Rave Restaurant Group, Inc. (NASDAQ:RAVE) Shares Shorted: Short Interest Down 56.6% in September

Rave Restaurant Group, Inc. (NASDAQ:RAVE) was the recipient of a large drop in short interest in September. As of September 30th, there was short interest totaling 31,247 shares, a drop of 56.6% from the September 15th total of 71,959 shares. Currently, 0.3% of the company’s shares are short sold. Based on an average daily volume of 149,523 shares, the days-to-cover ratio is currently 0.2 days.

Hedge Funds Weigh In On Rave Restaurant Group

Large investors have recently added to or reduced their stakes in the company. Saber Capital Managment LLC acquired a new stake in shares of Rave Restaurant Group during the 4th quarter worth approximately $514,000. Renaissance Technologies LLC raised its stake in shares of Rave Restaurant Group by 6.8% in the first quarter. Renaissance Technologies LLC now owns 177,061 shares of the restaurant operator’s stock valued at $469,000 after purchasing an additional 11,205 shares in the last quarter. BlackRock Inc. bought a new position in Rave Restaurant Group in the second quarter worth $233,000. NewEdge Advisors LLC boosted its stake in Rave Restaurant Group by 32.3% during the second quarter. NewEdge Advisors LLC now owns 33,067 shares of the restaurant operator’s stock worth $108,000 after buying an additional 8,067 shares in the last quarter. Finally, James Investment Research Inc. boosted its stake in Rave Restaurant Group by 56.2% during the first quarter. James Investment Research Inc. now owns 25,000 shares of the restaurant operator’s stock worth $66,000 after buying an additional 9,000 shares in the last quarter. Institutional investors and hedge funds own 15.12% of the company’s stock.

Rave Restaurant Group Trading Down 2.2%

Rave Restaurant Group stock traded down $0.05 during trading hours on Tuesday, reaching $2.20. 71,356 shares of the company were exchanged, compared to its average volume of 55,553. The firm has a market cap of $31.27 million, a price-to-earnings ratio of 10.48 and a beta of 0.49. The stock has a 50-day moving average of $2.84 and a 200 day moving average of $2.90. Rave Restaurant Group has a 12 month low of $2.06 and a 12 month high of $3.60.

Rave Restaurant Group (NASDAQ:RAVE) last released its earnings results on Thursday, September 24th. The restaurant operator reported $0.05 earnings per share (EPS) for the quarter. Rave Restaurant Group had a return on equity of 17.94% and a net margin of 22.29%. The firm had revenue of $3.43 million for the quarter.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded Rave Restaurant Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, October 6th. One equities research analyst has rated the stock with a Hold rating. According to data from MarketBeat, the company currently has an average rating of “Hold”.

Rave Restaurant Group Company Profile

Rave Restaurant Group, Inc (NASDAQ:RAVE) is a restaurant company that develops, owns, franchises and licenses pizza restaurant concepts. Its principal brands are Pizza Inn and Pie Five Pizza, which serve customers through franchised locations and, in some cases, company-operated restaurants.

Pizza Inn is a traditional pizza brand offering pizzas, pasta, salads and other Italian-American menu items through dine-in, delivery and carryout formats. Pie Five Pizza is a fast-casual concept focused on made-to-order pizzas, allowing customers to customize their selections and have them prepared quickly.

The company traces its Pizza Inn business to the brand’s founding in Texas in 1958.