It has been quite a year for investors in Beyond (NYSE:BYND). Shares of BYON stock have surged more than 30% on a year-to-date (YTD) basis amid improving optimism for the retail conglomerate. That said, this stock is trading roughly flat today, despite two big announcements investors are keying in on.
The first is that the company has named a new Chief Customer Officer, Carlisha Robinson, who looks to factor into the re-launch of Overstock.com this week. Secondly, Beyond announced a new partnership with social media company X (formerly Twitter) to deliver short- and long-form content on the site.
Beyond appears to be looking to take a more holistic approach to driving business across its three main banners — Bed Bath & Beyond, Overstock and Zulily. Let’s dive into what investors may want to make of these announcements and whether BYON stock is worth buying on the news.
BYND Stock Little-Changed on Two Key Announcements
Overstock.com is now live (actually under the URL overstock.bedbathandbeyond.com) and, by all accounts, this relaunch certainly looks good at first glance. The company’s focus on integrating its brick-and-mortar business with a stronger online presence could be a recipe for success. That seems to be the market’s take, given Beyond’s YTD performance so far.
Further integrations with other online social media platforms like X could further this mission greatly. Robinson’s hiring also appears to bode well for the company, given that its C-Suite has undergone a number of changes in recent months (with a new CEO and an expanded Chief Financial Officer role). As the company gains more stability, there’s more to like about Beyond’s growth prospects moving forward.
I’ll be keeping an eye on the kind of content the company is putting forward and how its quarterly results improve (or don’t) in the coming months. That said, this is one of the turnaround stories I think is certainly compelling right now, largely overlooked by retail investors and value seekers.
On the date of publication, Chris MacDonald 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.
