Rave Restaurant Group, Inc. (NASDAQ:RAVE) Stock Short Interest Drops 56.6%

Rave Restaurant Group, Inc. (NASDAQ:RAVE) was the target of a significant decline in short interest in September. As of September 30th, there was short interest totaling 31,247 shares, a decline of 56.6% from the September 15th total of 71,959 shares. Based on an average daily volume of 149,523 shares, the short-interest ratio is presently 0.2 days. Approximately 0.3% of the company’s stock are short sold.

Institutional Trading of Rave Restaurant Group

Several institutional investors have recently added to or reduced their stakes in the stock. James Investment Research Inc. grew its holdings in Rave Restaurant Group by 56.2% during the 1st quarter. James Investment Research Inc. now owns 25,000 shares of the restaurant operator’s stock worth $66,000 after acquiring an additional 9,000 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of Rave Restaurant Group by 32.3% in the 2nd quarter. NewEdge Advisors LLC now owns 33,067 shares of the restaurant operator’s stock worth $108,000 after purchasing an additional 8,067 shares during the last quarter. BlackRock Inc. bought a new position in shares of Rave Restaurant Group during the second quarter worth about $233,000. Saber Capital Managment LLC acquired a new position in Rave Restaurant Group in the fourth quarter worth about $514,000. Finally, Renaissance Technologies LLC grew its stake in Rave Restaurant Group by 6.8% in the first quarter. Renaissance Technologies LLC now owns 177,061 shares of the restaurant operator’s stock worth $469,000 after purchasing an additional 11,205 shares in the last quarter. 15.12% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded shares of Rave Restaurant Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, October 6th. One equities research analyst has rated the stock with a Hold rating. According to MarketBeat.com, the stock currently has an average rating of “Hold”.

Rave Restaurant Group Trading Down 1.4%

NASDAQ RAVE traded down $0.03 during mid-day trading on Wednesday, reaching $2.17. 58,539 shares of the company’s stock traded hands, compared to its average volume of 55,568. Rave Restaurant Group has a 1-year low of $2.06 and a 1-year high of $3.60. The company has a fifty day simple moving average of $2.82 and a 200-day simple moving average of $2.90. The company has a market cap of $30.84 million, a price-to-earnings ratio of 10.33 and a beta of 0.49.

Rave Restaurant Group (NASDAQ:RAVE) last announced its earnings results on Thursday, September 24th. The restaurant operator reported $0.05 earnings per share (EPS) for the quarter. The company had revenue of $3.43 million for the quarter. Rave Restaurant Group had a return on equity of 17.94% and a net margin of 22.29%.

Rave Restaurant Group Company Profile

Rave Restaurant Group, Inc (NASDAQ:RAVE) is a restaurant company that develops, owns, franchises and licenses pizza restaurant concepts. Its principal brands are Pizza Inn and Pie Five Pizza, which serve customers through franchised locations and, in some cases, company-operated restaurants.

Pizza Inn is a traditional pizza brand offering pizzas, pasta, salads and other Italian-American menu items through dine-in, delivery and carryout formats. Pie Five Pizza is a fast-casual concept focused on made-to-order pizzas, allowing customers to customize their selections and have them prepared quickly.

The company traces its Pizza Inn business to the brand’s founding in Texas in 1958.