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Bed Bath & Beyond to rebrand as Neighborhood Intelligence and move to Nasdaq
The company will list on Nasdaq under ticker NXH starting Aug. 17, after reporting $361 million in net revenue and a net loss of about $39.5 million in its latest quarter.
Bed Bath & Beyond plans to distance itself from its legacy ticker and meme stock history, announcing that it will change its corporate name to Neighborhood Intelligence and migrate its listing to the Nasdaq on Aug. 17, trading under the new symbol NXH, according to MarketBeat Ratings.
While a ticker move can appear cosmetic, the outlet says management is using the rebrand and listing change to attempt a reset with institutional trading desks that may have been influenced by historical volatility and retail sentiment tied to the old BBBY name.
MarketBeat Ratings also points to the company’s most recent earnings as the context for the market response. In that quarter, Bed Bath & Beyond reported net revenue of roughly $361 million, up 28% year over year, marking the second consecutive quarter of revenue growth after a long stretch of declines.
Despite the top line improvement, the outlet notes the company posted a net loss of nearly $39.5 million, or negative 53 cents per share, and adjusted EBITDA of about negative $12 million. It also cited gross profit stabilizing around $97 million, and sales and marketing expenses declining by 160 basis points to approximately 11.9% of revenue.
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