Pinstripes Holdings Inc. (NYSE:PNST) Sees Large Decline in Short Interest

Pinstripes Holdings Inc. (NYSE:PNST) was the target of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 92,000 shares, a decrease of 22.1% from the October 15th total of 118,100 shares. Based on an average daily trading volume, of 51,600 shares, the short-interest ratio is currently 1.8 days. Approximately 0.4% of the company’s shares are short sold.

Institutional Investors Weigh In On Pinstripes

A number of institutional investors have recently made changes to their positions in PNST. Rothschild Investment LLC bought a new position in Pinstripes in the second quarter worth approximately $36,000. Horizon Wealth Management LLC bought a new position in Pinstripes in the second quarter worth approximately $46,000. Greenwood Gearhart Inc. bought a new stake in shares of Pinstripes during the 2nd quarter valued at $70,000. Rockefeller Capital Management L.P. bought a new stake in shares of Pinstripes during the 3rd quarter valued at $240,000. Finally, Lakewood Asset Management LLC bought a new stake in shares of Pinstripes during the 2nd quarter valued at $246,000. Hedge funds and other institutional investors own 56.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on PNST shares. Oppenheimer decreased their price target on shares of Pinstripes from $6.00 to $5.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. BTIG Research decreased their price target on shares of Pinstripes from $6.00 to $4.00 and set a “buy” rating for the company in a research note on Thursday, September 5th.

Pinstripes Price Performance

PNST traded up $0.01 during midday trading on Friday, reaching $0.90. The company’s stock had a trading volume of 6,051 shares, compared to its average volume of 78,212. Pinstripes has a 1 year low of $0.56 and a 1 year high of $16.00. The stock’s 50-day moving average is $0.86 and its 200-day moving average is $1.94.

Pinstripes (NYSE:PNST) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.12). The business had revenue of $30.60 million for the quarter, compared to analyst estimates of $34.45 million. Analysts anticipate that Pinstripes will post -0.65 earnings per share for the current fiscal year.

About Pinstripes

Pinstripes Holdings Inc operates a dining and entertainment concept restaurants. The company provides Italian-American food and beverage menu with bowling, bocce, and event space. It also offers private event options and catering services. The company is based in Northbrook, Illinois.