In November, there was a discernible rise in the total number of short positions held on Denny’s Co. (NASDAQ: DENN). There were 1,920,000 shares available for a short sale as of November 30. This represents a 12.9% increase compared to the volume of 1,700,000 shares that were traded the previous day. Currently, the days-to-cover ratio is 2.9 days, and this number was calculated using an average trading volume of 657,100 shares. Short positions constitute 3.5% of the company’s total number of outstanding shares.
There has recently been a lot of activity in the market from hedge funds and other institutional investors. They have been buying and selling shares of the company. Victory Capital Management Inc. made an 8.7% increase in Denny’s stock holdings during the first three months of 2018. In the most recent quarter, Victory Capital Management Inc. made an additional purchase of 2,315 shares, bringing their total number of restaurant operator’s stock shares to 28,857. These shares have a current value of $370,000. Jennison Associates LLC purchased a further 16.4 percent stake in Denny’s during the company’s second fiscal quarter. Jennison Associates LLC is now the direct owner of a total of 121,088 shares of the restaurant operator’s stock, which has a value of $1,051,000 after making an additional purchase of 17,017 shares during the time frame in question. During the second quarter, SG Americas Securities LLC witnessed a growth in the size of its holding in Denny’s, equal to 131.7%. During the most recent fiscal quarter, SG Americas Securities LLC purchased an additional 21,116 shares of the restaurant operator’s stock, bringing the total number of shares held in the restaurant operator’s stock to 63,804. SG Americas Securities LLC is the current owner of 37,153 shares. Based on the stock’s current price, this holding is worth $322,000. Russell Investments Group Ltd. provided additional funding for 246,000 dollars to Denny’s as part of their investment in the company. In the last transaction of the second quarter, Mirae Asset Global Investments Co. Ltd. added to its holdings of Denny’s by purchasing additional shares for a total cost of $152,000. This brought the company’s total investment in Denny’s to $368,000 as of the end of the period. Institutional investors and hedge funds collectively own 84.57% of the total number of shares in the company, making them the company’s largest stockholders.
On November 21, Denny’s Chief Financial Officer Robert P. Verostek sold 7,500 shares of the company’s stock. Other Denny’s-related news includes the following: On average, each share was sold for $12.41, and the total value of all the stock bought and sold was $93,075.00. As a direct consequence of the sale, the chief financial officer now has a total ownership stake in the company equal to 30,036 shares. At this time, the value of these shares is determined to be $372,746.76. The transaction was made public through a filing that was made with the SEC, which can be located on the website of the SEC. On November 21, Denny’s Chief Financial Officer Robert P. Verostek sold 7,500 shares of the company’s stock. Other Denny’s-related news includes the following: On average, each share was sold for $12.41, and the total value of all the stock bought and sold was $93,075.00. Because of this transaction, the chief financial officer now has direct ownership of 30,036 shares, which currently have a value of $372,746.76. The transaction was made public through a filing that was made with the SEC, which can be located on the website of the SEC. John C. Miller, a director of Denny’s, sold 100,000 shares of the company’s stock on November 9, in addition to owning those shares. The price per share of the sold stock averaged out to be $11.75, and a total of $1,175.00 worth of the stock was purchased and sold. After the deal’s completion, the director will no longer be in control of the company’s 676,721 shares, estimated to have a value of $7,951,471.75. Disclosures that are related to the sale might be found in this section of the website. A total of $3,079,126 was made from the sale of 262,921 shares of company stock by company insiders over the preceding three months. 5.50 company insiders own a percent of the total number of shares in the company.
When trading started on Friday, the price of a share of DENN stock was $10.19. The current price-to-earnings ratio for Denny’s is 6.10, and its P/E/G ratio is 2.30. The company’s beta coefficient is 1.54, and its market value is $583.20 million. The moving average of the company’s stock price over the past 50 days is $11.25, and the moving average over the last 200 days is $10.16. The price has fluctuated significantly over the past year, reaching a low of $8.46 and a high of $16.97.
On November 1, the most recent earnings report for Denny’s, publicly traded and whose stock is denoted by the NASDAQ: DENN, was made available. The restaurant operator reported quarterly earnings per share of $0.12, below the consensus forecast of $0.14 by a margin of $0.05. Denny’s reported a negative return on equity of 58.33%, while the restaurant’s net margin was 23.78%. The revenue the company brought in for the quarter was $117.46 million, which was higher than the projections that analysts had made for the period, which were for sales of $114.01 million. It is anticipated by professionals in the relevant field that Denny’s will generate earnings of $0.5 per share this year.
Several analysts who have been working on the company in question have just recently published reports on it. Wedbush upgraded their rating for Denny’s from “neutral” to “outperform” and increased their price objective for the company from $10.00 to $12.50 in a research note released on August 23. Both of these alterations were carried out. Citigroup upgraded Denny’s from a “neutral” rating to an “overweight” one and raised their target price for the company from $10.00 to $12.00 in a research note published on November 2. The Denny’s restaurant chain was examined for the first time in a research note written by StockNews.com and published on October 12. It was the first of its kind. They advised their clients to “hold” the stock moving forward. CL King started writing a study note about Denny’s on August 29, which brings us to our last and most important point. They suggested buying the stock at a designated “buy” price and anticipated it would reach a target price of $14.00. Two buy recommendations, and three hold ratings have been given to the stock of the company by research analysts in total. According to information made available by Bloomberg, the company presently has a consensus rating of “Hold,” and its average price objective is $12.40.
Read More: Short interest in Denny’s Co. (NASDAQ:DENN) increased 12.9% in November.