Panagora Asset Management Inc., a prominent institutional investor, has recently increased its position in Dave & Buster’s Entertainment Inc (NASDAQ:PLAY). According to their most recent filing with the Securities and Exchange Commission, Panagora now owns 231,919 shares of the restaurant operator’s stock, representing a 1.5% increase from the previous quarter. The additional 3,538 shares acquired during this period have added significant value to Panagora’s overall investment in Dave & Buster’s Entertainment.

As of their most recent filing, Panagora Asset Management Inc. holds approximately 0.48% of the total worth of Dave & Buster’s Entertainment, amounting to $8,532,000. This reflects the strong confidence that Panagora has in the company’s future prospects and performance within the market.

This development comes amidst other noteworthy news regarding Dave & Buster’s Entertainment. John Mulleady, the Senior Vice President (SVP) of the company, recently sold 7,500 shares of Dave & Buster’s stock on June 15th. The average selling price per share was recorded at $43.31, resulting in a total transaction value of $324,825. Following this transaction, Mulleady maintains ownership of 68,312 shares in the company with an approximate value of $2,958,592.72.

The disclosure of this sale was made through a filing with the Securities & Exchange Commission (SEC) and can be accessed via their website for further reference.

It is interesting to note that insider ownership constitutes around 1.60% of Dave & Buster’s Entertainment overall stock ownership. This highlights the active participation and belief in the company’s success demonstrated by its own executives.

Dave & Buster’s Entertainment Inc is a well-known operator and owner of entertainment and dining venues throughout North America. They offer customers a unique experience by combining foodservice with various gaming options such as arcade games, virtual reality experiences, and sports viewing. With their distinct concept, Dave & Buster’s has successfully captured a broad consumer base, making it a standout player in the industry.

This recent development with Panagora Asset Management Inc. signals their recognition of Dave & Buster’s Entertainment Inc as an investment opportunity worth pursuing. Investors and market participants may find it valuable to monitor the future moves made by both Panagora and company insiders as they can provide crucial insights into the company’s growth prospects and overall trajectory.

As of September 3, 2023, this information sheds light on the current state of affairs regarding Panagora Asset Management Inc.’s increased position in Dave & Buster’s Entertainment Inc and the recent sale of shares by Senior Vice President John Mulleady.

BlackRock Increases Stake in Dave & Buster’s Entertainment, Sparking Industry Curiosity

September 3, 2023 – Dave & Buster’s Entertainment Inc. (NASDAQ: PLAY) has attracted attention from several hedge funds, as they either increased or reduced their stakes in the company. Notable among them is BlackRock Inc., which recently raised its stake in the restaurant operator by 5.0% during the third quarter. This move has sparked curiosity and debate among industry observers.

BlackRock Inc. now owns an impressive 6,831,055 shares of Dave & Buster’s Entertainment stock, valued at approximately $211,967,000. The increase came about after the purchase of an additional 322,669 shares during the last quarter. Vanguard Group Inc., another prominent player in the investment community, also opted to boost its stake by 0.5% during the first quarter. Vanguard Group now owns a total of 5,154,666 shares worth around $253,094,000.

American Century Companies Inc., on the other hand, grew its position in Dave & Buster’s Entertainment by a notable 6.4% during the first quarter as well. American Century Companies now holds an impressive 2,459,803 shares valued at $90,496,000 after acquiring an additional 147,589 shares during the last quarter.

Nomura Holdings Inc., a leading global financial services firm based in Japan is yet another institution that increased its stake in Dave & Buster’s Entertainment by 6.7% during the fourth quarter of last year. Currently owning approximately 2,448,950 shares valued at $86,757 million signifies Nomura Holdings’ continued confidence and faith in the company.

Finally, State Street Corp also joined this group by lifting its holdings in Dave & Buster’s Entertainment by a significant margin during the third quarter of last year as well—it currently owns roughly 1,512 ,478 shares worth about $46 ,932 ,000 after adding an additional figure of 84,216 shares to their holdings.

With respect to ownership distribution, it is worth noting that around 91.45% of Dave & Buster’s Entertainment’s stock is currently owned by institutional investors. This fact highlights the level of confidence these organizations have in the company and its long-term prospects.

In terms of ratings, several brokerages have recently issued reports on PLAY. Citigroup increased its price target for Dave & Buster’s Entertainment to $56.50 in a report published on June 27th. UBS Group also initiated coverage on the company with a “neutral” rating and a $38.00 price target. StockNews.com followed suit by assigning a “hold” rating to the stock and Piper Sandler gave Dave & Buster’s Entertainment an “overweight” rating with a target price of $56.00.

Truist Financial, meanwhile, lowered their target price for Dave & Buster’s Entertainment from $63.00 to $60.00 but maintained their “buy” rating in a research report published on August 24th. In total, two analysts have rated the stock as holding while four analysts have assigned a buy rating to Dave & Buster’s Entertainment, according to Bloomberg.com.

Dave & Buster’s Entertainment stock opened at $39.27 on Friday and currently boasts a market cap of approximately $1.69 billion, along with a price-to-earnings ratio of 13.64—an interesting figure considering recent developments surrounding the company.

Furthermore, it is noteworthy that Dave & Buster’s Entertainment had reported earnings results for the second quarter on Tuesday, June 6th revealing an impressive EPS (earnings per share) of $1.45—beating analyst consensus estimates of $1.26 by an impressive margin ($0.19). The restaurant operator achieved a return on equity of 38.02%, delivering solid financial performance during this period given challenging circumstances within the industry.

Dave & Buster’s Entertainment also recorded revenue of $597.30 million for the quarter, slightly below analyst estimates of $603.91 million. However, this still represented a year-on-year increase of 32.4%, signaling growth and underlying resilience within the business.

Overall, despite recent fluctuations in its stock price and varying analyst opinions, Dave & Buster’s Entertainment Inc remains an intriguing prospect within the restaurant industry. Its continued support from institutional investors further highlights its potential and makes it an interesting stock to watch in the coming months.

The post Institutional Investor Increases Stake in Dave & Buster’s Entertainment, Executives’ Stock Transactions Highlight Confidence appeared first on Best Stocks.