Bowlero (NYSE:BOWL) Shares Gap Up on Strong Earnings

Bowlero Corp. (NYSE:BOWL) gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $10.38, but opened at $12.31. Bowlero shares last traded at $12.28, with a volume of 204,164 shares trading hands.

The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.30. The business had revenue of $260.20 million during the quarter, compared to analyst estimates of $249.42 million. Bowlero had a negative net margin of 7.24% and a negative return on equity of 5.36%. During the same period in the prior year, the business posted ($0.10) earnings per share.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BOWL. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Bowlero in a report on Monday, September 30th. Piper Sandler assumed coverage on shares of Bowlero in a report on Monday, October 28th. They issued a “neutral” rating and a $12.00 price objective for the company. Royal Bank of Canada upgraded Bowlero to a “moderate buy” rating in a report on Thursday, October 3rd. Finally, B. Riley reissued a “buy” rating and set a $17.00 price objective on shares of Bowlero in a research report on Tuesday, September 3rd. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Bowlero presently has an average rating of “Moderate Buy” and a consensus target price of $16.00.

Institutional Investors Weigh In On Bowlero

Several hedge funds have recently made changes to their positions in the company. Champlain Investment Partners LLC raised its position in shares of Bowlero by 10.8% during the first quarter. Champlain Investment Partners LLC now owns 2,817,305 shares of the company’s stock valued at $38,597,000 after buying an additional 275,525 shares during the last quarter. Boston Partners boosted its position in Bowlero by 6.0% in the 1st quarter. Boston Partners now owns 3,646,113 shares of the company’s stock valued at $49,004,000 after buying an additional 205,902 shares during the last quarter. Marshall Wace LLP lifted its holdings in Bowlero by 101.5% during the second quarter. Marshall Wace LLP now owns 363,784 shares of the company’s stock worth $5,271,000 after acquiring an additional 183,252 shares in the last quarter. Lisanti Capital Growth LLC acquired a new position in Bowlero in the 2nd quarter worth $2,648,000. Finally, Squarepoint Ops LLC raised its holdings in shares of Bowlero by 201.2% in the second quarter. Squarepoint Ops LLC now owns 82,803 shares of the company’s stock valued at $1,200,000 after purchasing an additional 164,603 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Bowlero Price Performance

The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of -18.94 and a beta of 0.62. The firm has a 50-day moving average of $11.47 and a 200 day moving average of $12.17.

Bowlero Company 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.