Millennium Management LLC Cuts Stock Position in Bowlero Corp. (NYSE:BOWL)

Millennium Management LLC decreased its holdings in shares of Bowlero Corp. (NYSE:BOWL) by 38.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 641,110 shares of the company’s stock after selling 402,679 shares during the quarter. Millennium Management LLC owned about 0.43% of Bowlero worth $9,290,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in BOWL. Bullseye Asset Management LLC raised its position in shares of Bowlero by 39.2% during the 4th quarter. Bullseye Asset Management LLC now owns 159,940 shares of the company’s stock valued at $2,265,000 after buying an additional 45,000 shares in the last quarter. GLOBALT Investments LLC GA bought a new stake in shares of Bowlero in the 4th quarter valued at approximately $625,000. PNC Financial Services Group Inc. lifted its stake in shares of Bowlero by 47.2% in the 4th 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. Diversified Trust Co boosted its holdings in shares of Bowlero by 39.4% in the 1st quarter. Diversified Trust Co now owns 23,700 shares of the company’s stock worth $325,000 after purchasing an additional 6,700 shares during the period. Finally, Russell Investments Group Ltd. bought a new position in shares of Bowlero during the 1st quarter valued at approximately $1,636,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BOWL has been the subject of several recent analyst reports. Royal Bank of Canada raised shares of Bowlero to a “moderate buy” rating in a research note on Thursday, October 3rd. B. Riley reaffirmed a “buy” rating and set a $17.00 price target on shares of Bowlero in a research note on Tuesday, September 3rd. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $18.00 price objective on shares of Bowlero in a research report on Monday, September 30th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Bowlero currently has a consensus rating of “Moderate Buy” and an average target price of $16.57.

Bowlero Stock Performance

NYSE:BOWL opened at $11.64 on Wednesday. The firm has a 50-day simple moving average of $11.47 and a 200-day simple moving average of $12.38. Bowlero Corp. has a one year low of $8.85 and a one year high of $15.47. The firm has a market cap of $1.73 billion, a P/E ratio of 21.98 and a beta of 0.60.

Bowlero (NYSE:BOWL) last posted its earnings results on Thursday, September 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.05). Bowlero had a negative net margin of 7.24% and a negative return on equity of 5.36%. The company had revenue of $283.87 million during the quarter, compared to analysts’ expectations of $273.33 million. On average, research analysts predict that Bowlero Corp. will post 0.29 EPS for the current fiscal year.

Bowlero Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 23rd were given a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend was Friday, August 23rd. Bowlero’s dividend payout ratio is currently 41.51%.

Bowlero Company Profile

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.