Bowlero (NYSE:BOWL) Shares Gap Down Following Analyst Downgrade

Bowlero Corp. (NYSE:BOWL)’s share price gapped down before the market opened on Monday after B. Riley lowered their price target on the stock from $19.00 to $17.00. The stock had previously closed at $12.49, but opened at $10.62. B. Riley currently has a buy rating on the stock. Bowlero shares last traded at $10.20, with a volume of 1,813,220 shares traded.

Other equities research analysts have also recently issued research reports about the company. Canaccord Genuity Group decreased their target price on Bowlero from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Tuesday. Oppenheimer lowered their price objective on shares of Bowlero from $18.00 to $15.00 and set an “outperform” rating for the company in a research note on Tuesday. Stifel Nicolaus cut their target price on shares of Bowlero from $19.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. dropped their price objective on shares of Bowlero from $17.00 to $16.00 and set an “overweight” rating on the stock in a report on Friday, May 3rd. Finally, CJS Securities restated a “market perform” rating on shares of Bowlero in a research note on Tuesday. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $16.57.

Insider Transactions at Bowlero

In related news, Director Michelle D. Wilson sold 87,267 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $12.88, for a total value of $1,123,998.96. Following the transaction, the director now owns 1,040,204 shares of the company’s stock, valued at approximately $13,397,827.52. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 56.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bowlero

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Parkside Financial Bank & Trust raised its holdings in shares of Bowlero by 35.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 4,892 shares of the company’s stock valued at $69,000 after purchasing an additional 1,286 shares during the last quarter. PNC Financial Services Group Inc. purchased a new stake in Bowlero in the 3rd quarter valued at about $51,000. Tower Research Capital LLC TRC lifted its position in shares of Bowlero by 2,940.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 6,568 shares of the company’s stock worth $93,000 after buying an additional 6,352 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Bowlero by 23.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,692 shares of the company’s stock worth $93,000 after buying an additional 1,842 shares during the last quarter. Finally, Arizona State Retirement System grew its holdings in shares of Bowlero by 19.0% in the third quarter. Arizona State Retirement System now owns 12,833 shares of the company’s stock valued at $123,000 after acquiring an additional 2,046 shares in the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Bowlero Stock Up 0.8 %

The stock has a 50-day moving average of $12.72 and a 200 day moving average of $12.15. The company has a market capitalization of $1.69 billion, a PE ratio of 62.72 and a beta of 0.57. The company has a quick ratio of 1.14, a current ratio of 1.22 and a debt-to-equity ratio of 46.80.

Bowlero (NYSE:BOWL) last announced its quarterly earnings data on Monday, February 5th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.13). The business had revenue of $305.67 million during the quarter, compared to the consensus estimate of $300.46 million. Bowlero had a net margin of 6.33% and a return on equity of 98.75%. Sell-side analysts anticipate that Bowlero Corp. will post 0.15 EPS for the current year.

Bowlero Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 24th will be given a dividend of $0.055 per share. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $0.22 annualized dividend and a yield of 1.95%. Bowlero’s payout ratio is currently 122.22%.

About Bowlero

Bowlero Corp. operates bowling entertainment centers under the AMF, Bowlmor Lanes, and Bowlero brand names. The company also provides hosting and overseeing professional and non-professional bowling tournaments and related broadcasting. It operates bowling centers in the United States, Mexico, and Canada.