Lucky Strike Entertainment (NYSE:LUCK) Sets New 12-Month Low After Earnings Miss

Lucky Strike Entertainment (NYSE:LUCK) shares reached a new 52-week low on Thursday following a weaker than expected earnings announcement. The company traded as low as $3.67 and last traded at $3.7320, with a volume of 80,429 shares trading hands. The stock had previously closed at $4.42.

The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.10). The firm had revenue of $302.64 million during the quarter, compared to the consensus estimate of $297.79 million.

Lucky Strike Entertainment Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, September 8th. This represents a $0.24 annualized dividend and a dividend yield of 6.3%. Lucky Strike Entertainment’s dividend payout ratio (DPR) is currently -70.59%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on LUCK. Jefferies Financial Group set a $10.00 price target on shares of Lucky Strike Entertainment in a report on Thursday, August 27th. Stifel Nicolaus dropped their price objective on shares of Lucky Strike Entertainment from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, August 28th. Zacks Research upgraded shares of Lucky Strike Entertainment from a “strong sell” rating to a “hold” rating in a research report on Monday, October 26th. Truist Financial cut their target price 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, October 23rd. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Lucky Strike Entertainment in a research note on Thursday, October 29th. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $8.17.

Insider Buying and Selling

In other news, CEO Thomas Shannon bought 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 9th. The shares were bought at an average cost of $5.86 per share, for a total transaction of $175,800.00. Following the acquisition, the chief executive officer directly owned 3,144,000 shares in the company, valued at approximately $18,423,840. This trade represents a 0.96% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sandeep Mathrani bought 9,350 shares of the firm’s stock in a transaction dated Friday, August 28th. The shares were acquired at an average cost of $6.41 per share, with a total value of $59,933.50. Following the completion of the transaction, the director owned 9,350 shares of the company’s stock, valued at $59,933.50. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have purchased 43,537 shares of company stock worth $261,064. 84.20% of the stock is owned by company insiders.

Institutional Trading of Lucky Strike Entertainment

Large investors have recently added to or reduced their stakes in the stock. Squarepoint Ops LLC grew its position in shares of Lucky Strike Entertainment by 69.8% during the 2nd 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 in the last quarter. Great Lakes Advisors LLC bought a new position in shares of Lucky Strike Entertainment in the second quarter worth $1,361,000. Finally, Rice Hall James & Associates LLC raised its position in shares of 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 buying an additional 166,104 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Lucky Strike Entertainment Stock Down 13.4%

The company has a market cap of $521.87 million, a PE ratio of -11.19 and a beta of 0.71. The stock has a 50-day moving average of $5.23 and a 200-day moving average of $7.20.

About Lucky Strike Entertainment

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.