Bowlero (NYSE:BOWL) Shares Gap Up to $10.79

Shares of Bowlero Corp. (NYSE:BOWL - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $10.79, but opened at $12.23. Bowlero shares last traded at $12.38, with a volume of 531,169 shares.

Wall Street Analysts Forecast Growth

Separately, B. Riley reiterated a "buy" rating and set a $17.00 target price on shares of Bowlero in a research report on Tuesday. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $16.57.

Bowlero Price Performance

The firm has a market capitalization of $1.71 billion, a P/E ratio of 21.70 and a beta of 0.59. The stock's 50 day moving average is $12.36 and its two-hundred day moving average is $12.59.

Bowlero Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Friday, August 23rd will be paid a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend is Friday, August 23rd. Bowlero's dividend payout ratio (DPR) is 41.51%.

Insider Buying and Selling

In related news, Director Michelle D. Wilson sold 65,829 shares of the business's stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $12.90, for a total transaction of $849,194.10. Following the completion of the sale, the director now directly owns 848,471 shares of the company's stock, valued at $10,945,275.90. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Bowlero news, Director Michelle D. Wilson sold 65,829 shares of the company's stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $12.90, for a total value of $849,194.10. Following the completion of the sale, the director now owns 848,471 shares of the company's stock, valued at $10,945,275.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michelle D. Wilson sold 39,309 shares of the company's stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $13.98, for a total transaction of $549,539.82. Following the completion of the sale, the director now directly owns 958,162 shares of the company's stock, valued at approximately $13,395,104.76. The disclosure for this sale can be found here. 56.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bowlero

Several large investors have recently made changes to their positions in BOWL. Boston Partners increased its position in shares of Bowlero by 7.4% during the fourth quarter. Boston Partners now owns 3,440,211 shares of the company's stock worth $47,632,000 after acquiring an additional 236,060 shares in the last quarter. Boulder Hill Capital Management LP bought a new stake in shares of Bowlero during the fourth quarter worth $607,000. Bullseye Asset Management LLC increased its position in shares of Bowlero by 39.2% during the fourth quarter. Bullseye Asset Management LLC now owns 159,940 shares of the company's stock worth $2,265,000 after acquiring an additional 45,000 shares in the last quarter. GLOBALT Investments LLC GA bought a new stake in shares of Bowlero during the fourth quarter worth $625,000. Finally, PNC Financial Services Group Inc. increased its position in shares of Bowlero by 47.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 7,800 shares of the company's stock worth $110,000 after acquiring an additional 2,500 shares in the last quarter. 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.