Bowlero (NYSE:BOWL) Shares Gap Down Following Analyst Downgrade

Bowlero Corp. (NYSE:BOWL - Get Free Report)'s stock price gapped down prior to trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $17.00 to $16.00. The stock had previously closed at $12.49, but opened at $10.62. JPMorgan Chase & Co. currently has an overweight rating on the stock. Bowlero shares last traded at $10.20, with a volume of 1,813,220 shares changing hands.

A number of other equities research analysts also recently commented on BOWL. Stifel Nicolaus reduced their target price on Bowlero from $21.00 to $19.00 and set a "buy" rating for the company in a report on Tuesday, April 23rd. Roth Mkm raised their target price on Bowlero from $14.00 to $17.00 and gave the company a "buy" rating in a report on Tuesday, February 6th. Finally, Oppenheimer lifted their price target on Bowlero from $16.00 to $18.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Bowlero currently has an average rating of "Buy" and an average price target of $18.00.

Insider Transactions at Bowlero

In other Bowlero news, Director Michelle D. Wilson sold 87,267 shares of the company's stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $12.88, for a total value of $1,123,998.96. Following the completion of the transaction, the director now owns 1,040,204 shares in the company, valued at approximately $13,397,827.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 56.54% of the company's stock.

Institutional Trading of Bowlero

Institutional investors and hedge funds have recently bought and sold shares of the company. Raymond James & Associates bought a new stake in Bowlero during the 3rd quarter valued at $164,000. Bank of New York Mellon Corp raised its holdings in Bowlero by 6.0% during the third quarter. Bank of New York Mellon Corp now owns 121,436 shares of the company's stock worth $1,168,000 after purchasing an additional 6,835 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Bowlero by 23.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,692 shares of the company's stock valued at $93,000 after acquiring an additional 1,842 shares during the last quarter. Whittier Trust Co. lifted its position in shares of Bowlero by 4.4% in the 3rd quarter. Whittier Trust Co. now owns 358,257 shares of the company's stock valued at $3,446,000 after acquiring an additional 15,096 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its position in Bowlero by 2.6% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 190,160 shares of the company's stock worth $1,829,000 after acquiring an additional 4,751 shares during the period. Institutional investors and hedge funds own 68.11% of the company's stock.

Bowlero Trading Down 10.4 %

The business's 50-day simple moving average is $12.74 and its 200-day simple moving average is $12.15. The company has a current ratio of 1.22, a quick ratio of 1.14 and a debt-to-equity ratio of 46.80. The company has a market cap of $1.68 billion, a PE ratio of 62.22 and a beta of 0.57.

Bowlero (NYSE:BOWL - Get Free Report) last posted its earnings results on Monday, February 5th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.12 by ($0.13). The firm had revenue of $305.67 million during the quarter, compared to analyst estimates of $300.46 million. Bowlero had a net margin of 6.33% and a return on equity of 98.75%. As a group, analysts expect that Bowlero Corp. will post 0.15 EPS for the current fiscal year.

About Bowlero

Bowlero Corp. operates bowling entertainment centers under the AMF, Bowlmor Lanes, and Bowlero brand names. The company also provides hosting and overseeing professional and non-professional bowling tournaments and related broadcasting. It operates bowling centers in the United States, Mexico, and Canada.