Bowlero (NYSE:BOWL) Sees Unusually-High Trading Volume – Here’s Why

Bowlero Corp. (NYSE:BOWL) shares saw strong trading volume on Thursday . 1,303,155 shares changed hands during mid-day trading, an increase of 61% from the previous session’s volume of 811,322 shares.The stock last traded at $11.55 and had previously closed at $11.47.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. B. Riley reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Bowlero in a research note on Tuesday, September 3rd. Royal Bank of Canada upgraded shares of Bowlero to a “moderate buy” rating in a research report on Thursday, October 3rd. Canaccord Genuity Group reiterated a “buy” rating and issued a $18.00 target price on shares of Bowlero in a research report on Monday, September 30th. JPMorgan Chase & Co. cut their target price on shares of Bowlero from $16.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Finally, Piper Sandler began coverage on shares of Bowlero in a research report on Monday, October 28th. They issued a “neutral” rating and a $12.00 target price for the company. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Bowlero has an average rating of “Moderate Buy” and a consensus price target of $15.88.

Bowlero Stock Performance

The firm’s 50-day moving average price is $11.55 and its two-hundred day moving average price is $12.17. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of -18.80 and a beta of 0.62.

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

Bowlero Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.055 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $0.22 annualized dividend and a dividend yield of 1.92%. Bowlero’s dividend payout ratio (DPR) is currently -36.07%.

Hedge Funds Weigh In On Bowlero

Several institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its holdings in Bowlero by 7.0% during 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 during the last quarter. Barclays PLC lifted its holdings in Bowlero by 22.6% during the 3rd quarter. Barclays PLC now owns 7,807 shares of the company’s stock valued at $91,000 after purchasing an additional 1,439 shares during the last quarter. Stifel Financial Corp lifted its holdings in Bowlero by 3.7% during the 3rd quarter. Stifel Financial Corp now owns 74,969 shares of the company’s stock valued at $880,000 after purchasing an additional 2,664 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Bowlero by 13.1% during the 3rd quarter. Victory Capital Management Inc. now owns 33,099 shares of the company’s stock valued at $389,000 after purchasing an additional 3,835 shares during the last quarter. Finally, Bessemer Group Inc. lifted its holdings in Bowlero by 12.3% during the 1st quarter. Bessemer Group Inc. now owns 37,200 shares of the company’s stock valued at $509,000 after purchasing an additional 4,070 shares during the last quarter. 68.11% of the stock is owned by institutional investors.

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.