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 %
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.
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.
- Get a free copy of the StockNews.com research report on Bowlero (BOWL)
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