Verition Fund Management LLC Sells 146,618 Shares of Bowlero Corp. (NYSE:BOWL)

Verition Fund Management LLC decreased its holdings in shares of Bowlero Corp. (NYSE:BOWL - Free Report) by 89.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,613 shares of the company's stock after selling 146,618 shares during the quarter. Verition Fund Management LLC's holdings in Bowlero were worth $195,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Summit Securities Group LLC bought a new position in shares of Bowlero in the second quarter valued at $392,000. XTX Topco Ltd acquired a new stake in Bowlero in the second quarter valued at $411,000. Victory Capital Management Inc. grew its position in shares of Bowlero by 63.3% in the 2nd quarter. Victory Capital Management Inc. now owns 29,264 shares of the company's stock valued at $424,000 after acquiring an additional 11,341 shares during the period. Quest Partners LLC increased its stake in shares of Bowlero by 3,311,100.0% during the 3rd quarter. Quest Partners LLC now owns 33,112 shares of the company's stock worth $389,000 after purchasing an additional 33,111 shares during the last quarter. Finally, Squarepoint Ops LLC raised its holdings in shares of Bowlero by 201.2% in the 2nd quarter. Squarepoint Ops LLC now owns 82,803 shares of the company's stock valued at $1,200,000 after purchasing an additional 164,603 shares during the period. Institutional investors own 68.11% of the company's stock.

Bowlero Price Performance

NYSE:BOWL traded up $0.23 during trading hours on Tuesday, reaching $10.75. 830,693 shares of the company were exchanged, compared to its average volume of 796,863. The company has a market capitalization of $1.58 billion, a P/E ratio of -17.62 and a beta of 0.70. The business has a 50 day moving average of $11.67 and a 200 day moving average of $12.16. Bowlero Corp. has a 1-year low of $9.70 and a 1-year high of $15.47.

Bowlero (NYSE:BOWL - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.13 EPS for the quarter, topping analysts' consensus estimates of ($0.17) by $0.30. The company had revenue of $260.20 million for the quarter, compared to analysts' expectations 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 quarter last year, the business earned ($0.10) earnings per share. As a group, equities research analysts anticipate that Bowlero Corp. will post 0.45 earnings per share for the current fiscal year.

Bowlero Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a dividend of $0.055 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $0.22 annualized dividend and a dividend yield of 2.05%. Bowlero's dividend payout ratio is -36.07%.

Analysts Set New Price Targets

Several research firms have issued reports on BOWL. Royal Bank of Canada upgraded Bowlero to a "moderate buy" rating in a research note on Thursday, October 3rd. B. Riley reaffirmed a "buy" rating and set a $17.00 price objective on shares of Bowlero in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. dropped their price objective on shares of Bowlero from $16.00 to $15.00 and set an "overweight" rating on the stock in a research report on Tuesday, November 5th. Truist Financial started coverage on shares of Bowlero in a report on Tuesday, December 10th. They set a "buy" rating and a $16.00 target price for the company. Finally, Piper Sandler initiated coverage on Bowlero in a report on Monday, October 28th. They set a "neutral" rating and a $12.00 price objective for the company. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Bowlero presently has a consensus rating of "Moderate Buy" and an average price target of $15.89.

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.