stock and the Market Outlook

While the stock continues to rally in a similar version as meme stocks, the company remains focused on its long-term goal. Additionally, the company remains in line with its initial plans including a stock repurchase program.

“We’re not in it for the day by day, we’re in it for the long term,” Tritton said in an interview on CNBC. “We’ve got a process to assess and evaluate prudent spending to maximize shareholder value. Are shares shooting up to $27.32? That’s a moment in time, not part of the overall plan to invest at those levels.”

In a bid to reorganize its workplace, the company has appointed Anu Gupta as the chief growth officer. “With these sales channel expansions, it is necessary to evolve our organizational structure to align with our ongoing transformation.  As part of that evolution, we are thrilled to promote Anu Gupta into an expanded role. As an instrumental driver of our new Kroger collaboration, Anu’s impressive background and business acumen, visionary ideas, and successful tracking of our transformation management will help lead our team into the future,” said President & CEO Mark Tritton.

Notably, Kroger Co. (NYSE: KR) stock gained approximately 5.53% on Wednesday to close the day trading at $42.95.

Read other stock market news on Coinspeaker.

The illustrations were provided by Depositphotos.com

Business News, Market News, News, Stocks, Wall Street
Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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