Famous Dave’s of America Inc. (NASDAQ:DAVE) shares dropped 5.6% on Tuesday . The stock traded as low as $6.11 and last traded at $6.18, with a volume of 105,019 shares. The stock had previously closed at $6.55.

Separately, Zacks Investment Research upgraded shares of Famous Dave’s of America from a “hold” rating to a “strong-buy” rating and set a $5.75 target price on the stock in a research report on Thursday, May 19th.

The firm’s market cap is $41.83 million. The stock’s 50 day moving average is $5.55 and its 200 day moving average is $5.69.

Famous Dave’s of America (NASDAQ:DAVE) last posted its quarterly earnings results on Monday, August 15th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.05. The business earned $28.04 million during the quarter, compared to the consensus estimate of $28.72 million. During the same quarter in the previous year, the business posted $0.18 earnings per share. The company’s quarterly revenue was down 14.3% compared to the same quarter last year. On average, analysts expect that Famous Dave’s of America Inc. will post $0.20 EPS for the current fiscal year.

In related news, insider Pw Partners Atlas Fund Ii, Lp bought 35,000 shares of the stock in a transaction on Monday, June 27th. The shares were purchased at an average price of $5.02 per share, with a total value of $175,700.00. Following the purchase, the insider now owns 52,575 shares in the company, valued at $263,926.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Bandera Partners Llc bought 136,754 shares of the stock in a transaction on Thursday, July 21st. The shares were bought at an average cost of $5.00 per share, for a total transaction of $683,770.00. The disclosure for this purchase can be found here.

Famous Dave’s of America, Inc owns, operates, and franchises restaurants. The Company’s menu focuses on smoked, barbequed, grilled meats, entree items and side dishes, which are prepared using seasonings, sauces and mixes. As of December 28, 2014, there were 189 Famous Dave’s restaurants operating in 34 states, the Commonwealth of Puerto Rico and Canada, including 50 Company-owned restaurants and 139 franchise-operated restaurants.

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