Kona Grill Inc (NASDAQ:KONA)’s share price reached a new 52-week low during mid-day trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $4.60 and last traded at $4.60, with a volume of 177,744 shares changing hands. The stock had previously closed at $5.35.
The restaurant operator reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by $0.11. Kona Grill had a negative return on equity of 12.30% and a negative net margin of 4.30%. The company had revenue of $45.20 million for the quarter, compared to the consensus estimate of $46.96 million. During the same quarter last year, the firm posted ($0.15) earnings per share. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year.
A number of research firms have commented on KONA. Wedbush dropped their price target on shares of Kona Grill from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 28th. Telsey Advisory Group downgraded shares of Kona Grill from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $13.00 to $8.00 in a research report on Tuesday, May 9th. Zacks Investment Research downgraded shares of Kona Grill from a “hold” rating to a “sell” rating in a report on Tuesday, January 24th. Finally, Feltl & Co. downgraded shares of Kona Grill from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $12.75.
In other news, major shareholder Bbs Capital Fund Lp bought 50,000 shares of the company’s stock in a transaction dated Thursday, May 11th. The shares were acquired at an average cost of $4.83 per share, with a total value of $241,500.00. Following the completion of the transaction, the insider now directly owns 92,602 shares in the company, valued at approximately $447,267.66. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders bought 51,000 shares of company stock worth $246,750. 25.60% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in KONA. Penn Capital Management Co. Inc. increased its position in Kona Grill by 76.0% in the third quarter. Penn Capital Management Co. Inc. now owns 505,961 shares of the restaurant operator’s stock valued at $6,360,000 after buying an additional 218,521 shares during the period. Renaissance Technologies LLC increased its position in shares of Kona Grill by 2.7% in the first quarter. Renaissance Technologies LLC now owns 429,059 shares of the restaurant operator’s stock worth $2,703,000 after buying an additional 11,100 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Kona Grill by 5.5% in the first quarter. Vanguard Group Inc. now owns 365,025 shares of the restaurant operator’s stock worth $2,300,000 after buying an additional 19,006 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Kona Grill by 18.6% in the first quarter. Dimensional Fund Advisors LP now owns 323,830 shares of the restaurant operator’s stock worth $2,040,000 after buying an additional 50,686 shares during the last quarter. Finally, Addison Clark Management L.L.C. increased its position in shares of Kona Grill by 201.9% in the first quarter. Addison Clark Management L.L.C. now owns 215,840 shares of the restaurant operator’s stock worth $1,360,000 after buying an additional 144,340 shares during the last quarter. 76.35% of the stock is currently owned by institutional investors and hedge funds.
The company’s market cap is $42.66 million. The company’s 50-day moving average price is $5.42 and its 200 day moving average price is $8.64.
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Kona Grill Company Profile
Kona Grill, Inc owns and operates upscale casual dining restaurants under the name Kona Grill. The Company owns and operates approximately 40 restaurants in 20 states throughout the United States and Puerto Rico. Its high-volume upscale casual restaurants feature a global menu of contemporary American favorites and sushi.
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