Short Interest in Kona Grill, Inc. (KONA) Expands By 47.2%
Kona Grill, Inc. (NASDAQ:KONA) was the recipient of a large increase in short interest in August. As of August 15th, there was short interest totalling 2,329,896 shares, an increase of 47.2% from the July 31st total of 1,583,179 shares. Based on an average trading volume of 391,274 shares, the short-interest ratio is presently 6.0 days. Approximately 27.2% of the shares of the stock are short sold.
In other Kona Grill news, Director James R. Jundt purchased 21,000 shares of the stock in a transaction on Monday, August 7th. The shares were purchased at an average price of $1.59 per share, with a total value of $33,390.00. Following the acquisition, the director now directly owns 696,611 shares in the company, valued at approximately $1,107,611.49. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director James R. Jundt purchased 21,100 shares of the stock in a transaction on Tuesday, August 8th. The stock was acquired at an average cost of $1.59 per share, for a total transaction of $33,549.00. Following the acquisition, the director now owns 696,611 shares in the company, valued at $1,107,611.49. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 160,100 shares of company stock worth $365,439. Insiders own 29.20% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its position in Kona Grill by 1.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 273,144 shares of the restaurant operator’s stock valued at $3,428,000 after buying an additional 5,216 shares during the period. Addison Clark Management L.L.C. increased its position in Kona Grill by 201.9% in the first quarter. Addison Clark Management L.L.C. now owns 215,840 shares of the restaurant operator’s stock valued at $1,360,000 after buying an additional 144,340 shares during the period. Renaissance Technologies LLC increased its position in Kona Grill by 2.7% in the first quarter. Renaissance Technologies LLC now owns 429,059 shares of the restaurant operator’s stock valued at $2,703,000 after buying an additional 11,100 shares during the period. KCG Holdings Inc. acquired a new position in Kona Grill during the first quarter valued at approximately $200,000. Finally, Engine Capital Management LLC acquired a new position in Kona Grill during the first quarter valued at approximately $189,000. Institutional investors and hedge funds own 50.14% of the company’s stock.
Kona Grill (KONA) opened at 3.00 on Thursday. Kona Grill has a one year low of $1.50 and a one year high of $14.44. The company’s 50 day moving average price is $2.47 and its 200-day moving average price is $4.67. The stock’s market capitalization is $30.31 million.
Kona Grill (NASDAQ:KONA) last posted its quarterly earnings results on Monday, July 31st. The restaurant operator reported ($0.24) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by $0.14. The business had revenue of $46.98 million during the quarter, compared to analyst estimates of $48.96 million. Kona Grill had a negative return on equity of 39.42% and a negative net margin of 14.98%. The business’s revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.08) EPS. Analysts expect that Kona Grill will post ($1.08) earnings per share for the current year.
Several analysts have weighed in on the company. Lake Street Capital reaffirmed a “buy” rating and issued a $5.00 price target (down previously from $9.00) on shares of Kona Grill in a report on Tuesday, August 1st. Telsey Advisory Group decreased their price objective on Kona Grill from $8.00 to $4.00 and set a “market perform” rating on the stock in a report on Tuesday, August 1st. Raymond James Financial, Inc. reissued a “market perform” rating on shares of Kona Grill in a report on Monday, July 24th. Zacks Investment Research raised Kona Grill from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Finally, ValuEngine cut Kona Grill from a “sell” rating to a “strong sell” rating in a report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $6.67.
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About Kona Grill
Kona Grill, Inc owns and operates upscale casual dining restaurants under the name Kona Grill. The Company owns and operates approximately 40 restaurants in 20 states throughout the United States and Puerto Rico. Its high-volume upscale casual restaurants feature a global menu of contemporary American favorites and sushi.
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