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Elaine Johnson Martin, a director at RCI Hospitality Holdings, Inc. (NASDAQ:RICK), recently increased her stake in the company by acquiring 266 shares of common stock. The shares were purchased on March 6, 2025, at a price of $47 per share, amounting to a total transaction value of $12,502. Following this acquisition, Martin’s total ownership in the company now stands at 11,645 shares. This insider purchase comes as InvestingPro data shows the company maintaining impressive gross profit margins of 84.7% and a consistent dividend payment track record of 10 consecutive years. According to InvestingPro analysis, RICK currently appears undervalued, with analysts setting a price target of $98 per share. For deeper insights into insider trading patterns and comprehensive financial analysis, including 10+ additional ProTips, explore the detailed Pro Research Report available on InvestingPro.
In other recent news, RCI Hospitality Holdings reported mixed financial results for its fiscal first quarter ending December 31, 2024. The company’s nightclub segment experienced a 1.2% increase in total sales, reaching $61.3 million, with same-store sales rising by 3.7%. However, its Bombshells restaurant chain saw a 24.7% decline in total sales, down to $9.6 million, due to strategic closures of underperforming locations. The combined sales for both segments amounted to $70.9 million, marking a 3.3% decrease from the previous year.
Additionally, RCI Hospitality completed the acquisition of Detroit’s Flight Club for $11 million, which is expected to add approximately $2 million to its annualized adjusted EBITDA. The company also announced a quarterly dividend of $0.07 per share, marking its 37th consecutive quarter of dividend payouts. In terms of analyst ratings, H.C. Wainwright maintained a Buy rating on RCI Hospitality with a price target of $98, expressing optimism about the revenue potential of new restaurant openings.
Furthermore, RCI Hospitality has switched its independent registered public accounting firm to CBIZ (NYSE:CBZ) CPAs P.C., following the acquisition of its previous auditor’s attest business. This change is part of the company’s regulatory filings and does not reflect any disputes with the prior auditor’s work. These developments indicate RCI Hospitality’s ongoing strategic adjustments and growth initiatives.
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