Kona Grill, Inc. (KONA) Reaches New 52-Week Low After Earnings Miss

Kona Grill, Inc. (NASDAQ:KONA) hit a new 52-week low on Tuesday following a weaker than expected earnings announcement. The company traded as low as $2.03 and last traded at $2.03, with a volume of 893,519 shares. The stock had previously closed at $2.65.

The restaurant operator reported ($0.24) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by $0.14. The business had revenue of $46.98 million during the quarter, compared to analyst estimates of $48.96 million. Kona Grill had a negative return on equity of 39.42% and a negative net margin of 14.98%. The business’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period last year, the business earned ($0.08) EPS.

Several analysts recently issued reports on KONA shares. Zacks Investment Research upgraded Kona Grill from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Wedbush reiterated an “outperform” rating and set a $11.00 price objective (up from $10.00) on shares of Kona Grill in a report on Tuesday, May 9th. ValuEngine lowered Kona Grill from a “sell” rating to a “strong sell” rating in a report on Friday, June 2nd. Raymond James Financial, Inc. lowered Kona Grill from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 12th. Finally, Telsey Advisory Group cut their target price on Kona Grill from $8.00 to $4.00 and set a “market perform” rating on the stock in a report on Tuesday, August 1st. 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. The stock currently has an average rating of “Hold” and a consensus target price of $6.67.

In other news, Director James R. Jundt bought 21,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were acquired at an average cost of $1.59 per share, with a total value of $33,390.00. Following the completion of the transaction, the director now directly owns 696,611 shares in the company, valued at $1,107,611.49. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Bbs Capital Fund Lp acquired 50,000 shares of the firm’s stock in a transaction on Tuesday, June 6th. The shares were bought at an average cost of $3.65 per share, for a total transaction of $182,500.00. Following the completion of the acquisition, the insider now directly owns 92,602 shares of the company’s stock, valued at approximately $337,997.30. The disclosure for this purchase can be found here. Insiders bought 160,100 shares of company stock worth $365,439 over the last quarter. 29.20% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. bought a new stake in Kona Grill during the second quarter worth $159,000. Dimensional Fund Advisors LP boosted its position in Kona Grill by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 357,547 shares of the restaurant operator’s stock worth $1,323,000 after buying an additional 33,717 shares during the period. LMR Partners LLP purchased a new position in Kona Grill during the second quarter worth about $109,000. Engine Capital Management LLC purchased a new position in Kona Grill during the first quarter worth about $189,000. Finally, KCG Holdings Inc. purchased a new position in Kona Grill during the first quarter worth about $200,000. 58.53% of the stock is currently owned by institutional investors.

The stock’s 50-day moving average price is $2.55 and its 200-day moving average price is $4.89. The stock’s market capitalization is $25.26 million.

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About Kona Grill

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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