Bakay Berke
disclosed that they own 15.4% of 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 approximately $3,933,950. 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.
Bakay Berke
provided the following explanation of their ownership:
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A number of other hedge funds have also recently modified their holdings of KONA. Addison Clark Management L.L.C. increased its stake in shares of 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 in the last quarter. Engine Capital Management LLC acquired a new position in shares of Kona Grill during the first quarter valued at about $189,000. Dimensional Fund Advisors LP increased its position in Kona Grill by 1.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 273,144 shares of the restaurant operator’s stock valued at $3,428,000 after buying an additional 5,216 shares during the period. Renaissance Technologies LLC increased 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, KCG Holdings Inc. purchased a new position in Kona Grill during the first quarter valued at $200,000. Hedge funds and other institutional investors own 58.53% of the company’s stock.
Kona Grill, Inc. (NASDAQ:KONA) traded down 1.96% during mid-day trading on Friday, hitting $2.50. 162,393 shares of the company traded hands. The company’s market capitalization is $25.26 million. Kona Grill, Inc. has a one year low of $1.50 and a one year high of $14.44. The company’s 50-day moving average price is $2.55 and its 200 day moving average price is $4.89.
Kona Grill (NASDAQ:KONA) last released its quarterly earnings results on Monday, July 31st. The restaurant operator reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by $0.14. Kona Grill had a negative return on equity of 39.42% and a negative net margin of 14.98%. The firm had revenue of $46.98 million for the quarter, compared to analyst estimates of $48.96 million. During the same period last year, the company earned ($0.08) EPS. The company’s revenue was up 8.5% compared to the same quarter last year. On average, analysts anticipate that Kona Grill, Inc. will post ($1.08) earnings per share for the current fiscal year.
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Several research firms have recently weighed in on KONA. Wedbush reissued an “outperform” rating and issued a $11.00 target price (up from $10.00) on shares of Kona Grill in a research report on Tuesday, May 9th. Telsey Advisory Group downgraded shares of Kona Grill from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $13.00 to $8.00 in a research report on Tuesday, May 9th. ValuEngine downgraded shares of Kona Grill from a “sell” rating to a “strong sell” rating in a research report on Friday, June 2nd. Raymond James Financial, Inc. reissued a “market perform” rating on shares of Kona Grill in a research report on Monday, July 24th. Finally, Zacks Investment Research raised shares of Kona Grill from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Kona Grill currently 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 the business’s 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 acquisition, the insider now owns 92,602 shares in the company, valued at approximately $337,997.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Berke Bakay acquired 60,000 shares of the business’s stock in a transaction dated Tuesday, August 8th. The stock was bought at an average cost of $1.60 per share, with a total value of $96,000.00. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 160,100 shares of company stock valued at $365,439. 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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