Bowlero (NYSE:BOWL) Sees Large Volume Increase on Insider Buying Activity

Shares of Bowlero Corp. (NYSE:BOWL – Get Rating) saw unusually-strong trading volume on Friday after an insider bought additional shares in the company. Approximately 1,153,747 shares traded hands during mid-day trading, a decline of 19% from the previous session’s volume of 1,416,088 shares.The stock last traded at $11.39 and had previously closed at $11.71.

Specifically, CFO Brett I. Parker sold 2,390 shares of Bowlero stock in a transaction on Tuesday, February 28th. The shares were sold at an average price of $16.00, for a total value of $38,240.00. Following the transaction, the chief financial officer now directly owns 2,047,799 shares of the company’s stock, valued at approximately $32,764,784. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Robert M. Lavan acquired 8,595 shares of the company’s stock in a transaction on Friday, May 19th. The shares were bought at an average cost of $11.47 per share, with a total value of $98,584.65. Following the purchase, the chief financial officer now owns 8,595 shares of the company’s stock, valued at approximately $98,584.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brett I. Parker sold 2,390 shares of the business’s stock in a transaction on Tuesday, February 28th. The shares were sold at an average price of $16.00, for a total transaction of $38,240.00. Following the completion of the transaction, the chief financial officer now directly owns 2,047,799 shares in the company, valued at $32,764,784. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,200,627 shares of company stock worth $78,451,248. 53.65% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Bowlero in a research note on Wednesday, April 19th. They set a “buy” rating and a $23.00 price target on the stock. Craig Hallum initiated coverage on shares of Bowlero in a research report on Friday, February 24th. They issued a “buy” rating on the stock. TheStreet lowered shares of Bowlero from a “c-” rating to a “d+” rating in a report on Thursday. Roth Capital restated a “buy” rating on shares of Bowlero in a report on Monday, February 6th. Finally, Canaccord Genuity Group assumed coverage on shares of Bowlero in a research note on Wednesday, March 8th. They set a “buy” rating and a $22.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $20.75.

Bowlero Stock Down 1.8 %

The company has a 50 day moving average of $14.88 and a 200-day moving average of $14.32. The stock has a market capitalization of $1.90 billion, a P/E ratio of -27.38 and a beta of 0.20.

Bowlero (NYSE:BOWL – Get Rating) last posted its earnings results on Wednesday, May 17th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). The company had revenue of $315.73 million during the quarter, compared to the consensus estimate of $302.34 million. Bowlero had a negative net margin of 5.26% and a negative return on equity of 271.63%. During the same quarter in the previous year, the business posted $0.30 earnings per share. Equities analysts forecast that Bowlero Corp. will post 0.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Bowlero

A number of hedge funds have recently added to or reduced their stakes in BOWL. US Bancorp DE acquired a new position in shares of Bowlero during the first quarter valued at $35,000. Point72 Hong Kong Ltd acquired a new position in Bowlero during the third quarter worth about $37,000. Tower Research Capital LLC TRC boosted its position in shares of Bowlero by 42.6% in the 3rd quarter. Tower Research Capital LLC TRC now owns 3,049 shares of the company’s stock valued at $38,000 after purchasing an additional 911 shares during the period. Neo Ivy Capital Management acquired a new position in shares of Bowlero in the 3rd quarter valued at $44,000. Finally, Spire Wealth Management acquired a new position in shares of Bowlero in the 4th quarter valued at $57,000. 64.88% of the stock is currently owned by institutional investors.

About Bowlero

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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. As of July 3, 2022, it operated approximately 317 centers in the United States, Mexico, and Canada.