Verition Fund Management LLC Sells 146,618 Shares of Bowlero Corp. (NYSE:BOWL)

Verition Fund Management LLC trimmed its holdings in shares of Bowlero Corp. (NYSE:BOWL) by 89.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 16,613 shares of the company’s stock after selling 146,618 shares during the period. Verition Fund Management LLC’s holdings in Bowlero were worth $195,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Victory Capital Management Inc. boosted its holdings in Bowlero by 13.1% in the third quarter. Victory Capital Management Inc. now owns 33,099 shares of the company’s stock worth $389,000 after purchasing an additional 3,835 shares during the last quarter. Schwartz Investment Counsel Inc. boosted its stake in shares of Bowlero by 5.2% in the 2nd quarter. Schwartz Investment Counsel Inc. now owns 94,400 shares of the company’s stock worth $1,368,000 after buying an additional 4,700 shares during the last quarter. Summit Securities Group LLC bought a new stake in shares of Bowlero in the second quarter worth $392,000. XTX Topco Ltd purchased a new stake in Bowlero during the second quarter valued at $411,000. Finally, Private Management Group Inc. lifted its holdings in Bowlero by 2.5% in the second quarter. Private Management Group Inc. now owns 1,290,388 shares of the company’s stock valued at $18,698,000 after acquiring an additional 32,076 shares during the period. Institutional investors own 68.11% of the company’s stock.

Bowlero Stock Down 5.4 %

BOWL stock opened at $10.52 on Tuesday. Bowlero Corp. has a twelve month low of $9.70 and a twelve month high of $15.47. The stock has a market cap of $1.55 billion, a P/E ratio of -17.25 and a beta of 0.70. The business’s 50-day moving average price is $11.69 and its 200-day moving average price is $12.17.

Bowlero (NYSE:BOWL) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $260.20 million for the quarter, compared to analysts’ expectations of $249.42 million. During the same period in the previous year, the firm earned ($0.10) EPS. On average, equities research analysts expect that Bowlero Corp. will post 0.45 earnings per share for the current fiscal year.

Bowlero Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued 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 2.09%. Bowlero’s dividend payout ratio is presently -36.07%.

Wall Street Analyst Weigh In

BOWL has been the subject of a number of recent research reports. Canaccord Genuity Group restated a “buy” rating and set a $18.00 price target on shares of Bowlero in a research note on Monday, September 30th. Truist Financial initiated coverage on Bowlero in a research note on Tuesday, December 10th. They set a “buy” rating and a $16.00 price target for the company. Royal Bank of Canada upgraded Bowlero to a “moderate buy” rating in a research note on Thursday, October 3rd. JPMorgan Chase & Co. cut their price target on Bowlero from $16.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Finally, 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. Two investment 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, the company has a consensus rating of “Moderate Buy” and a consensus target price of $15.89.

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.