Bowlero Corp. (NYSE:BOWL – Get Free Report) was the target of a large drop in short interest in the month of October. As of October 15th, there was short interest totalling 10,040,000 shares, a drop of 10.2% from the September 30th total of 11,180,000 shares. Based on an average daily trading volume, of 523,900 shares, the days-to-cover ratio is currently 19.2 days. Currently, 12.1% of the company’s stock are sold short.
Institutional Trading of Bowlero
Institutional investors and hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. acquired a new stake in shares of Bowlero in the first quarter worth about $1,636,000. Boston Partners raised its holdings in shares of Bowlero by 6.0% in the 1st quarter. Boston Partners now owns 3,646,113 shares of the company’s stock worth $49,004,000 after buying an additional 205,902 shares in the last quarter. Champlain Investment Partners LLC increased its holdings in Bowlero by 10.8% during the 1st quarter. Champlain Investment Partners LLC now owns 2,817,305 shares of the company’s stock valued at $38,597,000 after purchasing an additional 275,525 shares in the last quarter. Lisanti Capital Growth LLC acquired a new stake in Bowlero during the 2nd quarter valued at $2,648,000. Finally, Marshall Wace LLP increased its holdings in Bowlero by 101.5% during the 2nd 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. Institutional investors and hedge funds own 68.11% of the company’s stock.
Bowlero Trading Down 3.8 %
Shares of NYSE BOWL traded down $0.42 during mid-day trading on Thursday, reaching $10.55. The company had a trading volume of 577,266 shares, compared to its average volume of 804,323. Bowlero has a 1-year low of $8.85 and a 1-year high of $15.47. The stock has a market cap of $1.56 billion, a PE ratio of -16.88 and a beta of 0.60. The company has a 50-day moving average price of $11.57 and a two-hundred day moving average price of $12.21.
Bowlero Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 23rd were paid a $0.055 dividend. The ex-dividend date was Friday, August 23rd. This represents a $0.22 dividend on an annualized basis and a yield of 2.09%. Bowlero’s dividend payout ratio (DPR) is currently -33.85%.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on BOWL. B. Riley restated a “buy” rating and set a $17.00 price objective on shares of Bowlero in a research note on Tuesday, September 3rd. Royal Bank of Canada raised Bowlero to a “moderate buy” rating in a report on Thursday, October 3rd. Piper Sandler started coverage on Bowlero in a research note on Monday. They set a “neutral” rating and a $12.00 target price on the stock. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $18.00 target price 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 assigned a buy rating to the company. According to MarketBeat, Bowlero currently has an average rating of “Moderate Buy” and an average price target of $16.00.
Check Out Our Latest Stock Analysis on BOWL
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.
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