Bed Bath & Beyond share-price target slashed to zero by analysts at Wedbush
Bed Bath & Beyond Inc. stock slid 31% in premarket trade Tuesday, pulling back from strong gains Monday that saw the stock of the troubled retailer gain 92% in a move that swept up other meme stocks.
Late Monday, the Wall Street Journal reported that the company had received investor commitments to raise $225 million of equity capital initially, with the rest of the more than $1 billion offering coming later, citing people familiar with the matter. The company has said it may have to file for bankruptcy and recently disclosed it was in default on loans that were called in.
Wedbush slashed its price target on the stock to zero from $1 and said the capital raising effort were a “last gasp,” before a bankruptcy filing that would wipe out the equity.“However, free cash flow was a whopping minus-$403 million in its fiscal third quarter while cash-on-hand stood at just $153 million at the
On Tuesday, a fresh regulatory filing by Bed Bath & Beyond noted that investing in the company’s securities “involves risks” that are disclosed in its 10-K for 2022.
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