BBY saw its price rise by 15% in the first quarter of 2021.
What is Best Buy stock?
Best Buy (BBY) is a multinational consumer electronics retailer based in the US and strong demand for its products saw Best Buy demolish Wall Street’s targets for the first fiscal quarter yesterday.
Following a year-over-year increase in earnings of 233%, Best Buy stock saw a trading volume of 7.7M yesterday as traders line up to buy Best Buy shares.
To put this into perspective, Best Buy stock price has risen by 18.4% since the start of the year.
Best Buy’s performance was helped by government stimulus programmes as well as more demand from consumers. Same-store sales for the retailer grew 37.2% in Q1, demolishing estimates of 17.1%.
Where can I buy Best Buy shares?
By signing up to eToro, traders can buy, sell and trade BBY using the platform’s plethora of trading resources and make use of the copy trading platform to follow other BBY traders. eToro also offers lots of other stocks, shares and a range of cryptocurrencies – so it’s well worth signing up if you’re thinking about starting your trading journey and are looking for a place to start.
How is Best Buy different from Apple?
Both Best Buy and Apple are US-based multinational consumer electronics retailers. Although Apple has a far larger market cap, Best Buy is the largest specialty retailer in the US consumer electronics retail industry and was voted the most sustainable company in the US by Barron’s in 2019.
— Trading Nation (@TradingNation) May 27, 2021
While Apple saw its share price fall by 7.9% during Q1, the price of Best Buy stock rose 15% in the same period. Best Buy expects comparable sales growth for the current quarter of about 17%.