Lucky Strike Entertainment (NYSE:LUCK) Stock Price Down 7.8% – Here’s Why

Lucky Strike Entertainment (NYSE:LUCK) dropped 7.8% during trading on Wednesday. The stock traded as low as $4.77 and last traded at $4.6910. 40,859 shares changed hands during trading, a decline of 68% from the average daily volume of 126,232 shares. The stock had previously closed at $5.09.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Citizens Jmp started coverage on shares of Lucky Strike Entertainment in a research report on Monday, June 29th. They set a “market perform” rating for the company. Zacks Research lowered shares of Lucky Strike Entertainment from a “hold” rating to a “strong sell” rating in a report on Monday, August 31st. Jefferies Financial Group set a $10.00 price target on shares of Lucky Strike Entertainment in a research note on Thursday, August 27th. Roth Capital set a $6.50 price target on shares of Lucky Strike Entertainment in a report on Friday, August 28th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Lucky Strike Entertainment in a research report on Friday, July 31st. Four investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Lucky Strike Entertainment presently has an average rating of “Hold” and a consensus target price of $8.39.

Lucky Strike Entertainment Trading Down 7.6%

The business has a fifty day moving average price of $5.77 and a two-hundred day moving average price of $7.11. The firm has a market capitalization of $641.42 million, a PE ratio of -13.72 and a beta of 0.66.

Lucky Strike Entertainment (NYSE:LUCK) last posted its earnings results on Thursday, August 27th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.15). The business had revenue of $303.95 million for the quarter, compared to the consensus estimate of $311.30 million. On average, equities analysts forecast that Lucky Strike Entertainment will post -0.02 earnings per share for the current fiscal year.

Lucky Strike Entertainment Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 5.1%. The ex-dividend date was Tuesday, September 8th. Lucky Strike Entertainment’s dividend payout ratio is currently -70.59%.

Insider Buying and Selling

In other news, Director Sandeep Mathrani purchased 9,350 shares of the firm’s stock in a transaction on Friday, August 28th. The shares were bought at an average cost of $6.41 per share, for a total transaction of $59,933.50. Following the completion of the purchase, the director directly owned 9,350 shares of the company’s stock, valued at approximately $59,933.50. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Shannon purchased 30,000 shares of the stock in a transaction dated Wednesday, September 9th. The shares were purchased at an average price of $5.86 per share, with a total value of $175,800.00. Following the completion of the transaction, the chief executive officer owned 3,144,000 shares of the company’s stock, valued at approximately $18,423,840. This trade represents a 0.96% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 43,537 shares of company stock valued at $261,064 in the last ninety days. 84.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lucky Strike Entertainment

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Great Lakes Advisors LLC purchased a new stake in Lucky Strike Entertainment during the second quarter worth about $1,361,000. Rice Hall James & Associates LLC boosted its stake in shares of Lucky Strike Entertainment by 52.7% in the first quarter. Rice Hall James & Associates LLC now owns 481,189 shares of the company’s stock valued at $4,003,000 after purchasing an additional 166,104 shares during the period. Finally, Squarepoint Ops LLC grew its holdings in shares of Lucky Strike Entertainment by 69.8% in the second quarter. Squarepoint Ops LLC now owns 22,158 shares of the company’s stock valued at $166,000 after purchasing an additional 9,112 shares in the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

About Lucky Strike Entertainment

Lucky Strike Entertainment Corporation (NYSE: LUCK) is an operator of bowling and location-based entertainment venues. Its centers offer traditional and boutique bowling, arcade games, billiards, laser tag, and other recreational activities, along with food and beverage services.

The company operates venues under brands that include Lucky Strike, Bowlero and AMF. Its facilities serve a range of customers, including families, casual entertainment seekers, league bowlers, and corporate or private-event groups.