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Best Buy Slides as Recent Rally Loses Steam

Investivoq PriceTracker

Best Buy (BBY) is down 4.0% today. Here is some analysis on what might have caused this price movement.

Analysis: A clear company-specific catalyst for Wednesday’s drop is not obvious, so this looks most likely to be a valuation-driven pullback after the stock recently pushed to a 52-week high. This could be because investors are locking in gains after a recent analyst downgrade to Neutral and after the market absorbed the benefit of Best Buy’s tariff refunds disclosed earlier this month. ([investing.com](https://www.investing.com/news/company-news/best-buy-stock-hits-52week-high-at-9592-usd-93CH-4913227?utm_source=openai))

Details:

  • Shares were trading around $90.32 late Wednesday, down about 4.75% from the prior close after opening above $95, pointing to a sharp intraday reversal.
  • Best Buy disclosed in its latest 10-Q that it received $34 million of tariff refunds in the second quarter and an additional $41 million refund on September 2 to be recorded in the third quarter. ([sec.gov](https://www.sec.gov/Archives/edgar/data/764478/000076447826000042/bby-20260801.htm?utm_source=openai))
  • The company’s Q2 FY27 release showed that tariff refunds materially boosted earnings and gross margin, which may have reduced the chance of another near-term positive surprise. ([corporate.bestbuy.com](https://corporate.bestbuy.com/2026/best-buy-reports-q2-fy27-results/?utm_source=openai))
  • An analyst downgrade on September 8 cited a less favorable risk-reward balance after the stock’s recovery, reinforcing the idea that the move may be tied more to valuation than to fresh operating news. ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/best-buy-shares-fall-da-105647798.html?utm_source=openai))

    • Sources:

    SEC, Best Buy, Yahoo Finance, Investing.com ([sec.gov](https://www.sec.gov/Archives/edgar/data/764478/000076447826000042/bby-20260801.htm?utm_source=openai))

    Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

    $BBY Insider Trading Activity

    BBY Insider Trades

    $BBY insiders have traded $BBY stock on the open market 18 times in the past 6 months. Of those trades, 0 have been purchases and 18 have been sales.

    Here’s a breakdown of recent trading of $BBY stock by insiders over the last 6 months:

    • RICHARD M SCHULZE has made 0 purchases and 17 sales selling 2,200,350 shares for an estimated $178,898,878.
    • MATHEW WATSON (SVP, Controller & CAO) sold 1,784 shares for an estimated $131,659

    To track insider transactions, check out Investivoq's insider trading dashboard. You can access data on insider stock transactions through the Investivoq API insider transaction endpoint.

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    $BBY Hedge Fund Activity

    We have seen 457 institutional investors add shares of $BBY stock to their portfolio, and 538 decrease their positions in their most recent quarter.

    Here are some of the largest recent moves:

    • SIXTH STREET PARTNERS MANAGEMENT COMPANY, L.P. added 6,873,191 shares (+inf%) to their portfolio in Q2 2026, for an estimated $521,537,733
    • JPMORGAN CHASE & CO added 4,835,542 shares (+inf%) to their portfolio in Q2 2026, for an estimated $366,920,926
    • RAYMOND JAMES FINANCIAL INC removed 3,170,922 shares (-75.2%) from their portfolio in Q2 2026, for an estimated $240,609,561
    • AQR CAPITAL MANAGEMENT LLC removed 2,340,539 shares (-38.1%) from their portfolio in Q2 2026, for an estimated $177,600,099
    • JANE STREET GROUP, LLC added 2,065,725 shares (+1540.8%) to their portfolio in Q2 2026, for an estimated $156,747,213
    • WORLDQUANT MILLENNIUM ADVISORS LLC removed 1,600,946 shares (-99.8%) from their portfolio in Q2 2026, for an estimated $121,479,782
    • POINT72 ASSET MANAGEMENT, L.P. added 1,206,058 shares (+inf%) to their portfolio in Q2 2026, for an estimated $91,515,681

    To track hedge funds' stock portfolios, check out Investivoq's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Investivoq API 13F endpoint.

    $BBY Congressional Stock Trading

    Members of Congress have traded $BBY stock 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.

    Here’s a breakdown of recent trading of $BBY stock by members of Congress over the last 6 months:

    • SENATOR ALAN ARMSTRONG purchased up to $15,000 on 03/27.

    To track congressional stock trading, check out Investivoq's congressional trading dashboard. You can access data on congressional stock trades through the Investivoq API Congress trades endpoint.

    $BBY Price Targets

    Multiple analysts have issued price targets for $BBY recently. We have seen 11 analysts offer price targets for $BBY in the last 6 months, with a median target of $84.0.

    Here are some recent targets:

    • Michael Baker from DA Davidson set a target price of $90.0 on 06/22/2026
    • Simeon Gutman from Morgan Stanley set a target price of $80.0 on 05/29/2026
    • Matthew McCartney from Wedbush set a target price of $75.0 on 05/29/2026
    • Michael Lasser from UBS set a target price of $86.0 on 05/29/2026
    • Christopher Horvers from JP Morgan set a target price of $84.0 on 05/29/2026
    • Zachary Fadem from Wells Fargo set a target price of $65.0 on 05/29/2026
    • Steven Forbes from Guggenheim set a target price of $90.0 on 05/29/2026

    This article is not financial advice. See Investivoq's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.