Famous Dave’s of America Inc. (DAVE) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Famous Dave’s of America Inc. (NASDAQ:DAVE) from a hold rating to a buy rating in a report released on Tuesday. They currently have $6.00 price target on the stock.

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) “

Shares of Famous Dave’s of America (NASDAQ:DAVE) opened at 5.10 on Tuesday. The stock’s market capitalization is $35.48 million. The firm’s 50-day moving average price is $5.50 and its 200 day moving average price is $5.55. Famous Dave’s of America has a 1-year low of $4.75 and a 1-year high of $12.81.

Famous Dave’s of America (NASDAQ:DAVE) last issued its quarterly earnings data on Monday, August 15th. The company reported $0.17 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.05. Famous Dave’s of America had a negative net margin of 3.92% and a positive return on equity of 1.07%. The business earned $28.04 million during the quarter, compared to analysts’ expectations of $28.72 million. During the same period last year, the company posted $0.18 EPS. The company’s revenue was down 14.3% on a year-over-year basis. Equities research analysts expect that Famous Dave’s of America will post $0.30 earnings per share for the current fiscal year.

In other news, major shareholder Bandera Partners Llc bought 136,754 shares of the stock in a transaction on Thursday, July 21st. The stock was purchased at an average cost of $5.00 per share, with a total value of $683,770.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 39.38% of the company’s stock.

An institutional investor recently raised its position in Famous Dave’s of America stock. Renaissance Technologies LLC boosted its stake in Famous Dave’s of America Inc. (NASDAQ:DAVE) by 10.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 258,800 shares of the company’s stock after buying an additional 24,680 shares during the period. Renaissance Technologies LLC owned about 3.72% of Famous Dave’s of America worth $1,576,000 at the end of the most recent quarter. 70.16% of the stock is owned by institutional investors.

Famous Dave’s of America Company Profile

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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