Atreides Management LP Sells 119,702 Shares of Wingstop Inc. $WING

Key Points

• Atreides Management reduced its Wingstop position by 30.7%, selling 119,702 shares during the first quarter and retaining 270,303 shares valued at approximately $41.9 million.
• Wingstop shares opened at $134.87, down 1.7%, and remain well below their 12-month high of $381.45. The company beat quarterly EPS estimates, reporting $1.18 versus the $1.02 consensus, while revenue rose 7.4% year over year.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus rating and an average price target of $255.81, despite several recent target reductions and a Goldman Sachs downgrade to “neutral.”

Atreides Management LP reduced its position in shares of Wingstop Inc. (NASDAQ:WING - Free Report) by 30.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 270,303 shares of the restaurant operator's stock after selling 119,702 shares during the quarter. Wingstop comprises about 0.8% of Atreides Management LP's portfolio, making the stock its 29th biggest position. Atreides Management LP owned approximately 0.99% of Wingstop worth $41,889,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Baird Financial Group Inc. acquired a new stake in Wingstop in the 1st quarter valued at $256,000. Jones Financial Companies Lllp raised its holdings in Wingstop by 2,770.6% during the first quarter. Jones Financial Companies Lllp now owns 1,952 shares of the restaurant operator's stock worth $440,000 after buying an additional 1,884 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Wingstop by 5.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 92,439 shares of the restaurant operator's stock valued at $20,852,000 after buying an additional 4,937 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of Wingstop by 121.4% in the first quarter. Geneos Wealth Management Inc. now owns 217 shares of the restaurant operator's stock valued at $49,000 after buying an additional 119 shares in the last quarter. Finally, Sivia Capital Partners LLC raised its holdings in shares of Wingstop by 45.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 1,387 shares of the restaurant operator's stock worth $467,000 after acquiring an additional 434 shares during the last quarter.

Wingstop Stock Down 1.7%

Shares of NASDAQ WING opened at $134.87 on Wednesday. The company has a market capitalization of $3.67 billion, a PE ratio of 33.55, a PEG ratio of 1.64 and a beta of 1.79. The stock's 50 day moving average price is $152.07 and its 200-day moving average price is $190.57. Wingstop Inc. has a twelve month low of $116.35 and a twelve month high of $381.45.

Wingstop (NASDAQ:WING - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The restaurant operator reported $1.18 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.16. The company had revenue of $183.72 million during the quarter, compared to the consensus estimate of $187.82 million. Wingstop had a negative return on equity of 16.22% and a net margin of 15.77%.Wingstop's revenue was up 7.4% on a year-over-year basis. During the same period last year, the business posted $0.99 earnings per share. As a group, research analysts expect that Wingstop Inc. will post 4.55 EPS for the current fiscal year.

Wall Street Analyst Weigh In

WING has been the subject of a number of analyst reports. Stephens set a $200.00 price target on Wingstop in a research note on Tuesday, July 21st. Weiss Ratings downgraded Wingstop from a "hold (c)" rating to a "hold (c-)" rating in a research note on Wednesday, May 6th. Royal Bank Of Canada dropped their target price on Wingstop from $250.00 to $225.00 and set an "outperform" rating on the stock in a report on Tuesday, June 23rd. Guggenheim cut their target price on Wingstop from $255.00 to $215.00 and set a "buy" rating on the stock in a research report on Monday, May 4th. Finally, The Goldman Sachs Group downgraded Wingstop from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $290.00 to $190.00 in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $255.81.

Wingstop Company Profile

Wingstop Inc NASDAQ: WING is a fast-casual restaurant chain specializing in chicken wings and related menu items. Founded in 1994 in Garland, Texas, the company has built its brand around bold, chef-inspired wing flavors and a streamlined service model that caters to dine-in, takeout, delivery and catering orders.

The company's core offerings include both bone-in and boneless chicken wings tossed in a variety of proprietary rubs and sauces, such as Original Hot, Lemon Pepper, and Mango Habanero.

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