Oppenheimer Has Lowered Expectations for Pinstripes (NYSE:PNST) Stock Price

Pinstripes (NYSE:PNST) had its target price lowered by equities researchers at Oppenheimer from $5.00 to $2.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price target would suggest a potential upside of 159.74% from the stock’s previous close.

Separately, BTIG Research reduced their price target on Pinstripes from $4.00 to $3.00 and set a “buy” rating for the company in a report on Wednesday.

Pinstripes Price Performance

Shares of PNST opened at $0.77 on Wednesday. Pinstripes has a 1 year low of $0.56 and a 1 year high of $16.00. The company’s fifty day moving average is $0.76 and its two-hundred day moving average is $1.79.

Pinstripes (NYSE:PNST) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.12). The firm had revenue of $30.60 million for the quarter, compared to analyst estimates of $34.45 million. On average, sell-side analysts predict that Pinstripes will post -0.65 earnings per share for the current year.

Institutional Investors Weigh In On Pinstripes

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Pinstripes in the 2nd quarter worth approximately $1,714,000. Rothschild Investment LLC acquired a new stake in Pinstripes in the second quarter valued at $36,000. Greenwood Gearhart Inc. purchased a new position in shares of Pinstripes in the second quarter valued at $70,000. Lakewood Asset Management LLC acquired a new position in shares of Pinstripes during the 2nd quarter worth $246,000. Finally, Rockefeller Capital Management L.P. purchased a new stake in shares of Pinstripes in the 3rd quarter worth about $240,000. 56.79% of the stock is currently owned by institutional investors and hedge funds.

Pinstripes Company Profile

Pinstripes Holdings Inc operates a dining and entertainment concept restaurants. The company provides Italian-American food and beverage menu with bowling, bocce, and event space. It also offers private event options and catering services. The company is based in Northbrook, Illinois.