Bed Bath & Beyond (NASDAQ:BBBY) stock is on the rise today as the shares trend following the release of its fiscal third quarter of 2021 earnings report.
So why exactly are shares of BBBY stock trending today? That’s a good question. Nothing in its most recent earnings report warrants to rising stock price and trending that the shares are seeing today.
Take the company’s fiscal Q3 adjusted losses per share of 25 cents. That misses Wall Street’s breakeven estimate. Its revenue of $1.88 million also couldn’t reach analysts’ estimate of $2 billion. Both earnings per share and revenue are also down year-over-year.
Mark Tritton, president and CEO of Bed Bath & Beyond, explained the poor results in the earnings report.
“Overall sales were pressured despite customer demand due to the lack of availability with replenishment inventory and supply chain stresses that had an estimated $100 million, or mid-single digit, impact on the quarter and an even higher impact in December.”
If we want to know why BBBY stock is trending higher and rising today, we’ll have to turn to Reddit. The daily discussion thread on WallStreetBets is filled with people talking about the most recent earnings report, which is likely behind the stock trending today as traders take note of it following the earnings report.
That translates to heavy trading of BBBY stock today. As of this writing, more than 30 million shares of the stock have changed hands. That’s an impressive leap over the company’s daily average trading volume of 8.8 million shares.
BBBY stock is up 5.5% as of Thursday morning.
There’s more stock market news for investors to dive into below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.