Famous Dave’s of America, Inc. (DAVE) Upgraded to “Strong-Buy” by 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 research note issued on Friday. The firm presently has a $5.00 target price on the restaurant operator’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 13.64% from the company’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 “sell” rating to a “hold” rating in a research report on Friday, September 1st.
Shares of Famous Dave’s of America (NASDAQ:DAVE) traded up 2.95% during midday trading on Friday, hitting $4.40. 7,066 shares of the stock were exchanged. The firm’s 50 day moving average price is $3.91 and its 200-day moving average price is $4.07. The stock’s market cap is $30.61 million. Famous Dave’s of America has a 52-week low of $3.38 and a 52-week high of $6.60.
Famous Dave’s of America (NASDAQ:DAVE) last posted its quarterly earnings data on Monday, August 14th. The restaurant operator reported $0.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.07. Famous Dave’s of America had a positive return on equity of 0.70% and a negative net margin of 6.19%. The firm had revenue of $25.30 million for the quarter, compared to analysts’ expectations of $26.06 million. During the same period in the previous year, the firm earned $0.17 EPS. The business’s quarterly revenue was down 8.8% on a year-over-year basis. On average, equities research analysts expect that Famous Dave’s of America will post ($0.06) earnings per share for the current fiscal year.
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In other Famous Dave’s of America news, major shareholder Bandera Partners Llc purchased 8,040 shares of the stock in a transaction that occurred on Monday, June 19th. The shares were bought at an average cost of $3.45 per share, with a total value of $27,738.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles William Mooty purchased 16,256 shares of the stock in a transaction that occurred on Monday, August 21st. The stock was acquired 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 in the company, valued at approximately $333,024. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 329,107 shares of company stock worth $1,163,285. Insiders own 27.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of DAVE. Bandera Partners LLC lifted its holdings in Famous Dave’s of America by 31.0% in the 2nd quarter. Bandera Partners LLC now owns 1,093,265 shares of the restaurant operator’s stock worth $3,936,000 after purchasing an additional 258,893 shares in the last quarter. Raging Capital Management LLC lifted its holdings in Famous Dave’s of America by 14.9% in the 1st quarter. Raging Capital Management LLC now owns 617,715 shares of the restaurant operator’s stock worth $2,378,000 after purchasing an additional 80,098 shares in the last quarter. Finally, Perkins Capital Management Inc. lifted its holdings in Famous Dave’s of America by 11.7% in the 2nd quarter. Perkins Capital Management Inc. now owns 176,100 shares of the restaurant operator’s stock worth $634,000 after purchasing an additional 18,500 shares in the last quarter. 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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