Best Buy Slides as Recent Rally Loses Steam

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 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 Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative 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 Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative 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 Quiver Quantitative's congressional trading dashboard. You can access data on congressional stock trades through the Quiver Quantitative 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 Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.