Ark Restaurants (NASDAQ:ARKR) Coverage Initiated at StockNews.com

Investment analysts at StockNews.com assumed coverage on shares of Ark Restaurants (NASDAQ:ARKR) in a research note issued on Saturday. The brokerage set a “buy” rating on the restaurant operator’s stock.

Ark Restaurants Stock Performance

Shares of NASDAQ:ARKR opened at $11.29 on Friday. Ark Restaurants has a one year low of $9.75 and a one year high of $16.25. The stock has a market capitalization of $40.69 million, a price-to-earnings ratio of -4.15 and a beta of 0.98. The company has a 50-day simple moving average of $11.27 and a 200-day simple moving average of $12.30.

Hedge Funds Weigh In On Ark Restaurants

A hedge fund recently raised its stake in Ark Restaurants stock. CM Management LLC increased its position in shares of Ark Restaurants Corp. (NASDAQ:ARKR) by 8.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 200,000 shares of the restaurant operator’s stock after purchasing an additional 15,393 shares during the quarter. Ark Restaurants accounts for 2.3% of CM Management LLC’s investment portfolio, making the stock its 13th biggest holding. CM Management LLC owned approximately 5.55% of Ark Restaurants worth $2,622,000 at the end of the most recent quarter. 31.95% of the stock is currently owned by institutional investors and hedge funds.

About Ark Restaurants

Ark Restaurants Corp., through its subsidiaries, owns and operates restaurants and bars in the United States. It operates restaurants in New York City; Washington, DC; Las Vegas, Nevada; Atlantic City, New Jersey; Florida; and Alabama, as well as fast food concepts and catering operations. The company was incorporated in 1983 and is based in New York, New York.