Bowlero Corp. (NYSE:BOWL) Sees Significant Drop in Short Interest

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

Analyst Ratings Changes

Separately, B. Riley reiterated a “buy” rating and issued a $17.00 price target on shares of Bowlero in a research report on Tuesday, September 3rd. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Bowlero presently has a consensus rating of “Moderate Buy” and an average price target of $16.57.

Bowlero Price Performance

BOWL opened at $11.79 on Thursday. The firm has a market capitalization of $1.76 billion, a P/E ratio of 22.25 and a beta of 0.59. Bowlero has a one year low of $8.85 and a one year high of $15.47. The company has a fifty day moving average price of $11.93 and a 200-day moving average price of $12.53.

Bowlero Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 23rd were paid a $0.055 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $0.22 dividend on an annualized basis and a yield of 1.87%. Bowlero’s dividend payout ratio is currently 41.51%.

Institutional Trading of Bowlero

A number of large investors have recently modified their holdings of the business. Boulder Hill Capital Management LP purchased a new stake in Bowlero in the fourth quarter valued at approximately $607,000. 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 during the 4th quarter worth $625,000. PNC Financial Services Group Inc. grew its position in Bowlero by 47.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 7,800 shares of the company’s stock worth $110,000 after acquiring an additional 2,500 shares in the last quarter. Finally, 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 in the last quarter. Institutional investors 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.