Noodles & Co. (NDLS) Downgraded by BMO Capital Markets to Market Perform
Noodles & Co. (NASDAQ:NDLS) was downgraded by analysts at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a research note issued on Tuesday. They currently have a $9.00 price objective on the stock, down from their previous price objective of $15.00. BMO Capital Markets’ target price would indicate a potential upside of 100.45% from the stock’s previous close.
NDLS has been the topic of several other reports. Zacks Investment Research cut shares of Noodles & Co. from a “hold” rating to a “sell” rating in a report on Thursday, July 14th. Jefferies Group reaffirmed a “buy” rating and issued a $14.00 price target on shares of Noodles & Co. in a report on Saturday, June 25th. Robert W. Baird reaffirmed a “hold” rating on shares of Noodles & Co. in a report on Monday, May 16th. Finally, Credit Suisse Group AG reaffirmed a “hold” rating on shares of Noodles & Co. in a report on Wednesday, May 4th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $9.14.
Shares of Noodles & Co. (NASDAQ:NDLS) traded down 1.75% during mid-day trading on Tuesday, hitting $4.49. 152,578 shares of the stock traded hands. The stock’s market cap is $125.03 million. Noodles & Co. has a 12-month low of $4.41 and a 12-month high of $14.95. The firm’s 50 day moving average price is $5.83 and its 200-day moving average price is $8.86.
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Noodles & Co. (NASDAQ:NDLS) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by $0.02. The company earned $121.40 million during the quarter, compared to analyst estimates of $121.15 million. Noodles & Co. had a negative net margin of 6.50% and a negative return on equity of 2.75%. The company’s revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.10 earnings per share. Analysts predict that Noodles & Co. will post ($0.10) earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE raised its position in Noodles & Co. by 11.8% in the second quarter. US Bancorp DE now owns 13,551 shares of the company’s stock valued at $132,000 after buying an additional 1,432 shares in the last quarter. A.R.T. Advisors LLC bought a new position in shares of Noodles & Co. during the first quarter worth about $150,000. Envestnet Asset Management Inc. raised its position in shares of Noodles & Co. by 22.2% in the first quarter. Envestnet Asset Management Inc. now owns 16,432 shares of the company’s stock worth $195,000 after buying an additional 2,981 shares in the last quarter. BlackRock Investment Management LLC raised its position in shares of Noodles & Co. by 8.8% in the second quarter. BlackRock Investment Management LLC now owns 45,521 shares of the company’s stock worth $445,000 after buying an additional 3,664 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Noodles & Co. by 2.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 45,490 shares of the company’s stock worth $445,000 after buying an additional 966 shares in the last quarter. Institutional investors and hedge funds own 96.89% of the company’s stock.
About Noodles & Co.
Noodles & Company develops and operates fast casual restaurants. The Company’s menu includes a range of cooked-to-order dishes, including noodles and pasta, soups, salads, sandwiches and appetizers. The Company has approximately 490 restaurants, including 420 Company-owned and 70 franchised locations, across 40 states, the District of Columbia and one Canadian province.
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