Bakay Berke Declares Ownership of 15.4% Stake in Kona Grill, Inc. (KONA)
recently revealed that they own a 15.4% stake in Kona Grill, Inc. (NASDAQ:KONA) in a Schedule 13D/A disclosure that was filed with the SEC on Wednesday, August 9th. The investor owns 1,573,580 shares of the stock valued at $2,753,765. The reporting parties listed on the disclosure included BBS Capital Fund, LP, BBS Capital Management, LP, BBS Capital GP, LP, BBS Capital, LLC and Berke Bakay. The disclosure is available through EDGAR at this link.
provided the following explanation of their ownership:
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Several other large investors have also recently made changes to their positions in the stock. LMR Partners LLP bought a new position in Kona Grill during the second quarter valued at about $109,000. Engine Capital Management LLC bought a new position in Kona Grill during the first quarter valued at about $189,000. KCG Holdings Inc. bought a new position in Kona Grill during the first quarter valued at about $200,000. Renaissance Technologies LLC boosted its position in Kona Grill by 2.7% in the first quarter. Renaissance Technologies LLC now owns 429,059 shares of the restaurant operator’s stock valued at $2,703,000 after buying an additional 11,100 shares during the period. Finally, Addison Clark Management L.L.C. boosted its position in Kona Grill by 201.9% in the first quarter. Addison Clark Management L.L.C. now owns 215,840 shares of the restaurant operator’s stock valued at $1,360,000 after buying an additional 144,340 shares during the period. Institutional investors own 58.70% of the company’s stock.
Kona Grill, Inc. (NASDAQ KONA) traded up 17.5086% on Wednesday, hitting $2.0564. 377,092 shares of the stock traded hands. The stock has a 50-day moving average price of $2.94 and a 200 day moving average price of $5.37. The stock’s market cap is $20.77 million. Kona Grill, Inc. has a 12-month low of $1.50 and a 12-month high of $14.44.
Kona Grill (NASDAQ:KONA) last announced its quarterly earnings data on Monday, July 31st. The restaurant operator reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.10) by $0.14. The company had revenue of $46.98 million for the quarter, compared to analyst estimates of $48.96 million. Kona Grill had a negative return on equity of 39.42% and a negative net margin of 14.98%. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period last year, the business earned ($0.08) EPS. On average, equities analysts expect that Kona Grill, Inc. will post ($1.08) EPS for the current fiscal year.
KONA has been the subject of several recent analyst reports. Raymond James Financial, Inc. cut shares of Kona Grill from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 12th. Telsey Advisory Group cut shares of Kona Grill from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $13.00 to $8.00 in a report on Tuesday, May 9th. Wedbush reiterated an “outperform” rating and issued a $11.00 price objective (up from $10.00) on shares of Kona Grill in a report on Tuesday, May 9th. ValuEngine cut shares of Kona Grill from a “sell” rating to a “strong sell” rating in a report on Friday, June 2nd. Finally, Zacks Investment Research upgraded shares of Kona Grill from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $6.67.
In related news, major shareholder Bbs Capital Fund Lp acquired 50,000 shares of Kona Grill stock in a transaction dated Tuesday, June 6th. The stock was bought at an average price of $3.65 per share, with a total value of $182,500.00. Following the transaction, the insider now directly owns 92,602 shares in the company, valued at approximately $337,997.30. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In the last ninety days, insiders have bought 100,500 shares of company stock valued at $426,250. Insiders own 29.20% of the company’s stock.
Kona Grill Company Profile
Kona Grill, Inc owns and operates upscale casual dining restaurants under the name Kona Grill. The Company owns and operates approximately 40 restaurants in 20 states throughout the United States and Puerto Rico. Its high-volume upscale casual restaurants feature a global menu of contemporary American favorites and sushi.
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