Truist Financial Initiates Coverage on Bowlero (NYSE:BOWL)

Investment analysts at Truist Financial assumed coverage on shares of Bowlero (NYSE:BOWL) in a note issued to investors on Tuesday, MarketBeat Ratings reports. The firm set a “buy” rating and a $16.00 price target on the stock. Truist Financial’s price target would suggest a potential upside of 36.75% from the stock’s previous close.

A number of other analysts have also weighed in on the company. B. Riley reaffirmed a “buy” rating and set a $17.00 price objective on shares of Bowlero in a research report on Tuesday, September 3rd. Royal Bank of Canada upgraded Bowlero to a “moderate buy” rating in a report on Thursday, October 3rd. JPMorgan Chase & Co. reduced their price objective on shares of Bowlero from $16.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Piper Sandler initiated coverage on Bowlero in a research report on Monday, October 28th. They set a “neutral” rating and a $12.00 price objective for the company. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $18.00 price objective on shares of Bowlero in a report on Monday, September 30th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $15.89.

Bowlero Trading Down 3.5 %

Shares of NYSE:BOWL opened at $11.70 on Tuesday. The business has a 50-day moving average price of $11.72 and a 200 day moving average price of $12.19. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of -19.18 and a beta of 0.69. Bowlero has a 12-month low of $9.70 and a 12-month high of $15.47.

Bowlero (NYSE:BOWL) last posted its earnings results on Monday, November 4th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.30. The firm had revenue of $260.20 million for the quarter, compared to analyst estimates of $249.42 million. Bowlero had a negative return on equity of 31.58% and a negative net margin of 6.63%. During the same quarter in the prior year, the company earned ($0.10) EPS. As a group, equities research analysts predict that Bowlero will post 0.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bowlero

Several hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its holdings in Bowlero by 7.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,953 shares of the company’s stock worth $205,000 after purchasing an additional 978 shares in the last quarter. Schwartz Investment Counsel Inc. raised its stake in shares of Bowlero by 5.2% during the 2nd quarter. Schwartz Investment Counsel Inc. now owns 94,400 shares of the company’s stock worth $1,368,000 after buying an additional 4,700 shares in the last quarter. Summit Securities Group LLC purchased a new position in shares of Bowlero during the 2nd quarter worth approximately $392,000. Lisanti Capital Growth LLC acquired a new stake in shares of Bowlero in the 2nd quarter valued at approximately $2,648,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Bowlero by 63.3% in the second quarter. Victory Capital Management Inc. now owns 29,264 shares of the company’s stock valued at $424,000 after buying an additional 11,341 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

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.