Pinstripes Holdings Inc. (NYSE:PNST) Short Interest Down 14.5% in September

Pinstripes Holdings Inc. (NYSE:PNST) was the recipient of a significant drop in short interest in 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. Currently, 0.8% of the shares of the company are sold short. Based on an average daily volume of 48,900 shares, the days-to-cover ratio is presently 3.8 days.

Analyst Ratings Changes

Several brokerages have issued reports on PNST. BTIG Research lowered their price target on shares of Pinstripes from $6.00 to $4.00 and set a “buy” rating on the stock in a report on Thursday, September 5th. Oppenheimer decreased 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

Shares of PNST opened at $0.75 on Friday. The stock has a 50 day simple moving average of $1.84 and a 200-day simple moving average of $2.56. Pinstripes has a 1 year low of $0.56 and a 1 year high of $16.00.

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

Hedge Funds Weigh In On Pinstripes

Several institutional investors have recently added to or reduced their stakes in the company. Rothschild Investment LLC bought a new position in Pinstripes in the 2nd quarter valued at $36,000. Horizon Wealth Management LLC acquired a new stake in shares of Pinstripes in the second quarter valued at $46,000. Greenwood Gearhart Inc. acquired a new stake in shares of Pinstripes in the second quarter valued at $70,000. Lakewood Asset Management LLC acquired a new position in Pinstripes during the 2nd quarter worth about $246,000. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in Pinstripes during the 2nd quarter worth about $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.