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GMT Capital Corp., along with Bay Resource Partners LP and other affiliated entities, has disclosed significant stock purchases in Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL), a company currently trading near $39 per share and showing signs of being undervalued according to InvestingPro analysis. According to a recent SEC filing, the group acquired a total of 63,600 shares over two consecutive days, with transactions executed on April 9 and April 10.
On April 9, the group bought 31,800 shares at a price of $37.31 each, while on April 10, they acquired another 31,800 shares at $39.01 per share. The total value of these transactions amounts to approximately $2.43 million. These purchases come as the stock has fallen significantly over the last three months, with the price currently about 40% below its 52-week high of $65.43.
The purchases were made by several entities under GMT Capital's management, including Bay Resource Partners LP, Bay II Resource Partners LP, and Bay Resource Partners Offshore Master Fund, L.P. Thomas E. Claugus, President of GMT Capital, also participated in the acquisitions, further consolidating their collective stake in Cracker Barrel.
After these transactions, the group collectively holds 2,515,800 shares of Cracker Barrel, reflecting their continued interest and investment in the company.
In other recent news, Cracker Barrel Old Country Store has reported significant financial achievements and strategic developments. The company exceeded expectations in its Q1 2025 earnings, with an adjusted earnings per share of $1.38 compared to the forecasted $0.99, and revenue reaching $949.4 million against an expected $939.97 million. Truist Securities has upgraded Cracker Barrel's stock rating from Hold to Buy, raising the price target to $55, citing the company's strong financial performance and potential for sustained improvement. In contrast, BofA Securities has reduced 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.
Cracker Barrel's recent efforts in menu innovation and operational enhancements have contributed to improved customer satisfaction and better margins. The company continues to focus on strategic initiatives, including new marketing campaigns and a planned remodel program, to bolster its market position. Analysts from BofA Securities anticipate positive same-store sales growth in the latter half of 2025, supported by these efforts. Cracker Barrel's strategic focus on both operational execution and marketing appears to be a bid to strengthen its position and performance within a competitive and fluctuating industry landscape. As the company navigates the impacts of weather and other industry-wide factors, investors and analysts will continue to monitor its performance closely.
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