Krispy Kreme (NASDAQ:DNUT – Free Report) had its price objective lowered by Bank of America from $7.00 to $6.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.
Several other analysts have also recently weighed in on the stock. Citigroup lowered their price objective on shares of Krispy Kreme from $4.75 to $3.60 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Morgan Stanley lowered their price objective on shares of Krispy Kreme from $3.00 to $2.50 and set an “overweight” rating on the stock in a research report on Monday, July 14th. JPMorgan Chase & Co. restated a “neutral” rating on shares of Krispy Kreme in a research report on Wednesday, May 14th. Finally, Truist Financial cut shares of Krispy Kreme from a “buy” rating to a “hold” rating in a research report on Thursday, May 8th. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $8.89.
Check Out Our Latest Analysis on Krispy Kreme
Krispy Kreme Stock Performance
Krispy Kreme (NASDAQ:DNUT – Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). Krispy Kreme had a negative net margin of 1.36% and a negative return on equity of 2.13%. The business had revenue of $375.18 million for the quarter, compared to analysts’ expectations of $383.97 million. During the same period in the prior year, the company posted $0.07 EPS. The business’s revenue for the quarter was down 15.2% compared to the same quarter last year. Analysts predict that Krispy Kreme will post 0.07 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, major shareholder Indulgence B.V. Jab sold 694,445 shares of Krispy Kreme stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $4.32, for a total value of $3,000,002.40. Following the transaction, the insider owned 74,190,990 shares in the company, valued at $320,505,076.80. This trade represents a 0.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.00% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Krispy Kreme
A number of large investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Krispy Kreme by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,683 shares of the company’s stock worth $483,000 after purchasing an additional 1,707 shares during the period. Swiss National Bank raised its position in Krispy Kreme by 1.3% in the 4th quarter. Swiss National Bank now owns 166,800 shares of the company’s stock worth $1,656,000 after purchasing an additional 2,100 shares during the period. Spartan Fund Management Inc. raised its position in Krispy Kreme by 150.0% in the 4th quarter. Spartan Fund Management Inc. now owns 5,000 shares of the company’s stock worth $50,000 after purchasing an additional 3,000 shares during the period. Rhumbline Advisers raised its position in Krispy Kreme by 3.2% in the 1st quarter. Rhumbline Advisers now owns 122,856 shares of the company’s stock worth $604,000 after purchasing an additional 3,773 shares during the period. Finally, Quinn Opportunity Partners LLC raised its position in Krispy Kreme by 10.9% in the 4th quarter. Quinn Opportunity Partners LLC now owns 50,754 shares of the company’s stock worth $504,000 after purchasing an additional 5,000 shares during the period. Hedge funds and other institutional investors own 81.72% of the company’s stock.
About Krispy Kreme
Krispy Kreme, Inc, together with its subsidiaries, produces doughnuts in the United States, the United Kingdom, Ireland, Australia, New Zealand, Mexico, Canada, Japan, and internationally. The company operates through three segments: U.S., International, and Market Development. The company offers doughnut experiences through hot light theater and fresh shops, delivered fresh daily branded cabinets and merchandising units within grocery and convenience stores, quick service restaurants, club memberships, drug stores, and ecommerce, as well as through its branded sweet treat line comprising Krispy Kreme branded sweet treats.
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