Dave & Buster's Entertainment, Inc. $PLAY Shares Bought by Clearline Capital LP

Key Points

• Clearline Capital LP raised its stake in Dave & Buster's by 20.4% in Q3 to 1,619,964 shares (4.67% of the company) worth about $29.42 million, making PLAY its seventh-largest holding and ~1.4% of Clearline's portfolio.
• Institutional ownership of PLAY is high at 91.45%, and several firms including Bank of America, Fund 1 Investments, Hotchkis & Wiley, and Mangrove Partners added or initiated positions during the quarter.
• PLAY has a market cap of roughly $449 million, a negative P/E (-323.4), weak liquidity metrics (current ratio 0.32), a 12-month range of $12.64–$35.53, and a consensus analyst rating of Hold with a $23.83 target.

Clearline Capital LP raised its stake in Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY - Free Report) by 20.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,619,964 shares of the restaurant operator's stock after purchasing an additional 274,541 shares during the quarter. Dave & Buster's Entertainment makes up about 1.4% of Clearline Capital LP's portfolio, making the stock its 7th biggest holding. Clearline Capital LP owned 4.67% of Dave & Buster's Entertainment worth $29,419,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of PLAY. Bank of America Corp DE boosted its holdings in shares of Dave & Buster's Entertainment by 37.9% during the 3rd quarter. Bank of America Corp DE now owns 263,492 shares of the restaurant operator's stock worth $4,785,000 after buying an additional 72,434 shares during the period. Fund 1 Investments LLC acquired a new position in Dave & Buster's Entertainment in the 3rd quarter valued at $7,791,000. Freestone Grove Partners LP bought a new stake in shares of Dave & Buster's Entertainment during the 3rd quarter valued at $449,000. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Dave & Buster's Entertainment by 44.8% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 199,120 shares of the restaurant operator's stock worth $3,616,000 after purchasing an additional 61,620 shares in the last quarter. Finally, Mangrove Partners IM LLC bought a new position in shares of Dave & Buster's Entertainment in the third quarter worth $385,000. 91.45% of the stock is owned by institutional investors.

Dave & Buster's Entertainment Price Performance

Shares of NASDAQ:PLAY opened at $12.94 on Friday. The stock has a market cap of $448.76 million, a P/E ratio of -323.42 and a beta of 1.79. Dave & Buster's Entertainment, Inc. has a 12 month low of $12.64 and a 12 month high of $35.53. The company has a 50 day moving average of $16.99 and a 200 day moving average of $17.76. The company has a current ratio of 0.32, a quick ratio of 0.22 and a debt-to-equity ratio of 11.87.

Wall Street Analysts Forecast Growth

PLAY has been the topic of a number of research reports. Benchmark upgraded shares of Dave & Buster's Entertainment from a "hold" rating to a "buy" rating and set a $30.00 target price on the stock in a research report on Friday, January 16th. Zacks Research upgraded Dave & Buster's Entertainment from a "strong sell" rating to a "hold" rating in a report on Thursday, December 11th. BMO Capital Markets cut their price target on shares of Dave & Buster's Entertainment from $35.00 to $30.00 and set an "outperform" rating on the stock in a report on Wednesday, December 10th. Truist Financial decreased their price objective on shares of Dave & Buster's Entertainment from $23.00 to $18.00 and set a "hold" rating for the company in a research note on Thursday, January 8th. Finally, Loop Capital set a $20.00 target price on Dave & Buster's Entertainment in a research note on Wednesday, December 10th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $23.83.

About Dave & Buster's Entertainment

Dave & Buster's Entertainment, Inc operates a chain of combined restaurant and entertainment venues designed to appeal to families, young adults and corporate groups. Each location features a full-service restaurant and bar alongside an arcade gaming area with ticket-based redemption, virtual reality experiences and skill-based games. Many venues also include multiple large-screen televisions and a sports bar atmosphere, catering to fans who wish to watch live sporting events in a social setting.

The company was founded in 1982 by David Corriveau and James “Buster” Corley, opening its first location in Dallas, Texas.

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