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In a recent transaction, GMT Capital Corp, along with its affiliates, acquired a significant stake in Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL), which currently trades at $43.61 and has seen its shares decline significantly over the past three months. According to InvestingPro analysis, the stock is trading below its Fair Value, suggesting potential upside opportunity. On May 1, 2025, the group purchased a total of 35,607 shares of common stock at a price of $42.77 per share, amounting to a total investment of approximately $1.52 million.
The shares were acquired by several entities associated with GMT Capital. Bay Resource Partners, L.P. purchased 10,100 shares, resulting in ownership of 784,200 shares. Bay II Resource Partners, L.P. acquired 6,500 shares, bringing its total to 509,400 shares. Bay Resource Partners Offshore Master Fund, L.P. added 17,007 shares to its holdings, now totaling 1,331,400 shares. Additionally, Thomas E. Claugus, President of GMT Capital, acquired 2,000 shares, resulting in ownership of 155,700 shares.
This acquisition brings the total number of shares owned by the group to 2,780,700, reflecting GMT Capital’s continued investment in Cracker Barrel.
In other recent news, Cracker Barrel Old Country Store, Inc. reported impressive financial results for the first quarter of fiscal year 2025, with adjusted earnings per share (EPS) of $1.38, surpassing the forecasted $0.99. The company’s revenue also exceeded expectations, reaching $949.4 million against an anticipated $939.97 million. Truist Securities responded by upgrading Cracker Barrel’s stock rating from Hold to Buy, raising the price target to $55, citing the company’s strong performance and ongoing turnaround efforts. In contrast, BofA Securities lowered its price target for Cracker Barrel to $48, maintaining an Underperform rating due to broader industry challenges despite the company’s strong second-quarter performance.
Benchmark analysts maintained a Hold rating on Cracker Barrel shares, reflecting a cautious outlook amid the company’s strategic transformation and a weakening consumer environment. The company’s management highlighted ongoing strategic initiatives, including menu innovation and enhanced service levels, which have contributed to improved customer satisfaction and margins. Despite these positive developments, Cracker Barrel faced challenges such as adverse weather conditions and a dip in consumer confidence, impacting traffic trends. Analysts at BofA Securities noted an expected positive momentum in same-store sales growth for the second half of 2025, supported by enhanced marketing efforts. Investors and analysts remain attentive to Cracker Barrel’s performance as it navigates through these external factors and continues its strategic transformation.
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