Famous Dave's of America, Inc. (NASDAQ:DAVE) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Friday.

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) “

Famous Dave's of America (NASDAQ:DAVE) remained flat at $3.90 during midday trading on Friday. The company’s stock had a trading volume of 8,086 shares. The company has a 50 day moving average price of $4.01 and a 200-day moving average price of $4.78. Famous Dave's of America has a 52 week low of $3.75 and a 52 week high of $6.73. The stock’s market cap is $27.13 million.

Famous Dave's of America (NASDAQ:DAVE) last issued its earnings results on Monday, May 15th. The restaurant operator reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by $0.03. Famous Dave's of America had a negative net margin of 7.25% and a positive return on equity of 2.79%. The company had revenue of $22 million during the quarter, compared to analyst estimates of $21.15 million. During the same quarter in the previous year, the company posted ($0.01) EPS. The company’s quarterly revenue was down 6.4% on a year-over-year basis. Analysts forecast that Famous Dave's of America will post $0.05 EPS for the current year.

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Several hedge funds and other institutional investors have recently modified their holdings of the stock. Raging Capital Management LLC bought a new position in shares of Famous Dave's of America during the fourth quarter valued at about $2,661,000. Perkins Capital Management Inc. boosted its position in shares of Famous Dave's of America by 27.1% in the first quarter. Perkins Capital Management Inc. now owns 157,600 shares of the restaurant operator’s stock valued at $615,000 after buying an additional 33,600 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Famous Dave's of America by 5.9% in the fourth quarter. Renaissance Technologies LLC now owns 316,300 shares of the restaurant operator’s stock valued at $1,566,000 after buying an additional 17,700 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Famous Dave's of America by 1.2% in the first quarter. Vanguard Group Inc. now owns 254,811 shares of the restaurant operator’s stock valued at $981,000 after buying an additional 2,924 shares during the last quarter. Institutional investors and hedge funds own 72.26% of the company’s stock.

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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