Pinstripes Holdings Inc. (NYSE:PNST) Sees Significant Decline in Short Interest

Pinstripes Holdings Inc. (NYSE:PNST) was the recipient of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 92,000 shares, a drop of 22.1% from the October 15th total of 118,100 shares. Based on an average trading volume of 51,600 shares, the short-interest ratio is currently 1.8 days. Approximately 0.4% of the shares of the stock are sold short.

Pinstripes Stock Performance

Shares of PNST stock traded up $0.01 during mid-day trading on Friday, hitting $0.90. The company’s stock had a trading volume of 6,051 shares, compared to its average volume of 78,212. The company’s fifty day simple moving average is $0.86 and its 200-day simple moving average is $1.94. Pinstripes has a 52 week low of $0.56 and a 52 week high of $16.00.

Pinstripes (NYSE:PNST) last issued its earnings results on Wednesday, September 4th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.12). The firm had revenue of $30.60 million during the quarter, compared to the consensus estimate of $34.45 million. As a group, equities research analysts expect that Pinstripes will post -0.65 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PNST. BTIG Research reduced their target price on Pinstripes from $6.00 to $4.00 and set a “buy” rating on the stock in a report on Thursday, September 5th. Oppenheimer reduced their target price on Pinstripes from $6.00 to $5.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th.

Hedge Funds Weigh In On Pinstripes

Hedge funds have recently modified their holdings of the company. Rothschild Investment LLC bought a new stake in shares of Pinstripes in the 2nd quarter worth approximately $36,000. Horizon Wealth Management LLC bought a new stake in Pinstripes during the 2nd quarter valued at $46,000. Greenwood Gearhart Inc. bought a new stake in Pinstripes during the 2nd quarter valued at $70,000. Rockefeller Capital Management L.P. bought a new stake in Pinstripes during the 3rd quarter valued at $240,000. Finally, Lakewood Asset Management LLC bought a new stake in Pinstripes during the 2nd quarter valued at $246,000. Institutional investors own 56.79% of the company’s stock.

Pinstripes Company Profile

Pinstripes Holdings Inc operates a dining and entertainment concept restaurants. The company provides Italian-American food and beverage menu with bowling, bocce, and event space. It also offers private event options and catering services. The company is based in Northbrook, Illinois.