Pinstripes (NYSE:PNST) Price Target Lowered to $2.00 at Oppenheimer

Pinstripes (NYSE:PNST) had its price target cut by equities researchers at Oppenheimer from $5.00 to $2.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Oppenheimer’s price target suggests a potential upside of 159.74% from the company’s previous close.

Separately, BTIG Research reduced their price target on Pinstripes from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Wednesday.

Pinstripes Trading Down 23.0 %

Pinstripes stock opened at $0.77 on Wednesday. The stock has a 50-day moving average price of $0.76 and a 200 day moving average price of $1.79. Pinstripes has a 52 week low of $0.56 and a 52 week high of $16.00.

Pinstripes (NYSE:PNST) last released its quarterly earnings results 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 for 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.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Rothschild Investment LLC purchased a new stake in Pinstripes in the second quarter valued at approximately $36,000. Horizon Wealth Management LLC acquired a new position in shares of Pinstripes in the 2nd quarter valued at $46,000. Greenwood Gearhart Inc. purchased a new stake in shares of Pinstripes during the 2nd quarter valued at $70,000. Lakewood Asset Management LLC acquired a new stake in shares of Pinstripes during the 2nd quarter worth $246,000. Finally, Rockefeller Capital Management L.P. acquired a new stake in shares of Pinstripes during the 3rd quarter worth $240,000. 56.79% of the stock is currently owned by hedge funds and other 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.