Best Buy May Have Bottomed

The bottom could be in for Best Buy (NYSE: BBY). This stock has been slammed over the last year, losing more than 24% in an epic bull market. In just the last month, BBY has lost more than 15%. The shares are trading at a very cheap valuation. The stock trades at just 8.69 times trailing earnings, 7.24 times forward earnings and a PEG ratio of 0.80.

Best Buy is positive on Tuesday, however, in a very bad tape, and has reversed to the upside after hitting a new 52-week low earlier in the session. Volume has been heavy, with more than 7.1 million BBY shares already trading hands on the day. This could be a name to watch in the coming days.