State Street Corp Buys 86,083 Shares of Bowlero Corp. (NYSE:BOWL)

State Street Corp increased its holdings in shares of Bowlero Corp. (NYSE:BOWL - Free Report) by 43.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 285,534 shares of the company's stock after purchasing an additional 86,083 shares during the quarter. State Street Corp owned approximately 0.19% of Bowlero worth $3,352,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Private Management Group Inc. lifted its position in shares of Bowlero by 2.5% in the second quarter. Private Management Group Inc. now owns 1,290,388 shares of the company's stock worth $18,698,000 after buying an additional 32,076 shares in the last quarter. Systematic Financial Management LP raised its holdings in shares of Bowlero by 24.0% during the 3rd quarter. Systematic Financial Management LP now owns 838,090 shares of the company's stock worth $9,839,000 after acquiring an additional 161,951 shares in the last quarter. Portolan Capital Management LLC bought a new position in shares of Bowlero during the 3rd quarter valued at approximately $8,281,000. Marshall Wace LLP grew its holdings in shares of Bowlero by 101.5% in the second quarter. Marshall Wace LLP now owns 363,784 shares of the company's stock valued at $5,271,000 after purchasing an additional 183,252 shares in the last quarter. Finally, King Luther Capital Management Corp increased its position in Bowlero by 51.0% in the third quarter. King Luther Capital Management Corp now owns 356,105 shares of the company's stock worth $4,181,000 after purchasing an additional 120,215 shares during the last quarter. Institutional investors own 68.11% of the company's stock.

Analyst Upgrades and Downgrades

BOWL has been the topic of a number of research reports. Truist Financial initiated coverage on shares of Bowlero in a report on Tuesday, December 10th. They issued a "buy" rating and a $16.00 target price on the stock. JPMorgan Chase & Co. decreased their price objective 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 reiterated 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 set a $18.00 price target on shares of Bowlero in a report on Monday, September 30th. Finally, Piper Sandler started coverage on shares of Bowlero in a research report on Monday, October 28th. They set a "neutral" rating and a $12.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $15.89.

Bowlero Price Performance

BOWL stock traded down $0.48 during mid-day trading on Tuesday, reaching $10.30. The company had a trading volume of 471,664 shares, compared to its average volume of 796,863. The firm has a 50 day moving average of $11.37 and a 200 day moving average of $11.97. Bowlero Corp. has a 12 month low of $9.70 and a 12 month high of $15.47. The company has a market capitalization of $1.51 billion, a PE ratio of -16.88 and a beta of 0.70.

Bowlero (NYSE:BOWL - Get Free Report) last issued its earnings results on Monday, November 4th. The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of ($0.17) by $0.30. The business had revenue of $260.20 million during the quarter, compared to analyst estimates of $249.42 million. Bowlero had a negative return on equity of 31.58% and a negative net margin of 6.63%. During the same period in the previous year, the company posted ($0.10) EPS. Analysts anticipate that Bowlero Corp. will post 0.45 EPS for the current year.

Bowlero Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a dividend of $0.055 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $0.22 dividend on an annualized basis and a dividend yield of 2.14%. Bowlero's dividend payout ratio is presently -36.07%.

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.