Bowlero (NYSE:BOWL) Stock Price Down 5.7% - Here's What Happened

Shares of Bowlero Corp. (NYSE:BOWL - Get Free Report) traded down 5.7% on Monday . The company traded as low as $11.91 and last traded at $11.93. 113,133 shares changed hands during trading, a decline of 86% from the average session volume of 818,510 shares. The stock had previously closed at $12.65.

Analyst Upgrades and Downgrades

A number of research firms have commented on BOWL. Canaccord Genuity Group reissued a "buy" rating and issued a $18.00 target price on shares of Bowlero in a report on Monday, September 30th. Royal Bank of Canada upgraded shares of Bowlero to a "moderate buy" rating in a report on Thursday, October 3rd. Finally, B. Riley reissued a "buy" rating and set a $17.00 price objective on shares of Bowlero in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $16.57.

Bowlero Trading Down 5.1 %

The stock's 50 day moving average is $11.52 and its 200 day moving average is $12.27. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of 22.66 and a beta of 0.60.

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

Bowlero Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 23rd were issued a $0.055 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $0.22 dividend on an annualized basis and a dividend yield of 1.83%. Bowlero's dividend payout ratio (DPR) is 41.51%.

Institutional Trading of Bowlero

Large investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. acquired a new stake in shares of Bowlero during the 1st quarter worth about $1,636,000. Boston Partners boosted its position in Bowlero by 6.0% during the first quarter. Boston Partners now owns 3,646,113 shares of the company's stock worth $49,004,000 after acquiring an additional 205,902 shares during the last quarter. Champlain Investment Partners LLC grew its stake in Bowlero by 10.8% in the 1st quarter. Champlain Investment Partners LLC now owns 2,817,305 shares of the company's stock worth $38,597,000 after acquiring an additional 275,525 shares during the period. Lisanti Capital Growth LLC acquired a new position in Bowlero in the 2nd quarter valued at $2,648,000. Finally, Marshall Wace LLP lifted its stake in shares of Bowlero by 101.5% during the 2nd quarter. Marshall Wace LLP now owns 363,784 shares of the company's stock worth $5,271,000 after purchasing an additional 183,252 shares during the period. Institutional investors and hedge funds 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.