Market Analysts see Best Buy Co. Inc. [BBY] falling to $71. Time to buy?



Best Buy Co. Inc. [NYSE: BBY] closed the trading session at $77.99 on 07/28/22. The day’s price range saw the stock hit a low of $72.735, while the highest price level was $78.40. The company report on July 27, 2022 that Best Buy Provides Update on Second Quarter Performance and Fiscal 2023 Outlook.

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Best Buy Co., Inc. (NYSE: BBY) today announced business updates related to the company’s second quarter ending July 30, 2022 (Q2 FY23) financial performance and fiscal 2023 outlook.

“As we’ve said, we entered the year expecting our fiscal 2023 financial results to be softer than last year as we lap government stimulus support and unusually strong consumer electronics industry demand while we continue to invest in our future,” said Corie Barry, Best Buy CEO. “As high inflation has continued and consumer sentiment has deteriorated, customer demand within the consumer electronics industry has softened even further, leading to Q2 financial results below the expectations we shared in May.”.

The stocks have a year to date performance of -23.24 percent and weekly performance of -0.27 percent. The stock has been moved at -19.53 percent over the last six months. The stock has performed 13.28 percent around the most recent 30 days and changed -16.17 percent over the most recent 3-months.

If compared to the average trading volume of 3.56M shares, BBY reached to a volume of 7876967 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Best Buy Co. Inc. [BBY]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for BBY shares is $89.20 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on BBY stock is a recommendation set at 2.60. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Jefferies have made an estimate for Best Buy Co. Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on July 28, 2022. The new note on the price target was released on June 14, 2022, representing the official price target for Best Buy Co. Inc. stock. Previously, the target price had yet another raise to $80, while Barclays analysts kept a Equal Weight rating on BBY stock. On March 04, 2022, analysts increased their price target for BBY shares from 125 to 130.

The Average True Range (ATR) for Best Buy Co. Inc. is set at 2.98, with the Price to Sales ratio for BBY stock in the period of the last 12 months amounting to 0.35. The Price to Book ratio for the last quarter was 6.39, with the Price to Cash per share for the same quarter was set at 2.79. Price to Free Cash Flow for BBY in the course of the last twelve months was 68.77 with Quick ratio for the last quarter at 0.20.

BBY stock trade performance evaluation

Best Buy Co. Inc. [BBY] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.27. With this latest performance, BBY shares gained by 13.28% in over the last four-week period, additionally sinking by -19.53% over the last 6 months – not to mention a drop of -31.02% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for BBY stock in for the last two-week period is set at 58.30, with the RSI for the last a single of trading hit 62.49, and the three-weeks RSI is set at 54.40 for Best Buy Co. Inc. [BBY]. The present Moving Average for the last 50 days of trading for this stock 74.00, while it was recorded at 75.43 for the last single week of trading, and 96.17 for the last 200 days.

Best Buy Co. Inc. [BBY]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Best Buy Co. Inc. [BBY] shares currently have an operating margin of +5.79 and a Gross Margin at +22.32. Best Buy Co. Inc.’s Net Margin is presently recorded at +4.74.

Return on Equity for this stock inclined to 64.52, with Return on Assets sitting at 13.42.

Best Buy Co. Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.20 and a Current Ratio set at 1.00.

Earnings per share (EPS) analysis for Best Buy Co. Inc. [BBY] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for BBY. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Best Buy Co. Inc. go to 6.70%.

Best Buy Co. Inc. [BBY]: Insider Ownership positions

There are presently around $13,764 million, or 83.00% of BBY stock, in the hands of institutional investors. The top three institutional holders of BBY stocks are: VANGUARD GROUP INC with ownership of 26,389,083, which is approximately -4.753% of the company’s market cap and around 0.50% of the total institutional ownership; BLACKROCK INC., holding 21,397,168 shares of the stock with an approximate value of $1.67 billion in BBY stocks shares; and JPMORGAN CHASE & CO, currently with $981.36 million in BBY stock with ownership of nearly 8.214% of the company’s market capitalization.

Positions in Best Buy Co. Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 386 institutional holders increased their position in Best Buy Co. Inc. [NYSE:BBY] by around 9,445,406 shares. Additionally, 429 investors decreased positions by around 15,272,482 shares, while 102 investors held positions by with 151,762,087 shares. The mentioned changes placed institutional holdings at 176,479,975 shares, according to the latest SEC report filing. BBY stock had 82 new institutional investments in for a total of 2,628,974 shares, while 133 institutional investors sold positions of 2,564,871 shares during the same period.