Bowlero Corp. (NYSE:BOWL) Short Interest Down 7.7% in August

Bowlero Corp. (NYSE:BOWL) was the target of a large drop in short interest in August. As of August 31st, there was short interest totalling 12,130,000 shares, a drop of 7.7% from the August 15th total of 13,140,000 shares. Approximately 14.6% of the company’s stock are sold short. Based on an average daily volume of 602,300 shares, the days-to-cover ratio is currently 20.1 days.

Bowlero Price Performance

Shares of BOWL stock traded down $0.32 during mid-day trading on Wednesday, hitting $11.87. The stock had a trading volume of 304,713 shares, compared to its average volume of 861,400. The firm has a market cap of $1.77 billion, a PE ratio of 22.57 and a beta of 0.59. The company’s 50-day simple moving average is $11.97 and its 200-day simple moving average is $12.54. Bowlero has a fifty-two week low of $8.85 and a fifty-two week high of $15.47.

Bowlero Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 23rd were issued a $0.055 dividend. The ex-dividend date was Friday, August 23rd. This represents a $0.22 annualized dividend and a dividend yield of 1.85%. Bowlero’s dividend payout ratio is currently 41.51%.

Analysts Set New Price Targets

Separately, B. Riley reaffirmed a “buy” rating and issued a $17.00 target price on shares of Bowlero in a research report on Tuesday, September 3rd. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.57.

Institutional Investors Weigh In On Bowlero

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. grew its holdings in Bowlero by 47.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 7,800 shares of the company’s stock valued at $110,000 after purchasing an additional 2,500 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Bowlero by 7.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,953 shares of the company’s stock worth $205,000 after acquiring an additional 978 shares during the last quarter. Diversified Trust Co grew its position in shares of Bowlero by 39.4% in the first quarter. Diversified Trust Co now owns 23,700 shares of the company’s stock valued at $325,000 after purchasing an additional 6,700 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Bowlero in the second quarter valued at approximately $392,000. Finally, XTX Topco Ltd purchased a new position in shares of Bowlero during the 2nd quarter worth approximately $411,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

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.