Cracker Barrel Old Country Store (NASDAQ:CBRL) Trading Down 5.3% - What's Next?

Key Points

• Cracker Barrel shares fell 5.3% to $47.84 in midday trading, with volume dramatically below average at 43,902 shares versus 1.17 million typically.
• Analyst sentiment remains mixed: the stock carries an average “Hold” rating and a $48.14 target price, despite Wells Fargo raising its target to $60 and Zacks upgrading it to “strong buy.”
• Institutional investors and hedge funds own 96.01% of the stock, while the company has a $1.02 billion market capitalization and trades at a P/E ratio of 39.43.

Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL - Get Free Report)'s stock price was down 5.3% during mid-day trading on Tuesday . The company traded as low as $48.14 and last traded at $47.84. 43,902 shares were traded during trading, a decline of 96% from the average session volume of 1,174,656 shares. The stock had previously closed at $50.53.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Citigroup raised their target price on Cracker Barrel Old Country Store from $34.00 to $42.00 and gave the company a "sell" rating in a research note on Tuesday, July 21st. Weiss Ratings raised shares of Cracker Barrel Old Country Store from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, July 8th. Zacks Research upgraded shares of Cracker Barrel Old Country Store from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 24th. Wells Fargo & Company upped their target price on shares of 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. Finally, UBS Group restated a "neutral" rating on shares of Cracker Barrel Old Country Store in a research note on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $48.14.

Cracker Barrel Old Country Store Trading Down 9.5%

The business's 50 day moving average is $54.64 and its two-hundred day moving average is $41.29. The firm has a market capitalization of $1.02 billion, a P/E ratio of 39.43 and a beta of 1.19. The company has a quick ratio of 0.19, a current ratio of 0.50 and a debt-to-equity ratio of 0.72.

Hedge Funds Weigh In On Cracker Barrel Old Country Store

Several hedge funds have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Cracker Barrel Old Country Store in the 2nd quarter worth approximately $11,152,000. Meros Investment Management LP acquired a new stake in shares of Cracker Barrel Old Country Store during the 2nd quarter valued at $8,492,076. Bank of New York Mellon Corp acquired a new stake in shares of Cracker Barrel Old Country Store during the 2nd quarter valued at $7,444,000. UBS Group AG raised its position in shares of Cracker Barrel Old Country Store by 50.3% during the fourth quarter. UBS Group AG now owns 292,220 shares of the restaurant operator's stock worth $7,422,000 after purchasing an additional 97,761 shares during the period. Finally, Empowered Funds LLC purchased a new stake in shares of Cracker Barrel Old Country Store during the second quarter valued at $4,854,000. 96.01% of the stock is currently owned by institutional investors and hedge funds.

About Cracker Barrel Old Country Store

Cracker Barrel Old Country Store, Inc operates a chain of full-service restaurants and retail stores under the Cracker Barrel brand. Its restaurants offer Southern-inspired, homestyle meals, including breakfast served throughout the day, lunch, dinner and seasonal menu items.

The company's adjoining country stores sell a variety of merchandise, including home décor, apparel, gifts, toys, games, candy, music and food products. Cracker Barrel's locations are designed around a nostalgic country-store and roadside dining experience, with many restaurants featuring front porches and rocking chairs.

Founded in 1969 by Dan Evins, the company opened its first location in Lebanon, Tennessee.

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