6,615,602 Shares in Krispy Kreme, Inc. $DNUT Bought by BlackRock Inc.

Key Points

• BlackRock acquired 6.62 million Krispy Kreme shares in the second quarter, worth approximately $23.4 million and representing a 3.84% stake. Institutional investors collectively own 81.72% of DNUT.
• Analyst sentiment remains cautious: Krispy Kreme has a consensus “Reduce” rating, with two Buy ratings and three Sell ratings, and an average price target of $4.33.
• Krispy Kreme reported quarterly revenue of $331 million, above expectations, while matching the forecast loss of $0.03 per share; revenue nevertheless declined 12.8% year over year and the company remained unprofitable.

BlackRock Inc. acquired a new position in shares of Krispy Kreme, Inc. (NASDAQ:DNUT - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 6,615,602 shares of the company's stock, valued at approximately $23,353,000. BlackRock Inc. owned 3.84% of Krispy Kreme as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. AQR Capital Management LLC bought a new stake in shares of Krispy Kreme in the 1st quarter worth about $217,000. Millennium Management LLC grew its holdings in Krispy Kreme by 522.1% during the 1st quarter. Millennium Management LLC now owns 2,093,416 shares of the company's stock valued at $10,300,000 after purchasing an additional 1,756,932 shares during the last quarter. Creative Planning grew its holdings in Krispy Kreme by 568.2% during the 2nd quarter. Creative Planning now owns 67,074 shares of the company's stock valued at $195,000 after purchasing an additional 57,036 shares during the last quarter. Legal & General Group Plc raised its position in Krispy Kreme by 44.0% in the 2nd quarter. Legal & General Group Plc now owns 137,268 shares of the company's stock worth $399,000 after purchasing an additional 41,929 shares during the period. Finally, Prudential Financial Inc. purchased a new stake in Krispy Kreme in the 2nd quarter worth about $32,000. Institutional investors own 81.72% of the company's stock.

Insider Transactions at Krispy Kreme

In other news, Director Bernardo Hees acquired 25,002 shares of the company's stock in a transaction that occurred on Friday, June 5th. The shares were bought at an average price of $3.49 per share, with a total value of $87,256.98. Following the completion of the purchase, the director directly owned 1,574,635 shares in the company, valued at $5,495,476.15. This trade represents a 1.61% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on DNUT shares. Zacks Research downgraded shares of Krispy Kreme from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 6th. Weiss Ratings raised Krispy Kreme from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, August 26th. Wall Street Zen downgraded Krispy Kreme from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Finally, Evercore set a $4.00 price target on Krispy Kreme in a research note on Friday, August 7th. Two analysts have rated the stock with a Buy rating and three have issued a Sell rating to the company. According to MarketBeat, Krispy Kreme has a consensus rating of "Reduce" and an average price target of $4.33.

Krispy Kreme Trading Up 3.6%

DNUT stock opened at $3.48 on Thursday. Krispy Kreme, Inc. has a 12 month low of $2.88 and a 12 month high of $5.11. The firm's 50-day moving average is $3.35 and its 200 day moving average is $3.43. The company has a market capitalization of $599.95 million, a PE ratio of -6.21 and a beta of 1.27. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.36 and a quick ratio of 0.29.

Krispy Kreme (NASDAQ:DNUT - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). The company had revenue of $331.00 million during the quarter, compared to analysts' expectations of $303.35 million. Krispy Kreme had a negative net margin of 6.16% and a negative return on equity of 1.17%. The firm's quarterly revenue was down 12.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.15) EPS. On average, research analysts anticipate that Krispy Kreme, Inc. will post -0.07 EPS for the current year.

About Krispy Kreme

Krispy Kreme Doughnuts, Inc NASDAQ: DNUT is a global retailer and wholesaler renowned for its signature Original Glazed doughnut and a variety of other sweet treats. The company operates through a combination of company-owned stores, franchise outlets and strategic partnerships with supermarkets, convenience stores and other foodservice channels. In addition to its doughnut portfolio, Krispy Kreme offers freshly brewed coffee, assorted beverages and proprietary seasonal items designed to drive traffic and foster brand loyalty.

Founded in 1937 in Winston-Salem, North Carolina, by Vernon Rudolph, Krispy Kreme has grown from a single local shop to a multinational brand.

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