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

Bowlero Corp. (NYSE:BOWL)’s share price gapped down prior to trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $17.00 to $16.00. The stock had previously closed at $12.49, but opened at $10.62. JPMorgan Chase & Co. currently has an overweight rating on the stock. Bowlero shares last traded at $10.20, with a volume of 1,813,220 shares traded.

A number of other equities analysts have also commented on the stock. Stifel Nicolaus cut their price objective on shares of Bowlero from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Tuesday, April 23rd. Oppenheimer upped their target price on Bowlero from $16.00 to $18.00 and gave the company an “outperform” rating in a research report on Wednesday, February 14th. Finally, Roth Mkm lifted their price target on shares of Bowlero from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $18.00.

Insider Transactions at Bowlero

In related news, Director Michelle D. Wilson sold 87,267 shares of the 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 completion of the transaction, the director now owns 1,040,204 shares in the company, valued at approximately $13,397,827.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 56.54% of the company’s stock.

Hedge Funds Weigh In On Bowlero

Several large investors have recently made changes to their positions in BOWL. Private Management Group Inc. bought a new position in shares of Bowlero during the 3rd quarter valued at about $12,217,000. Cadian Capital Management LP bought a new position in shares of Bowlero during the 3rd quarter valued at about $4,810,000. Kent Lake Capital LLC lifted its stake in Bowlero by 500.0% during the third quarter. Kent Lake Capital LLC now owns 600,000 shares of the company’s stock valued at $5,772,000 after buying an additional 500,000 shares in the last quarter. Kennedy Capital Management LLC lifted its stake in Bowlero by 283.8% during the third quarter. Kennedy Capital Management LLC now owns 482,083 shares of the company’s stock valued at $4,638,000 after buying an additional 356,485 shares in the last quarter. Finally, Primecap Management Co. CA purchased a new stake in Bowlero during the third quarter valued at about $3,145,000. Institutional investors own 68.11% of the company’s stock.

Bowlero Stock Down 10.4 %

The company has a quick ratio of 1.14, a current ratio of 1.22 and a debt-to-equity ratio of 46.80. The company has a market capitalization of $1.68 billion, a PE ratio of 62.19 and a beta of 0.57. The business’s 50 day simple moving average is $12.74 and its 200 day simple moving average is $12.15.

Bowlero (NYSE:BOWL) last posted its quarterly earnings results 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 company had revenue of $305.67 million during the quarter, compared to analysts’ expectations of $300.46 million. Bowlero had a return on equity of 98.75% and a net margin of 6.33%. As a group, analysts forecast that Bowlero Corp. will post 0.15 EPS for the current year.

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. It operates bowling centers in the United States, Mexico, and Canada.