Ark Restaurants (NASDAQ:ARKR) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of Ark Restaurants (NASDAQ:ARKR) in a research report sent to investors on Wednesday morning. The brokerage issued a buy rating on the restaurant operator’s stock.

Ark Restaurants Price Performance

NASDAQ:ARKR opened at $10.00 on Wednesday. The firm has a market capitalization of $36 million, a P/E ratio of -3.68 and a beta of 1.02. The business has a 50 day simple moving average of $11.15 and a 200 day simple moving average of $12.68. Ark Restaurants has a 12-month low of $9.78 and a 12-month high of $16.25.

Hedge Funds Weigh In On Ark Restaurants

A hedge fund recently raised its stake in Ark Restaurants stock. CM Management LLC raised its position in shares of Ark Restaurants Corp. (NASDAQ:ARKR) by 8.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 200,000 shares of the restaurant operator’s stock after purchasing an additional 15,393 shares during the period. Ark Restaurants accounts for approximately 2.3% of CM Management LLC’s holdings, making the stock its 13th biggest position. CM Management LLC owned approximately 5.55% of Ark Restaurants worth $2,622,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 31.95% of the company’s stock.

Ark Restaurants Company Profile

Ark Restaurants Corp., through its subsidiaries, owns and operates restaurants and bars in the United States. It operates restaurants in New York City; Washington, DC; Las Vegas, Nevada; Atlantic City, New Jersey; Florida; and Alabama, as well as fast food concepts and catering operations. The company was incorporated in 1983 and is based in New York, New York.