In a recent transaction, Kevin Sheehan, the Interim CEO of Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY), acquired 37,735 shares of common stock. The shares were purchased at a weighted average price of $25.4776, with the total transaction valued at approximately $961,397. The shares were acquired in multiple transactions, with prices ranging from $25.32 to $25.60. Following this purchase, Sheehan directly owns 139,011 shares of the company.
In other recent news, Dave & Buster's Entertainment Inc. saw several financial adjustments following their third-quarter earnings report. Loop Capital reduced its price target for the company to $45, maintaining a Buy rating, while BMO Capital lowered its target from $51.00 to $47.00, upholding an Outperform rating. However, Benchmark, Truist Securities, and William Blair transitioned to a Hold rating due to strategic challenges and weaker than anticipated sales.
Dave & Buster's reported earnings per share (EPS) of ($0.45) for the third quarter of fiscal year 2024, falling short of both Loop Capital's expectation of ($0.30) and the consensus estimate of ($0.40). The company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $68 million, below the anticipated $81 million and the consensus of $76 million. Total (EPA:TTEF) revenue for the third quarter was $453 million, marking a 3.0% year-over-year decrease.
In addition to these financial results, the company announced the departure of CEO Chris Morris, with current Chairman Kevin Sheehan stepping in as interim CEO. Despite these developments, analysts from Loop Capital and BMO Capital expressed ongoing confidence in the stock's potential, citing remodeling efforts and marketing optimization as potential catalysts for improved performance. However, the sudden leadership change has added an element of uncertainty to the company's future direction. These are the recent developments for Dave & Buster's Entertainment Inc.
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