Is it a Good Time to Harvest Profits in Bed Bath & Beyond (BBBY)?

Miller Value Partners, an investment management company, released its “Deep Value Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the Deep Value Strategy was down 14.67% net of fees compared to the S&P 500 Index, which was down 5.74%. Year-to-date, the strategy was down 23.4% (net of fees).  In addition, please check the fund’s top five holdings to know its best picks in 2022.

Miller Value Partners highlighted stocks like Bed Bath & Beyond Inc. (NASDAQ:BBBY) in the Q3 2022 investor letter. Headquartered in Union, New Jersey, Bed Bath & Beyond Inc. (NASDAQ:BBBY) is a retail stores chain. On November 10, 2022, Bed Bath & Beyond Inc. (NASDAQ:BBBY) stock closed at $3.8800 per share. One-month return of Bed Bath & Beyond Inc. (NASDAQ:BBBY) was -22.66%, and its shares lost 83.19% of their value over the last 52 weeks. Bed Bath & Beyond Inc. (NASDAQ:BBBY) has a market capitalization of $342.007 million.

Miller Value Partners made the following comment about Bed Bath & Beyond Inc. (NASDAQ:BBBY) in its Q3 2022 investor letter:

“Bed Bath & Beyond Inc. (NASDAQ:BBBY) saw significant volatility during the quarter as the share price increased from less than $5/share to more than $20/share at one point. Bed Bath’s management has had ongoing challenges with their turnaround plan. With the company balance sheet significantly weakening over the past two quarters and reports of vendor relationships becoming strained, we see significantly less margin of safety. We decided to take advantage of the price strength during the quarter and exited our position at a profit.”

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Bed Bath & Beyond Inc. (NASDAQ:BBBY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Bed Bath & Beyond Inc. (NASDAQ:BBBY)  at the end of the second quarter, which was 15 in the previous quarter.

We discussed Bed Bath & Beyond Inc. (NASDAQ:BBBY) in another article and shared the best meme stocks to buy in October. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.