Famous Dave’s of America, Inc. (DAVE) Cut to “Hold” at Zacks Investment Research

Famous Dave’s of America, Inc. (NASDAQ:DAVE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

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 upgraded shares of Famous Dave’s of America from a “sell” rating to a “hold” rating in a research report on Friday, September 1st.

Famous Dave’s of America (NASDAQ DAVE) remained flat at $3.90 on Wednesday. The company had a trading volume of 3,698 shares. The firm’s market cap is $27.13 million. The firm’s 50-day moving average price is $4.19 and its 200 day moving average price is $3.91. Famous Dave’s of America has a one year low of $3.38 and a one year high of $6.60.

Famous Dave’s of America (NASDAQ:DAVE) last issued its earnings results on Monday, August 14th. The restaurant operator reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.07. Famous Dave’s of America had a negative net margin of 6.19% and a positive return on equity of 0.70%. The company had revenue of $25.30 million for the quarter, compared to analyst estimates of $26.06 million. During the same period in the prior year, the business posted $0.17 earnings per share. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year. Equities research analysts anticipate that Famous Dave’s of America will post ($0.06) earnings per share for the current fiscal year.

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In other news, Director Charles William Mooty acquired 16,256 shares of Famous Dave’s of America stock in a transaction that occurred on Monday, August 21st. The shares were acquired at an average price of $4.00 per share, with a total value of $65,024.00. Following the completion of the purchase, the director now owns 83,256 shares of the company’s stock, valued at approximately $333,024. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Bandera Partners Llc acquired 17,708 shares of Famous Dave’s of America stock in a transaction that occurred on Thursday, August 10th. The shares were purchased at an average cost of $3.45 per share, for a total transaction of $61,092.60. The disclosure for this purchase can be found here. Insiders bought 62,092 shares of company stock worth $229,566 over the last quarter. Company insiders own 27.00% of the company’s stock.

A hedge fund recently raised its stake in Famous Dave’s of America stock. Perkins Capital Management Inc. lifted its holdings in Famous Dave’s of America, Inc. (NASDAQ:DAVE) by 11.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 176,100 shares of the restaurant operator’s stock after acquiring an additional 18,500 shares during the period. Perkins Capital Management Inc. owned approximately 2.53% of Famous Dave’s of America worth $634,000 as of its most recent SEC filing. Institutional investors and hedge funds own 62.42% 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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