Piper Sandler Initiates Coverage on Bowlero (NYSE:BOWL)

Research analysts at Piper Sandler started coverage on shares of Bowlero (NYSE:BOWL) in a note issued to investors on Monday, Briefing.com reports. The firm set a “neutral” rating and a $12.00 price target on the stock. Piper Sandler’s target price suggests a potential upside of 3.63% from the stock’s previous close.

BOWL has been the subject of several other research reports. B. Riley restated a “buy” rating and set a $17.00 price target on shares of Bowlero in a research note on Tuesday, September 3rd. Canaccord Genuity Group reissued a “buy” rating and issued a $18.00 target price on shares of Bowlero in a research report on Monday, September 30th. Finally, Royal Bank of Canada raised Bowlero to a “moderate buy” rating in a research report on Thursday, October 3rd. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $16.00.

Bowlero Stock Up 2.6 %

Shares of NYSE BOWL opened at $11.58 on Monday. The company has a market capitalization of $1.72 billion, a PE ratio of 21.85 and a beta of 0.60. The stock’s 50 day moving average price is $11.56 and its 200-day moving average price is $12.23. Bowlero has a twelve month low of $8.85 and a twelve month high of $15.47.

Bowlero (NYSE:BOWL) last issued its quarterly earnings results on Thursday, September 5th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.05). Bowlero had a negative return on equity of 5.36% and a negative net margin of 7.24%. The company had revenue of $283.87 million during the quarter, compared to analysts’ expectations of $273.33 million. As a group, research analysts expect that Bowlero will post 0.29 EPS for the current fiscal year.

Institutional Trading of Bowlero

Institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. grew its holdings in Bowlero by 47.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 7,800 shares of the company’s stock valued at $110,000 after buying an additional 2,500 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Bowlero by 7.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,953 shares of the company’s stock valued at $205,000 after acquiring an additional 978 shares in the last quarter. Diversified Trust Co increased its holdings in Bowlero by 39.4% during the 1st quarter. Diversified Trust Co now owns 23,700 shares of the company’s stock worth $325,000 after acquiring an additional 6,700 shares during the period. Summit Securities Group LLC purchased a new stake in Bowlero in the 2nd quarter worth approximately $392,000. Finally, XTX Topco Ltd bought a new position in Bowlero in the 2nd quarter valued at $411,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

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.