Krispy Kreme (NASDAQ:DNUT) Shares Up 6.3% – Here’s What Happened

Krispy Kreme, Inc. (NASDAQ:DNUT)’s stock price was up 6.3% during trading on Thursday . The stock traded as high as $6.39 and last traded at $6.35. Approximately 4,800,603 shares traded hands during mid-day trading, an increase of 89% from the average daily volume of 2,541,822 shares. The stock had previously closed at $5.97.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on DNUT shares. Piper Sandler dropped their target price on Krispy Kreme from $18.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. cut their price objective on shares of Krispy Kreme from $14.00 to $13.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Truist Financial restated a “buy” rating and issued a $12.00 price target (down previously from $15.00) on shares of Krispy Kreme in a report on Wednesday. Finally, Morgan Stanley downgraded Krispy Kreme from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $12.00 to $6.00 in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Krispy Kreme has a consensus rating of “Moderate Buy” and a consensus target price of $13.13.

Krispy Kreme Price Performance

The company has a 50 day moving average of $9.04 and a 200-day moving average of $10.37. The company has a current ratio of 0.35, a quick ratio of 0.28 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $1.05 billion, a P/E ratio of 36.47, a P/E/G ratio of 3.24 and a beta of 1.34.

Krispy Kreme (NASDAQ:DNUT) last announced its quarterly earnings data on Tuesday, February 25th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.09). The business had revenue of $404.00 million during the quarter, compared to analyst estimates of $413.18 million. Krispy Kreme had a net margin of 1.64% and a return on equity of 0.53%. The firm’s revenue for the quarter was down 10.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.09 earnings per share. On average, sell-side analysts predict that Krispy Kreme, Inc. will post 0.07 EPS for the current year.

Krispy Kreme Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 7th. Shareholders of record on Wednesday, April 23rd will be given a dividend of $0.035 per share. The ex-dividend date is Wednesday, April 23rd. This represents a $0.14 dividend on an annualized basis and a yield of 2.26%. Krispy Kreme’s payout ratio is 82.35%.

Hedge Funds Weigh In On Krispy Kreme

A number of institutional investors have recently bought and sold shares of DNUT. Blue Trust Inc. boosted its holdings in Krispy Kreme by 28.3% in the third quarter. Blue Trust Inc. now owns 8,064 shares of the company’s stock worth $87,000 after purchasing an additional 1,779 shares during the last quarter. Walkner Condon Financial Advisors LLC purchased a new position in Krispy Kreme in the third quarter worth about $346,000. Versor Investments LP bought a new position in Krispy Kreme during the third quarter valued at $411,000. Sargent Investment Group LLC bought a new stake in shares of Krispy Kreme during the 3rd quarter worth approximately $215,000. Finally, Connable Office Inc. lifted its holdings in Krispy Kreme by 98.3% during the 3rd quarter. Connable Office Inc. now owns 29,968 shares of the company’s stock valued at $322,000 after buying an additional 14,859 shares in the last quarter. 81.72% of the stock is owned by institutional investors.

About Krispy Kreme

Krispy Kreme, Inc, together with its subsidiaries, produces doughnuts in the United States, the United Kingdom, Ireland, Australia, New Zealand, Mexico, Canada, Japan, and internationally. The company operates through three segments: U.S., International, and Market Development. The company offers doughnut experiences through hot light theater and fresh shops, delivered fresh daily branded cabinets and merchandising units within grocery and convenience stores, quick service restaurants, club memberships, drug stores, and ecommerce, as well as through its branded sweet treat line comprising Krispy Kreme branded sweet treats.