Traders Purchase High Volume of Call Options on Cracker Barrel Old Country Store (NASDAQ:CBRL)

Key Points

• Call-option activity surged: Traders purchased 8,484 CBRL call options, 216% above the average daily volume of 2,685.
• Analyst sentiment remains mixed: Recent price targets rose as high as $60, but the overall consensus rating is still “Hold,” with an average target of $48.14.
• Shares traded at $53.41 after falling $1.39, while institutional investors owned 96.01% of the stock. The company also beat quarterly earnings expectations, reporting $0.29 EPS versus the consensus estimate of a $0.45 loss.

Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL - Get Free Report) saw unusually large options trading activity on Thursday. Traders bought 8,484 call options on the stock. This is an increase of 216% compared to the average daily volume of 2,685 call options.

Analysts Set New Price Targets

CBRL has been the topic of a number of recent analyst reports. Bank of America raised their price objective on Cracker Barrel Old Country Store from $34.00 to $40.00 in a research note on Monday, June 15th. Wells Fargo & Company upped their target price on Cracker Barrel Old Country Store from $50.00 to $60.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 22nd. Piper Sandler reiterated a "neutral" rating and set a $51.00 price target on shares of Cracker Barrel Old Country Store in a report on Wednesday, July 22nd. Zacks Research raised shares of Cracker Barrel Old Country Store from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 24th. Finally, Argus boosted their price objective on shares of Cracker Barrel Old Country Store from $40.00 to $60.00 and gave the stock a "buy" rating in a research note on Thursday, June 11th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Cracker Barrel Old Country Store presently has an average rating of "Hold" and an average target price of $48.14.

Institutional Investors Weigh In On Cracker Barrel Old Country Store

Large investors have recently bought and sold shares of the business. Corient Private Wealth LP increased its holdings in Cracker Barrel Old Country Store by 102.9% during the 2nd quarter. Corient Private Wealth LP now owns 45,996 shares of the restaurant operator's stock valued at $2,452,000 after purchasing an additional 23,322 shares in the last quarter. California State Teachers Retirement System boosted its stake in Cracker Barrel Old Country Store by 6,939.3% in the second quarter. California State Teachers Retirement System now owns 1,297,269 shares of the restaurant operator's stock worth $69,144,000 after purchasing an additional 1,278,840 shares in the last quarter. Meadowbrook Wealth Management LLC acquired a new position in Cracker Barrel Old Country Store in the second quarter worth $530,000. AXQ Capital LP bought a new stake in shares of Cracker Barrel Old Country Store during the second quarter worth $249,000. Finally, Headlands Technologies LLC bought a new stake in shares of Cracker Barrel Old Country Store during the second quarter worth $247,000. 96.01% of the stock is currently owned by institutional investors.

Cracker Barrel Old Country Store Price Performance

Shares of Cracker Barrel Old Country Store stock traded down $1.39 during mid-day trading on Thursday, reaching $53.41. 39,993 shares of the stock were exchanged, compared to its average volume of 1,190,301. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 45.92 and a beta of 1.19. The company has a current ratio of 0.50, a quick ratio of 0.19 and a debt-to-equity ratio of 0.72. The firm has a 50-day simple moving average of $54.72 and a 200 day simple moving average of $40.17. Cracker Barrel Old Country Store has a fifty-two week low of $24.85 and a fifty-two week high of $60.26.

Cracker Barrel Old Country Store (NASDAQ:CBRL - Get Free Report) last announced its quarterly earnings results on Tuesday, June 9th. The restaurant operator reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.74. The firm had revenue of $797.37 million during the quarter, compared to the consensus estimate of $776.69 million. Cracker Barrel Old Country Store had a net margin of 0.79% and a return on equity of 2.78%. The firm's quarterly revenue was down 2.9% on a year-over-year basis. During the same period last year, the firm posted $0.56 EPS. On average, sell-side analysts predict that Cracker Barrel Old Country Store will post 0.07 EPS for the current fiscal year.

About Cracker Barrel Old Country Store

Cracker Barrel Old Country Store, Inc operates a distinctive combination of country-themed restaurants and retail stores across the United States. Since its founding in 1969, the company has focused on providing a nostalgic dining experience reminiscent of Southern hospitality, serving breakfast, lunch and dinner with an emphasis on traditional comfort foods.

The restaurant segment offers an extensive menu featuring signature items such as buttermilk pancakes, country ham, biscuits and gravy, meatloaf and pot roast.

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