Kent Lake Capital LLC Sells 100,000 Shares of Bowlero Corp. (NYSE:BOWL)

Kent Lake Capital LLC trimmed its position in shares of Bowlero Corp. (NYSE:BOWL - Free Report) by 16.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 500,000 shares of the company's stock after selling 100,000 shares during the period. Bowlero comprises approximately 2.7% of Kent Lake Capital LLC's portfolio, making the stock its 16th biggest holding. Kent Lake Capital LLC owned about 0.33% of Bowlero worth $7,080,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of BOWL. Bank of New York Mellon Corp bought a new position in Bowlero during the first quarter valued at about $1,548,000. Citigroup Inc. bought a new position in Bowlero during the first quarter valued at about $100,000. BlackRock Inc. bought a new position in Bowlero during the first quarter valued at about $5,168,000. Dakota Wealth Management bought a new position in Bowlero during the first quarter valued at about $213,000. Finally, Vanguard Group Inc. bought a new position in Bowlero during the first quarter valued at about $26,555,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Michelle D. Wilson sold 87,267 shares of Bowlero stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $12.88, for a total transaction of $1,123,998.96. Following the sale, the director now directly owns 1,040,204 shares of the company's stock, valued at $13,397,827.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 56.54% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on BOWL shares. Oppenheimer raised their target price on Bowlero from $16.00 to $18.00 and gave the company an "outperform" rating in a report on Wednesday, February 14th. 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. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $19.29.

Bowlero Stock Performance

Shares of NYSE:BOWL traded up $0.26 during midday trading on Friday, hitting $13.44. The company's stock had a trading volume of 388,181 shares, compared to its average volume of 647,759. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of 74.67 and a beta of 0.50. The stock's 50 day simple moving average is $13.10 and its 200 day simple moving average is $11.90. Bowlero Corp. has a fifty-two week low of $8.85 and a fifty-two week high of $16.20. The company has a debt-to-equity ratio of 46.80, a quick ratio of 1.14 and a current ratio of 1.22.

Bowlero (NYSE:BOWL - Get Free Report) last issued its quarterly earnings results on Monday, February 5th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.13). The business 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, research analysts anticipate that Bowlero Corp. will post 0.17 earnings per share for the current year.

Bowlero Announces Dividend

The company also recently announced a Variable dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a dividend of $0.055 per share. The ex-dividend date of this dividend was Thursday, February 22nd. Bowlero's dividend payout ratio (DPR) is presently 122.22%.

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.