MIDVALE, Utah—Marcus Lemonis, the Executive Chairman of the Board at Beyond, Inc. (NASDAQ:BYON), has acquired a significant number of shares in a recent transaction. According to a recent SEC filing, Lemonis purchased 156,985 shares of Beyond, Inc.'s common stock at a price of $6.37 per share. This acquisition, executed through a private placement, amounts to a total value of approximately $999,994.
Following this transaction, Lemonis now holds 365,530 shares of the company. The private placement agreement was finalized on October 28, 2024, as outlined in the filing. This move by Lemonis reflects his continued involvement and investment in the company.
In other recent news, Beyond Inc. has seen several significant developments. The company reported third-quarter earnings and revenue that fell short of expectations, with an adjusted loss per share of $0.96 and revenues of $311 million, representing a 16.6% year-over-year decline. Despite this, Beyond reported a 21% increase in active customers, reaching 6.0 million, though orders delivered decreased by 19% year-over-year to 1.6 million.
Piper Sandler revised its price target for Beyond based on a more conservative growth forecast, while maintaining a Neutral rating. Similarly, Needham trimmed its target but remained optimistic about the company's potential for a profitability turnaround, maintaining a Buy rating. However, BofA Securities downgraded Beyond Inc. from Neutral to Underperform, significantly reducing their price target.
Beyond Inc. also announced the anticipated sale of its headquarters by the fourth quarter and a projected $20 million annual reduction in staff-related expenses. The company is expected to have reduced its fixed expense base by an annualized $65 million by 2025. BTIG maintains a Neutral rating, awaiting further evidence of the company's progress towards its stated goals. These are among the recent developments at Beyond Inc.
InvestingPro Insights
Marcus Lemonis' recent purchase of Beyond, Inc. (NASDAQ:BYON) shares comes at a time when the company's stock is trading near its 52-week low, according to InvestingPro data. This significant insider buying activity aligns with several key insights from InvestingPro.
An InvestingPro Tip indicates that BYON's stock is currently in oversold territory based on its Relative Strength Index (RSI). This technical indicator, combined with Lemonis' substantial purchase, could signal a potential value opportunity for investors. Additionally, the company is trading at a low revenue valuation multiple, which might have factored into Lemonis' decision to increase his stake.
However, it's important to note that Beyond, Inc. faces some challenges. The company's revenue for the last twelve months as of Q3 2023 stood at $1,476.27 million, with a concerning revenue growth rate of -6.66%. This decline is reflected in another InvestingPro Tip, which mentions that analysts anticipate a sales decline in the current year.
Despite these headwinds, Beyond, Inc. holds more cash than debt on its balance sheet, providing some financial flexibility as it navigates through this period of declining sales. This strong cash position could be crucial as the company aims to reverse its fortunes.
Investors considering following Lemonis' lead should be aware that Beyond, Inc.'s stock price has experienced significant volatility. The 6-month price total return as of the latest data shows a substantial decline of -70.36%, highlighting the risks associated with the company's current market position.
For a more comprehensive analysis, InvestingPro offers 18 additional tips for Beyond, Inc., providing deeper insights into the company's financial health and market performance. These additional tips could be valuable for investors looking to make informed decisions in light of recent insider buying activity.
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