Fmr LLC Sells 265,323 Shares of Bowlero Corp. (NYSE:BOWL)

Fmr LLC trimmed its position in shares of Bowlero Corp. (NYSE:BOWL) by 17.1% in the third quarter, Holdings Channel reports. The fund owned 1,289,040 shares of the company’s stock after selling 265,323 shares during the quarter. Fmr LLC’s holdings in Bowlero were worth $15,133,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its stake 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 buying an additional 978 shares during the period. Summit Securities Group LLC bought a new stake in shares of Bowlero in the second quarter valued at about $392,000. XTX Topco Ltd bought a new stake in shares of Bowlero in the second quarter valued at about $411,000. Victory Capital Management Inc. lifted its stake in shares of Bowlero by 63.3% in the second quarter. Victory Capital Management Inc. now owns 29,264 shares of the company’s stock valued at $424,000 after buying an additional 11,341 shares during the period. Finally, Quest Partners LLC raised its position in Bowlero by 3,311,100.0% in the third quarter. Quest Partners LLC now owns 33,112 shares of the company’s stock worth $389,000 after purchasing an additional 33,111 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BOWL has been the subject of several recent research reports. Truist Financial initiated coverage on shares of Bowlero in a research report on Tuesday. They issued a “buy” rating and a $16.00 price target for the company. JPMorgan Chase & Co. dropped their price target on shares of Bowlero from $16.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. B. Riley reissued a “buy” rating and issued a $17.00 price target on shares of Bowlero in a research report on Tuesday, September 3rd. Royal Bank of Canada raised shares of Bowlero to a “moderate buy” rating in a research report on Thursday, October 3rd. Finally, Piper Sandler initiated coverage on shares of Bowlero in a report on Monday, October 28th. They set 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 eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Bowlero has a consensus rating of “Moderate Buy” and an average price target of $15.89.

Bowlero Price Performance

Shares of Bowlero stock opened at $12.09 on Wednesday. The firm has a market cap of $1.78 billion, a P/E ratio of -19.81 and a beta of 0.69. The firm has a 50 day simple moving average of $11.71 and a 200 day simple moving average of $12.20. Bowlero Corp. has a fifty-two week low of $9.70 and a fifty-two week high of $15.47.

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

Bowlero Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were paid a $0.055 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $0.22 dividend on an annualized basis and a yield of 1.82%. Bowlero’s payout ratio is presently -36.07%.

Bowlero 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.