Palantir Gets New Price Target After Cleveland-Cliffs Announcement

Bed Bath & Beyond (BBBY) released the firm's first quarter financial results on Monday evening.

For the three-month period, the firm posted a GAAP EPS of -$0.24 on revenue of $247.755 million. These top- and bottom-line results both beat Wall Street while that sales print was good for year-over-year growth of 7%. Net income/loss came to -$16.398 million, up from the year-ago comp of -$39.912 million while the firm's operating income/loss amounted to -$18.207 million, up from -$23.211 million.

Moving on to the fundamentals, operating cash flow for the first three months of the year improve form -$50.921 million to -$11.796 million. The firm has short-term debt on the balance sheet of $15.5 million versus a cash position of $162.502 million. The firm has absolutely no long-term debt. The current ratio stands at 1.03 (headline) or 1.26 (ex-unearned revenue). Both of those numbers pass muster, especially for a retailer.

I am not saying that Bed Bath & Beyond has turned it all around. The firm is still losing money, but the fundamentals are improving significantly.

That said, CEO Marcus Lemonis did write:

"Over the last two years, we have fundamentally rebuilt this business. This was not an effort to stabilize short-term performance. It was a deliberate reset of how we operate, with the goal of creating a model that can grow consistently on a lower and more durable cost structure. This required difficult decisions. We simplified the organization, removed layers, consolidated operations, and materially reduced our cost base across headcount, legacy technology, and customer acquisition. Those decisions were not always immediately visible in the numbers, and in some cases, they created short-term pressure. They were necessary because without resetting the foundation, there was no path to building a business that is both profitable and durable. What we are beginning to see now is that foundation showing up in the results."

News Tuesday

$10K Portfolio stocks in the news so far on Tuesday morning:

Mobileye (MBLY)

On Monday, analyst Andrew Perocco of Morgan Stanley reiterated his firm's "equal weight" rating on (MBLY) after being assigned coverage. Perocco did reduce the firm's target price from $12 to $10. He is rated at five stars out of five at TipRanks. Over the past two years, his picks have had a 58% success rate producing an average return of 60.3%.

Palantir Technologies (PLTR)

On Tuesday morning, Cleveland-Cliffs (CLF) announced that the firm had entered into a strategic partnership with Palantir (PLTR) to deploy advanced AI-driven solutions across the company. This three-year agreement puts Palantir's AI technology at the center of Cleveland-Cliffs' key internal processes.

Also on Tuesday morning, analyst Tyler Radke of Citigroup reiterated his "buy" rating on PLTR while reducing his target price from $260 to $210. Radke is rated at three stars out of five at TipRanks. Over the past two years, his picks have had a 45% success rate producing an average return of 1.6%.

Upcoming Portfolio Earnings

-SoFi Technologies (SOFI) ahead of the opening bell, Wednesday, April 29.

-Palantir Technologies after the closing bell, Monday, May 4 (Star Wars Day).

-Ocular Therapeutix (OCUL) ahead of the opening bell, Friday, May 8.

Monday's Intention vs Monday's Actual Trade

Intention: Sell 40 shares of (INFQ) at or close to the last sale of $12.85 to close the position.

Actual Trade: Sold 40 shares of INFQ at $12.85. Last sale: $12.37.

Tuesday's Intention

We're going to initiate (BBBY) to the portfolio on Tuesday. The stock spiked after the better-than-expected numbers, trading as high as $7.70 on Tuesday morning. That was up 44% from Monday night's close. The stock is now trading down on the day. Hence, we strike:

Intention: Purchase 100 shares of BBBY at or close to the last sale.

Current Positions

Long 50 shares of (EVLV) at $6.0898. Last sale: $6.77.

Long 25 shares of MBLY at $8.92. Last sale: $9.00.

Long 150 shares of OCUL at $8.305. Last sale: $9.36.

Short one OCUL $12 June 19 call at $0.65, Last sale: $0.75.

Long 125 shares of (ONDS) at $9.4749. Last sale: $10.55.

Short one ONDS $13 June 19 call at $0.84. Last sale: $0.87.

Long 10 shares of (PL) at $37.18. Last sale: $34.37.

Long 10 shares of PLTR at $141.29. Last sale: $141.10.

Long 10 shares of (RKLB) at $65.173. Last sale: $78.91.

Long 125 shares of (SIDU) at $2.725. Last sale: $3.16.

Long 100 shares of (SNAP) at $5.9034. Last sale: $5.97.

Short one SNAP $7 June 19 call at $0.45, Last sale: $0.38.

Long 150 shares of SOFI at $15.9875. Last sale: $18.45.

Long 40 shares of (VELO) at $10.93. Last sale: $13.60.

Cash: $1,189.53

Portfolio Value: $11,140.88, +11.4% from inception on March 24.

At the time of publication, Guilfoyle was long EVLV, MBLY, OCUL, ONDS, PL, PLTR, RKLB, SIDU, SNAP, SOFI and VELO.