Bowlero (NYSE:BOWL) Shares Up 4.2% - Still a Buy?

Bowlero Corp. (NYSE:BOWL - Get Free Report)'s share price shot up 4.2% during mid-day trading on Thursday . The stock traded as high as $12.54 and last traded at $12.53. 53,258 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 823,313 shares. The stock had previously closed at $12.03.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BOWL. B. Riley restated a "buy" rating and issued a $17.00 target price on shares of Bowlero in a report on Tuesday, September 3rd. Canaccord Genuity Group restated a "buy" rating and issued a $18.00 target price on shares of Bowlero in a report on Monday, September 30th. Finally, Royal Bank of Canada upgraded shares of Bowlero to a "moderate buy" rating in a report on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Bowlero has an average rating of "Moderate Buy" and a consensus price target of $16.57.

Bowlero Stock Performance

The company has a market cap of $1.87 billion, a PE ratio of 23.68 and a beta of 0.60. The stock's 50-day simple moving average is $11.48 and its 200 day simple moving average is $12.31.

Bowlero (NYSE:BOWL - Get Free Report) last announced its quarterly earnings data on Thursday, September 5th. The company reported ($0.06) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.05). The firm had revenue of $283.87 million for the quarter, compared to analysts' expectations of $273.33 million. Bowlero had a negative return on equity of 5.36% and a negative net margin of 7.24%. On average, sell-side analysts predict that Bowlero Corp. will post 0.29 EPS for the current fiscal year.

Bowlero Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 23rd were given a dividend of $0.055 per share. The ex-dividend date was Friday, August 23rd. This represents a $0.22 dividend on an annualized basis and a yield of 1.75%. Bowlero's payout ratio is currently 41.51%.

Hedge Funds Weigh In On Bowlero

Large investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. increased its holdings in shares of Bowlero by 47.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 7,800 shares of the company's stock valued at $110,000 after purchasing an additional 2,500 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Bowlero by 7.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,953 shares of the company's stock valued at $205,000 after purchasing an additional 978 shares in the last quarter. Diversified Trust Co grew its stake in Bowlero by 39.4% in the 1st quarter. Diversified Trust Co now owns 23,700 shares of the company's stock valued at $325,000 after acquiring an additional 6,700 shares during the last quarter. Summit Securities Group LLC acquired a new stake in Bowlero in the 2nd quarter valued at about $392,000. Finally, XTX Topco Ltd acquired a new stake in Bowlero in the 2nd quarter valued at about $411,000. Hedge funds and other institutional investors own 68.11% of the company's stock.

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.