Cracker Barrel Old Country Store (NASDAQ:CBRL) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Cracker Barrel Old Country Store (NASDAQ:CBRLGet Rating) from a strong sell rating to a buy rating in a research report sent to investors on Wednesday, Zacks.com reports. Zacks Investment Research currently has $100.00 price objective on the restaurant operator’s stock.

According to Zacks, “Shares of Cracker Barrel have underperformed the industry in the past year. High costs and dismal traffic continue to hurt the company’s performance. Higher labor costs due to increased wages are likely keep profits under pressure. The company is apprehensive regarding incurring inflationary costs. For the third quarter of fiscal 2022, the company expects commodity inflation at approximately 15% and hourly wage inflation in the range of 11-12%. Although comps have increased over the past few quarters, decline in traffic remains a major concern for the company. The company anticipates complete recovery to take time. Meanwhile, earnings estimates for 2022 have declined in the past 30 days, depicting analysts concern regarding the stock growth potential. “

CBRL has been the subject of a number of other research reports. Citigroup assumed coverage on Cracker Barrel Old Country Store in a research report on Tuesday, April 12th. They set a sell rating and a $97.00 price target for the company. Truist Financial lifted their price target on Cracker Barrel Old Country Store from $136.00 to $149.00 in a research report on Wednesday, February 23rd. StockNews.com upgraded Cracker Barrel Old Country Store from a hold rating to a buy rating in a research report on Thursday, May 12th. Finally, Loop Capital dropped their price target on Cracker Barrel Old Country Store from $132.00 to $113.00 in a research report on Thursday, April 7th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $128.88.

Shares of NASDAQ CBRL opened at $105.25 on Wednesday. Cracker Barrel Old Country Store has a 52 week low of $90.30 and a 52 week high of $163.37. The business has a 50-day simple moving average of $112.50 and a two-hundred day simple moving average of $121.89. The company has a quick ratio of 0.32, a current ratio of 0.64 and a debt-to-equity ratio of 0.54. The company has a market cap of $2.44 billion, a P/E ratio of 17.69, a P/E/G ratio of 1.49 and a beta of 1.26.

In related news, SVP Laura A. Daily sold 1,700 shares of the business’s stock in a transaction that occurred on Monday, March 14th. The stock was sold at an average price of $117.28, for a total value of $199,376.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.95% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. increased its stake in Cracker Barrel Old Country Store by 761.5% in the 1st quarter. Meeder Asset Management Inc. now owns 224 shares of the restaurant operator’s stock worth $27,000 after purchasing an additional 198 shares during the period. JJJ Advisors Inc. increased its stake in Cracker Barrel Old Country Store by 265.1% in the 4th quarter. JJJ Advisors Inc. now owns 230 shares of the restaurant operator’s stock worth $30,000 after purchasing an additional 167 shares during the period. Confluence Wealth Services Inc. purchased a new position in Cracker Barrel Old Country Store in the 4th quarter worth approximately $30,000. Newbridge Financial Services Group Inc. increased its stake in Cracker Barrel Old Country Store by 66.7% in the 1st quarter. Newbridge Financial Services Group Inc. now owns 250 shares of the restaurant operator’s stock worth $30,000 after purchasing an additional 100 shares during the period. Finally, Salem Investment Counselors Inc. purchased a new position in Cracker Barrel Old Country Store in the 4th quarter worth approximately $32,000. Institutional investors own 81.40% of the company’s stock.

About Cracker Barrel Old Country Store (Get Rating)

Cracker Barrel Old Country Store, Inc develops and operates the Cracker Barrel Old Country Store concept in the United States. The company's Cracker Barrel stores consist of a restaurant with a gift shop. Its restaurants serve breakfast, lunch, and dinner, as well as dine-in, pick-up, and delivery services.

See Also

Get a free copy of the Zacks research report on Cracker Barrel Old Country Store (CBRL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Cracker Barrel Old Country Store (NASDAQ:CBRL)

Receive News & Ratings for Cracker Barrel Old Country Store Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cracker Barrel Old Country Store and related companies with MarketBeat.com's FREE daily email newsletter.