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

Rave Restaurant Group, Inc. (NASDAQ:RAVE) was the target of a significant decline in short interest in the month of 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. Currently, 0.3% of the shares of the stock are sold short. Based on an average trading volume of 149,523 shares, the days-to-cover ratio is currently 0.2 days.

Rave Restaurant Group Stock Down 2.2%

Rave Restaurant Group stock traded down $0.05 during mid-day trading on Tuesday, hitting $2.20. 71,356 shares of the company were exchanged, compared to its average volume of 55,553. The company has a market capitalization of $31.27 million, a PE ratio of 10.48 and a beta of 0.49. The business has a fifty day moving average of $2.84 and a 200 day moving average of $2.90. Rave Restaurant Group has a 1-year low of $2.06 and a 1-year high of $3.60.

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

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC boosted its holdings in shares of Rave Restaurant Group by 6.8% in the 1st quarter. Renaissance Technologies LLC now owns 177,061 shares of the restaurant operator’s stock worth $469,000 after acquiring an additional 11,205 shares in the last quarter. Saber Capital Managment LLC acquired a new stake in Rave Restaurant Group during the 4th quarter valued at $514,000. BlackRock Inc. acquired a new stake in Rave Restaurant Group during the 2nd quarter valued at $233,000. NewEdge Advisors LLC raised its position in Rave Restaurant Group by 32.3% in the 2nd quarter. NewEdge Advisors LLC now owns 33,067 shares of the restaurant operator’s stock valued at $108,000 after purchasing an additional 8,067 shares during the last quarter. Finally, James Investment Research Inc. raised its position in Rave Restaurant Group by 56.2% in the 1st quarter. James Investment Research Inc. now owns 25,000 shares of the restaurant operator’s stock valued at $66,000 after purchasing an additional 9,000 shares during the last quarter. Institutional investors own 15.12% of the company’s stock.

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.