SIDU - Big Lots (BIG) Stock Tumbles on Piper Sandler Downgrade
2023-04-21 10:10:45 ET
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Big Lots (NYSE: BIG ) stock is falling on Friday after the company’s shares were hit with a downgrade by Piper Sandler analysts.
This saw the firm’s analysts drop shares to a “sell” rating. That matches the analyst consensus rating for the stock, which comes from four analysts’ opinions.
To go along with that, Piper Sandler analysts also dropped their price target from $12 per share to $7. That represents a potential downside of 28%. For comparison, the consensus price target for BIG is $13.
What’s Behind the Bearish Stance for BIG Stock?
Here’s what the Piper Sandler analysts said in a note to clients obtained by SeekingAlpha :
“We are downgrading shares of BIG to Underweight and lowering our PT to $7 based on our industry view that demand for both home furnishings and mattresses has deteriorated since March and will likely remain challenged in the months ahead […] With continued weakness in sales FCF could go negative and put the dividend at risk.”
Following this downgrade, shares are seeing heavy trading today. As of this writing, more than 1.1 million shares of the stock have changed hands. That’s ready to pass the company’s daily average trading volume of about 1.4 million shares.
BIG is down 10% as of Friday morning.
There’s even more stock market news traders will want to know about below!
We’ve got all of the biggest stock market stories worth reading about on Friday! A few examples include why shares of Clorox (NYSE: CLX ), ContextLogic (NASDAQ: WISH ) and Sidus Space (NASDAQ: SIDU ) stock are moving today. You can catch up on all of this news at the following links!
More Friday Stock Market News
- Clorox Layoffs 2023: What to Know About the Latest CLX Job Cuts
- WISH Stock Alert: Why Is ContextLogic Up 20% Today?
- Why Is Sidus Space (SIDU) Stock Down 29% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
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