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

Bowlero Corp. (NYSE:BOWL) saw a large 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. Currently, 14.6% of the company’s shares are sold short. Based on an average daily trading volume, of 602,300 shares, the days-to-cover ratio is currently 20.1 days.

Bowlero Trading Down 3.3 %

BOWL traded down $0.40 on Wednesday, hitting $11.79. 451,802 shares of the company were exchanged, compared to its average volume of 862,217. Bowlero has a twelve month low of $8.85 and a twelve month high of $15.47. The firm has a 50-day moving average price of $11.97 and a two-hundred day moving average price of $12.54. The company has a market cap of $1.76 billion, a price-to-earnings ratio of 22.57 and a beta of 0.59.

Bowlero Dividend Announcement

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

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Bowlero

Hedge funds and other institutional investors have recently made changes to their positions in the business. Russell Investments Group Ltd. acquired a new position in Bowlero during the first quarter worth approximately $1,636,000. Boston Partners boosted its stake in shares of Bowlero by 6.0% during the 1st quarter. Boston Partners now owns 3,646,113 shares of the company’s stock worth $49,004,000 after acquiring an additional 205,902 shares in the last quarter. Champlain Investment Partners LLC grew its holdings in Bowlero by 10.8% in the first quarter. Champlain Investment Partners LLC now owns 2,817,305 shares of the company’s stock valued at $38,597,000 after purchasing an additional 275,525 shares during the last quarter. Lisanti Capital Growth LLC acquired a new position in Bowlero during the second quarter worth about $2,648,000. Finally, Diversified Trust Co lifted its stake in Bowlero by 39.4% in the 1st quarter. Diversified Trust Co now owns 23,700 shares of the company’s stock valued at $325,000 after buying an additional 6,700 shares in the last quarter. 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.