Bowlero (NYSE:BOWL) Trading Down 3.7% – Time to Sell?

Bowlero Corp. (NYSE:BOWL) dropped 3.7% during mid-day trading on Tuesday . The stock traded as low as $11.36 and last traded at $11.36. Approximately 41,994 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 810,039 shares. The stock had previously closed at $11.80.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. cut their price target on Bowlero from $16.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. B. Riley reissued a “buy” rating and set a $17.00 target price on shares of Bowlero in a research note on Tuesday, September 3rd. Royal Bank of Canada raised shares of Bowlero to a “moderate buy” rating in a research note on Thursday, October 3rd. Piper Sandler assumed coverage on shares of Bowlero in a research note on Monday, October 28th. They set a “neutral” rating and a $12.00 target price on the stock. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $18.00 target price on shares of Bowlero in a research note on Monday, September 30th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $15.88.

Bowlero Trading Up 1.0 %

The business’s 50 day moving average price is $11.60 and its 200-day moving average price is $12.16.

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

Bowlero Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend is Friday, November 22nd. Bowlero’s dividend payout ratio is currently -36.06%.

Hedge Funds Weigh In On Bowlero

A number of large investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its position in shares of Bowlero by 7.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 14,953 shares of the company’s stock worth $205,000 after acquiring an additional 978 shares in the last quarter. Barclays PLC increased its position in shares of Bowlero by 22.6% in the third quarter. Barclays PLC now owns 7,807 shares of the company’s stock worth $91,000 after acquiring an additional 1,439 shares in the last quarter. Stifel Financial Corp increased its position in shares of Bowlero by 3.7% in the third quarter. Stifel Financial Corp now owns 74,969 shares of the company’s stock worth $880,000 after acquiring an additional 2,664 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Bowlero by 13.1% in the third quarter. Victory Capital Management Inc. now owns 33,099 shares of the company’s stock worth $389,000 after acquiring an additional 3,835 shares in the last quarter. Finally, Bessemer Group Inc. increased its position in shares of Bowlero by 12.3% in the first quarter. Bessemer Group Inc. now owns 37,200 shares of the company’s stock worth $509,000 after acquiring an additional 4,070 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

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.