By Wallace Witkowski
Bed Bath & Beyond Inc. stock rose in the extended session Wednesday following insider purchases of shares, according to filings with the Securities and Exchange Commission.
Bed Bath & Beyond /zigman2/quotes/209801102/composite BBBY +23.55% shares surged 6% after hours, following a 3.7% decline to close the regular session at $4.47, the lowest close since April 2020.
Interim Chief Executive Sue Gove reported the purchase of 50,000 shares at $4.61 a piece this past Friday, while fellow board members Harriet Edelman bought 10,000 shares at $4.94 a piece and Jeff Kirwan purchased 10,000 shares for $4.90 a piece.
Last Wednesday, Bed Bath & Beyond ousted its CEO Mark Tritton and reported disappointing quarterly results, sending the stock plunging.
Analysts had reported earlier in the month that stores were turning down air conditioning and reducing hours to save money.
The stock has plummeted 77.5% over the past three months through Wednesday, while the SPDR S&P Retail exchange-traded fund /zigman2/quotes/206947004/composite XRT +0.08% has dropped 20.7% and the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.40% has lost 14.0%.