Lucky Strike Entertainment (NYSE:LUCK) Hits New 1-Year Low on Disappointing Earnings

Key Points

• Lucky Strike Entertainment shares fell 7.6% to a new 52-week low of $5.52 after the company reported disappointing quarterly results.
• The company posted an EPS loss of $0.21, missing the $0.03 loss consensus by $0.18, while revenue of $303.95 million came in below expectations of $311.30 million.
• Analysts maintain a consensus “Hold” rating with an average price target of $8.72, although recent coverage includes price-target cuts and downgrades. Institutional investors and hedge funds own 68.11% of the stock.

Lucky Strike Entertainment (NYSE:LUCK - Get Free Report) shares hit a new 52-week low during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $5.52 and last traded at $5.95, with a volume of 198979 shares trading hands. The stock had previously closed at $6.74.

The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.18). The company had revenue of $303.95 million for the quarter, compared to analysts' expectations of $311.30 million.

Analyst Upgrades and Downgrades

Several brokerages have commented on LUCK. Truist Financial dropped their price target on shares of Lucky Strike Entertainment from $10.00 to $9.00 and set a "buy" rating on the stock in a research note on Monday, July 20th. Wall Street Zen upgraded shares of Lucky Strike Entertainment from a "strong sell" rating to a "sell" rating in a research report on Saturday, June 20th. Weiss Ratings restated a "sell (d)" rating on shares of Lucky Strike Entertainment in a research note on Friday, July 31st. Craig Hallum downgraded shares of Lucky Strike Entertainment from a "buy" rating to a "hold" rating and set a $6.50 price target for the company. in a research report on Thursday, May 7th. Finally, Citigroup started coverage on Lucky Strike Entertainment in a research note on Monday, June 29th. They set a "market perform" rating for the company. Four investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $8.72.

Hedge Funds Weigh In On Lucky Strike Entertainment

A number of hedge funds have recently made changes to their positions in LUCK. State of Wyoming acquired a new stake in Lucky Strike Entertainment in the 4th quarter valued at $74,000. Bank of America Corp DE acquired a new stake in Lucky Strike Entertainment in the second quarter valued at approximately $94,000. Invesco Ltd. purchased a new stake in shares of Lucky Strike Entertainment during the second quarter valued at approximately $114,000. Jain Global LLC acquired a new position in shares of Lucky Strike Entertainment during the third quarter worth $121,000. Finally, XTX Topco Ltd acquired a new position in Lucky Strike Entertainment in the 2nd quarter worth $123,000. Hedge funds and other institutional investors own 68.11% of the company's stock.

Lucky Strike Entertainment Stock Down 7.6%

The company has a market capitalization of $851.29 million, a price-to-earnings ratio of -9.78 and a beta of 0.63. The firm has a 50 day moving average price of $7.14 and a two-hundred day moving average price of $7.83.

About Lucky Strike Entertainment

Lucky Strike Entertainment Corp. engages in operating bowling centers. It offers entertainment concepts with lounge seating, arcades, food and beverage offerings, and hosting and overseeing professional and non-professional bowling tournaments and related broadcasting. The company was founded by Thomas F. Shannon in 1997 and is headquartered in Mechanicsville, VA.

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