Famous Dave’s of America, Inc. (DAVE) Rating Increased to Strong-Buy at Zacks Investment Research
Famous Dave’s of America, Inc. (NASDAQ:DAVE) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Friday. The brokerage presently has a $5.00 price objective on the restaurant operator’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 13.64% from the stock’s previous close.
According to Zacks, “Famous Dave’s owns, operates and franchises barbeque restaurants and blues clubs. The company currently owns locations and franchises locations in Minnesota, Wisconsin, Illinois, Iowa, Nebraska, Utah, Maryland and Virginia and has signed development agreements for an additional franchised locations. Its menu features award-winning barbecued and grilled meats, an ample selection of salads, side items, sandwiches and unique desserts. (Press Release) “
Separately, ValuEngine raised Famous Dave’s of America from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 16th.
Famous Dave’s of America (NASDAQ:DAVE) opened at 4.40 on Friday. Famous Dave’s of America has a 52 week low of $3.38 and a 52 week high of $6.60. The company’s market capitalization is $30.61 million. The company’s 50 day moving average price is $3.91 and its 200-day moving average price is $4.07.
Famous Dave’s of America (NASDAQ:DAVE) last posted its earnings results on Monday, August 14th. The restaurant operator reported $0.16 EPS for the quarter, topping the consensus estimate of $0.09 by $0.07. The firm had revenue of $25.30 million for the quarter, compared to analyst estimates of $26.06 million. Famous Dave’s of America had a positive return on equity of 0.70% and a negative net margin of 6.19%. Famous Dave’s of America’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same period last year, the company earned $0.17 earnings per share. Equities research analysts expect that Famous Dave’s of America will post ($0.06) earnings per share for the current year.
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In related news, major shareholder Bandera Partners Llc bought 8,040 shares of the company’s stock in a transaction that occurred on Monday, June 19th. The shares were purchased at an average cost of $3.45 per share, with a total value of $27,738.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles William Mooty bought 16,256 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The shares were bought at an average cost of $4.00 per share, for a total transaction of $65,024.00. Following the completion of the acquisition, the director now owns 83,256 shares of the company’s stock, valued at $333,024. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 329,107 shares of company stock worth $1,163,285. 27.00% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Bandera Partners LLC grew its holdings in Famous Dave’s of America by 31.0% in the second quarter. Bandera Partners LLC now owns 1,093,265 shares of the restaurant operator’s stock valued at $3,936,000 after purchasing an additional 258,893 shares during the period. Perkins Capital Management Inc. grew its holdings in Famous Dave’s of America by 11.7% in the second quarter. Perkins Capital Management Inc. now owns 176,100 shares of the restaurant operator’s stock valued at $634,000 after purchasing an additional 18,500 shares during the period. Finally, Raging Capital Management LLC grew its holdings in Famous Dave’s of America by 14.9% in the first quarter. Raging Capital Management LLC now owns 617,715 shares of the restaurant operator’s stock valued at $2,378,000 after purchasing an additional 80,098 shares during the period. 62.42% of the stock is currently owned by institutional investors.
About Famous Dave’s of America
Famous Dave’s of America, Inc (Famous Dave’s) operates restaurants. The Company’s restaurants, which offer full table service, feature wood-smoked and off-the-grill entree favorites that fit into the barbeque category. It has the Company-owned and franchise-operated restaurants in the United States, the Commonwealth of Puerto Rico, and Canada, and it operates within the industry segment of foodservice.
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