Bowlero Corp. (NYSE:BOWL) Sees Large Drop in Short Interest

Bowlero Corp. (NYSE:BOWL) was the recipient of a large drop in short interest in October. As of October 31st, there was short interest totalling 9,360,000 shares, a drop of 6.8% from the October 15th total of 10,040,000 shares. Based on an average trading volume of 590,800 shares, the short-interest ratio is currently 15.8 days. Currently, 11.4% of the company’s shares are sold short.

Analyst Ratings Changes

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

Bowlero Price Performance

Shares of BOWL stock opened at $11.47 on Monday. The company’s fifty day simple moving average is $11.55 and its two-hundred day simple moving average is $12.17. Bowlero has a 1 year low of $9.70 and a 1 year high of $15.47. The stock 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 released its quarterly earnings results on Monday, November 4th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $260.20 million during the quarter, compared to the consensus estimate of $249.42 million. During the same period in the prior year, the firm earned ($0.10) earnings per share. Equities research analysts anticipate that Bowlero will post 0.45 EPS for the current year.

Bowlero Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a dividend yield of 1.92%. The ex-dividend date is Friday, November 22nd. Bowlero’s dividend payout ratio (DPR) is currently -36.06%.

Institutional Investors Weigh In On Bowlero

Institutional investors and hedge funds have recently made changes to their positions in the company. Barclays PLC boosted its holdings in Bowlero by 22.6% in the third quarter. Barclays PLC now owns 7,807 shares of the company’s stock worth $91,000 after purchasing an additional 1,439 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Bowlero by 7.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 14,953 shares of the company’s stock worth $205,000 after purchasing an additional 978 shares during the last quarter. Centiva Capital LP purchased a new stake in Bowlero in the third quarter worth approximately $207,000. Quest Partners LLC boosted its holdings in Bowlero by 3,311,100.0% in the third 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, Victory Capital Management Inc. boosted its holdings in Bowlero by 13.1% in the third quarter. Victory Capital Management Inc. now owns 33,099 shares of the company’s stock worth $389,000 after purchasing an additional 3,835 shares during the last quarter. 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.