Oppenheimer Issues Pessimistic Forecast for Pinstripes (NYSE:PNST) Stock Price

Pinstripes (NYSE:PNST) had its target price dropped by Oppenheimer from $5.00 to $2.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s target price suggests a potential upside of 144.02% from the stock’s previous close.

Separately, BTIG Research reduced their price objective on shares of Pinstripes from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Wednesday.

Pinstripes Price Performance

Shares of Pinstripes stock traded down $0.18 during trading on Wednesday, hitting $0.82. 36,077 shares of the stock were exchanged, compared to its average volume of 76,932. Pinstripes has a 12-month low of $0.56 and a 12-month high of $16.00. The firm’s 50-day moving average price is $0.77 and its 200 day moving average price is $1.81.

Pinstripes (NYSE:PNST) last released its quarterly earnings data on Wednesday, September 4th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.12). The firm had revenue of $30.60 million during the quarter, compared to analyst estimates of $34.45 million. Equities analysts expect that Pinstripes will post -0.65 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Pinstripes in the 2nd quarter valued at $1,714,000. Rothschild Investment LLC purchased a new position in Pinstripes during the 2nd quarter worth $36,000. Greenwood Gearhart Inc. acquired a new position in Pinstripes in the second quarter valued at $70,000. Lakewood Asset Management LLC purchased a new stake in shares of Pinstripes in the second quarter valued at about $246,000. Finally, Rockefeller Capital Management L.P. acquired a new stake in shares of Pinstripes during the third quarter worth about $240,000. Institutional investors and hedge funds own 56.79% of the company’s stock.

About Pinstripes

Pinstripes Holdings Inc operates a dining and entertainment concept restaurants. The company provides Italian-American food and beverage menu with bowling, bocce, and event space. It also offers private event options and catering services. The company is based in Northbrook, Illinois.