Lucky Strike Entertainment (NYSE:LUCK) Stock Falls 7.8% – Here’s What Happened

Lucky Strike Entertainment (NYSE:LUCK)’s share price traded down 7.8% during trading on Wednesday. The stock traded as low as $4.77 and last traded at $4.6910. 40,859 shares traded hands during trading, a decline of 68% from the average session volume of 126,232 shares. The stock had previously closed at $5.09.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on LUCK shares. Citigroup started coverage on Lucky Strike Entertainment in a research report on Monday, June 29th. They issued a “market perform” rating for the company. Citizens Jmp began coverage on Lucky Strike Entertainment in a research report on Monday, June 29th. They issued a “market perform” rating on the stock. Truist Financial lowered their price target on shares of Lucky Strike Entertainment from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday. Zacks Research lowered Lucky Strike Entertainment from a “hold” rating to a “strong sell” rating in a research note on Monday, August 31st. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Lucky Strike Entertainment in a report on Friday, July 31st. Four equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $8.17.

Lucky Strike Entertainment Stock Performance

The firm has a fifty day simple moving average of $5.68 and a 200 day simple moving average of $7.05. The company has a market cap of $565.09 million, a PE ratio of -12.19 and a beta of 0.66.

Lucky Strike Entertainment (NYSE:LUCK) last issued its earnings results on Thursday, August 27th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.15). The company had revenue of $303.95 million during the quarter, compared to analyst estimates of $311.30 million. As a group, equities analysts predict that Lucky Strike Entertainment will post -0.02 EPS for the current fiscal year.

Lucky Strike Entertainment Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th were paid a $0.06 dividend. The ex-dividend date was Tuesday, September 8th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 5.8%. Lucky Strike Entertainment’s dividend payout ratio (DPR) is -70.59%.

Insiders Place Their Bets

In other news, CEO Thomas Shannon purchased 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 9th. The shares were purchased at an average price of $5.86 per share, with a total value of $175,800.00. Following the purchase, the chief executive officer directly owned 3,144,000 shares of the company’s stock, valued at approximately $18,423,840. This represents a 0.96% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Sandeep Mathrani bought 9,350 shares of the stock in a transaction dated Friday, August 28th. The shares were acquired at an average price of $6.41 per share, with a total value of $59,933.50. Following the completion of the purchase, the director directly owned 9,350 shares of the company’s stock, valued at approximately $59,933.50. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have bought 43,537 shares of company stock worth $261,064. Corporate insiders own 84.20% of the company’s stock.

Institutional Investors Weigh In On Lucky Strike Entertainment

Institutional investors and hedge funds have recently made changes to their positions in the company. Rice Hall James & Associates LLC lifted its holdings in Lucky Strike Entertainment by 52.7% in the first quarter. Rice Hall James & Associates LLC now owns 481,189 shares of the company’s stock worth $4,003,000 after acquiring an additional 166,104 shares during the last quarter. Great Lakes Advisors LLC bought a new position in Lucky Strike Entertainment in the 2nd quarter worth about $1,361,000. Finally, Squarepoint Ops LLC increased its stake in shares of Lucky Strike Entertainment by 69.8% in the second quarter. Squarepoint Ops LLC now owns 22,158 shares of the company’s stock valued at $166,000 after purchasing an additional 9,112 shares during the period. 68.11% of the stock is owned by institutional investors and hedge funds.

Lucky Strike Entertainment Company Profile

Lucky Strike Entertainment Corp. is an operator of location-based entertainment venues centered on bowling. The company provides recreational and social experiences through bowling lanes, arcade games, food and beverage offerings, and spaces for parties, corporate events and other group gatherings.

The company operates venues under brands that include Lucky Strike, Bowlero and AMF, serving customers across the United States and Canada. Its locations range from upscale entertainment venues to traditional bowling centers, with offerings designed for families, casual visitors, league bowlers and private-event guests.

Lucky Strike Entertainment was previously known as Bowlero Corp.