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Several executives at left-for-dead retailer Bed Bath & Beyond (NASDAQ:BBBY) are attempting to send a message to the market that they are here to stay despite the recent dismal results and stock performance. After the close, the acting CEO and two Directors disclosed buying stock in the open market.
Interim CEO, Sue Gove, who just took over for outgoing CEO Mark Tritton, disclosed the purchase of 50,000 shares made on 07/01/22 at $4.61.
In addition, Director Harriet Edelman bought 10,000 shares and Director Jeff Kirwan bought 10,000 shares.
Just last week, Bed Bath & Beyond reported dismal first-quarter results. The retailer posted a loss of ($2.83), well below the consensus of ($1.32) as comparable sales plunged by 27%.
Analysts have already largely thrown in the towel on the company, but the results promoted one analyst, Loop Capital’s Anthony Chukumba, to slash his price target to a paltry $1 per share.
The new insider buys are an attempt to rally support behind the stock as the company tries to turn around its fortunes with the help of investor Ryan Cohen, who in March added three of his designees to the board.
Shares of Bed Bath & Beyond rose 7% after-hours following the insider purchases.
