Short Interest in Bowlero Corp. (NYSE:BOWL) Drops By 6.8%

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $18.00 target price on shares of Bowlero in a report on Monday, September 30th. B. Riley reaffirmed a “buy” rating and set a $17.00 price objective on shares of Bowlero in a report on Tuesday, September 3rd. 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 report on Tuesday, November 5th. Royal Bank of Canada raised shares of Bowlero to a “moderate buy” rating in a research note on Thursday, October 3rd. Finally, Piper Sandler initiated coverage on shares of Bowlero in a research note on Monday, October 28th. They issued a “neutral” rating and a $12.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $15.88.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC boosted its position in Bowlero by 22.6% in the 3rd quarter. Barclays PLC now owns 7,807 shares of the company’s stock valued at $91,000 after buying an additional 1,439 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Bowlero by 7.0% in the first 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 period. Centiva Capital LP bought a new position in Bowlero in the third quarter worth approximately $207,000. Summit Securities Group LLC purchased a new position in Bowlero during the 2nd quarter worth $392,000. Finally, XTX Topco Ltd bought a new stake in Bowlero during the 2nd quarter valued at $411,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Bowlero Price Performance

Shares of NYSE BOWL opened at $11.80 on Tuesday. Bowlero has a 1 year low of $9.70 and a 1 year high of $15.47. The firm has a 50-day simple moving average of $11.57 and a two-hundred day simple moving average of $12.17.

Bowlero (NYSE:BOWL) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.30. Bowlero had a negative return on equity of 31.58% and a negative net margin of 6.63%. The firm had revenue of $260.20 million for the quarter, compared to the consensus estimate of $249.42 million. During the same period in the prior year, the business posted ($0.10) earnings per share. On average, sell-side analysts expect that Bowlero will post 0.45 EPS for the current fiscal year.

Bowlero Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date of this dividend is Friday, November 22nd. Bowlero’s dividend payout ratio is currently -36.06%.

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.