Bowlero (NYSE:BOWL) Trading Down 2.3% Following Analyst Downgrade

Bowlero Corp. (NYSE:BOWL)’s stock price fell 2.3% during trading on Tuesday after Canaccord Genuity Group lowered their price target on the stock from $22.00 to $20.00. Canaccord Genuity Group currently has a buy rating on the stock. Bowlero traded as low as $10.36 and last traded at $10.39. 365,479 shares were traded during mid-day trading, a decline of 77% from the average session volume of 1,562,545 shares. The stock had previously closed at $10.63.

BOWL has been the topic of a number of other research reports. Stifel Nicolaus decreased their price target on shares of Bowlero from $25.00 to $23.00 and set a “buy” rating on the stock in a report on Tuesday. TheStreet lowered shares of Bowlero from a “c-” rating to a “d+” rating in a report on Thursday, May 18th. B. Riley reaffirmed a “buy” rating and set a $18.00 target price on shares of Bowlero in a report on Tuesday. Finally, Oppenheimer reduced their target price on shares of Bowlero from $19.00 to $16.00 and set an “outperform” rating on the stock in a report on Thursday, August 24th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $19.57.

Insider Buying and Selling at Bowlero

In other news, CFO Robert M. Lavan purchased 10,000 shares of the company’s stock in a transaction on Tuesday, September 12th. The stock was acquired at an average price of $9.95 per share, with a total value of $99,500.00. Following the transaction, the chief financial officer now directly owns 27,162 shares of the company’s stock, valued at approximately $270,261.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 53.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Bowlero

Institutional investors and hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC lifted its position in shares of Bowlero by 233.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,424 shares of the company’s stock worth $28,000 after purchasing an additional 1,696 shares during the period. US Bancorp DE purchased a new stake in shares of Bowlero in the 1st quarter worth about $35,000. Parkside Financial Bank & Trust lifted its position in shares of Bowlero by 159.2% in the 2nd quarter. Parkside Financial Bank & Trust now owns 3,173 shares of the company’s stock worth $37,000 after purchasing an additional 1,949 shares during the period. Advisor Group Holdings Inc. lifted its position in shares of Bowlero by 122.9% in the 4th quarter. Advisor Group Holdings Inc. now owns 5,350 shares of the company’s stock worth $72,000 after purchasing an additional 2,950 shares during the period. Finally, Quantbot Technologies LP purchased a new stake in shares of Bowlero in the 2nd quarter worth about $72,000.

Bowlero Stock Performance

The company has a debt-to-equity ratio of 14.60, a quick ratio of 1.29 and a current ratio of 1.37. The company’s 50-day moving average price is $11.26 and its 200 day moving average price is $13.04. The stock has a market capitalization of $1.82 billion, a PE ratio of -23.83 and a beta of 0.23.

Bowlero Company Profile

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.