Pinstripes Holdings Inc. (NYSE:PNST) Sees Large Decrease in Short Interest

Pinstripes Holdings Inc. (NYSE:PNST) saw a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 183,500 shares, a drop of 14.5% from the August 31st total of 214,700 shares. Based on an average daily trading volume, of 48,900 shares, the days-to-cover ratio is currently 3.8 days. Currently, 0.8% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

PNST has been the topic of several research analyst reports. BTIG Research lowered their target price on shares of Pinstripes from $6.00 to $4.00 and set a “buy” rating on the stock in a research note on Thursday, September 5th. Oppenheimer dropped their target price on shares of Pinstripes from $6.00 to $5.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th.

Pinstripes Price Performance

NYSE PNST opened at $0.75 on Monday. Pinstripes has a 52-week low of $0.56 and a 52-week high of $16.00. The business has a 50 day simple moving average of $1.84 and a 200 day simple moving average of $2.55.

Pinstripes (NYSE:PNST) last released its earnings results on Wednesday, September 4th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.12). The company had revenue of $30.60 million for the quarter, compared to analyst estimates of $34.45 million. Equities analysts expect that Pinstripes will post -0.65 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pinstripes

Several hedge funds and other institutional investors have recently made changes to their positions in PNST. Rothschild Investment LLC acquired a new stake in shares of Pinstripes during the second quarter worth $36,000. Horizon Wealth Management LLC bought a new stake in shares of Pinstripes during the second quarter worth about $46,000. Greenwood Gearhart Inc. bought a new stake in Pinstripes in the second quarter valued at approximately $70,000. Lakewood Asset Management LLC bought a new stake in Pinstripes in the second quarter valued at approximately $246,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in Pinstripes in the second quarter valued at approximately $1,714,000. 56.79% of the stock is owned by institutional investors.

About Pinstripes

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.