Dave & Buster's Entertainment, Inc. $PLAY Shares Newly Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 303,445 PLAY shares worth approximately $3.46 million, representing about 0.87% of Dave & Buster’s; institutional investors collectively own 91.45% of the company.
• Analysts maintain a consensus “Hold” rating with a $17.33 average price target, although BMO Capital Markets lowered its target from $22 to $13 while retaining an “outperform” rating.
• Dave & Buster’s reported a quarterly loss of $0.27 per share and revenue of $544.1 million, missing estimates for both measures. PLAY opened at $6.49, near its 52-week low, while two company insiders recently purchased shares.

Bank of America Corp DE purchased a new stake in Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 303,445 shares of the restaurant operator's stock, valued at approximately $3,459,000. Bank of America Corp DE owned approximately 0.87% of Dave & Buster's Entertainment at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PLAY. Legal & General Group Plc acquired a new position in shares of Dave & Buster's Entertainment in the second quarter worth $28,000. Persistent Asset Partners Ltd acquired a new stake in shares of Dave & Buster's Entertainment during the second quarter valued at $33,000. Caitong International Asset Management Co. Ltd increased its position in Dave & Buster's Entertainment by 1,547.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,464 shares of the restaurant operator's stock worth $72,000 after purchasing an additional 4,193 shares in the last quarter. Farringdon Capital Ltd. purchased a new stake in Dave & Buster's Entertainment during the 2nd quarter worth about $144,000. Finally, First Trust Advisors LP raised its stake in Dave & Buster's Entertainment by 20.5% in the 1st quarter. First Trust Advisors LP now owns 90,649 shares of the restaurant operator's stock valued at $982,000 after purchasing an additional 15,424 shares during the last quarter. 91.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PLAY has been the subject of a number of recent research reports. Citigroup reiterated a "market perform" rating on shares of Dave & Buster's Entertainment in a report on Tuesday, September 15th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Dave & Buster's Entertainment in a research note on Friday, July 17th. Citizens Jmp began coverage on Dave & Buster's Entertainment in a report on Monday, June 29th. They issued a "market perform" rating for the company. Zacks Research raised Dave & Buster's Entertainment from a "strong sell" rating to a "hold" rating in a research note on Friday, August 28th. Finally, BMO Capital Markets dropped their target price on Dave & Buster's Entertainment from $22.00 to $13.00 and set an "outperform" rating for the company in a research note on Tuesday, September 15th. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $17.33.

Dave & Buster's Entertainment Trading Up 1.2%

PLAY stock opened at $6.49 on Wednesday. The company has a quick ratio of 0.21, a current ratio of 0.30 and a debt-to-equity ratio of 17.07. The company has a market cap of $226.05 million, a price-to-earnings ratio of -2.53 and a beta of 1.82. The business has a fifty day simple moving average of $9.09 and a 200-day simple moving average of $10.79. Dave & Buster's Entertainment, Inc. has a 52 week low of $6.38 and a 52 week high of $22.10.

Dave & Buster's Entertainment (NASDAQ:PLAY - Get Free Report) last issued its earnings results on Monday, September 14th. The restaurant operator reported ($0.27) earnings per share for the quarter, missing analysts' consensus estimates of $0.19 by ($0.46). The firm had revenue of $544.10 million during the quarter, compared to analyst estimates of $556.83 million. Dave & Buster's Entertainment had a negative net margin of 4.26% and a negative return on equity of 51.87%. Dave & Buster's Entertainment's revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.32 EPS. On average, equities research analysts expect that Dave & Buster's Entertainment, Inc. will post -1.39 EPS for the current year.

Insiders Place Their Bets

In other news, Director Nathaniel Lipman acquired 12,000 shares of the firm's stock in a transaction on Thursday, September 17th. The stock was bought at an average cost of $6.78 per share, with a total value of $81,360.00. Following the transaction, the director directly owned 30,715 shares in the company, valued at approximately $208,247.70. This represents a 64.12% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Cory Hatton purchased 4,000 shares of the business's stock in a transaction that occurred on Monday, September 28th. The stock was acquired at an average price of $6.50 per share, for a total transaction of $26,000.00. Following the purchase, the chief financial officer owned 104,475 shares of the company's stock, valued at approximately $679,087.50. This represents a 3.98% increase in their position. The SEC filing for this purchase provides additional information. 1.73% of the stock is currently owned by corporate insiders.

About Dave & Buster's Entertainment

Dave & Buster's Entertainment, Inc NASDAQ: PLAY is an entertainment and dining company that operates venues combining arcade games, sports viewing, food and beverages, and social experiences. Its Dave & Buster's locations are designed for adults and families and offer interactive games, prize redemption, casual dining, full-service bars, and space for group events and parties.

The company also operates Main Event, a family entertainment brand offering bowling, arcade games, laser tag, virtual reality attractions, and food and beverages.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.