In a recent transaction, Robert J. Bass, a director at Bowlero Corp. (NYSE:BOWL), acquired shares of the company's Class A Common Stock. According to a filing with the Securities and Exchange Commission, Bass purchased 140 shares on December 9, 2024, at a price of $11.96 per share, amounting to a total value of $1,674. According to InvestingPro data, this purchase occurred near the stock's current trading level of $11.74, with analysts setting price targets ranging from $12 to $29.
Following this acquisition, Bass now holds a total of 39,089 shares in Bowlero Corp. The transaction reflects Bass's continued investment in the company, which operates within the services sector, specifically in amusement and recreation services. InvestingPro analysis indicates management has been actively buying back shares, showing alignment with insider purchases.
This move comes as Bowlero Corp. continues to navigate the competitive landscape of the entertainment industry, with its headquarters based in Mechanicsville, Virginia. With a market capitalization of $1.74 billion and projected net income growth for the current year, the company shows promising prospects despite recent challenges. Discover more detailed insights and analysis with a comprehensive Pro Research Report available on InvestingPro.
In other recent news, Bowlero Corporation, set to rebrand as Lucky Strike Entertainment, reported a 15% increase in total revenue for the quarter ending September 2024, reaching $260 million with an adjusted EBITDA rising by 21% to $62.9 million. These financial gains are bolstered by strategic acquisitions of Raging Waves and Boomers, and the opening of new Lucky Strike locations. The company has also increased its fiscal year 2025 revenue guidance by $10 million.
Complementing these developments, Bowlero announced the appointment of Lev Ekster as its new President under an employment agreement running until November 6, 2026. Ekster's initial annual base salary is $725,000 with a target annual bonus of at least 50% of his base salary.
Furthering its growth strategy, the company is transitioning to Lucky Strike Entertainment, with over 75 Bowlero centers set to convert into Lucky Strike venues within the next two years. A flagship Lucky Strike center is anticipated to open in Beverly Hills in December 2024. Plans for additional Lucky Strike openings in Beverly Hills and Ladera Ranch signal the company's continued commitment to expansion.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.