Granite Point Capital Management L.P. lessened its holdings in Noodles & Co (NASDAQ:NDLS) by 51.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 134,851 shares of the restaurant operator’s stock after selling 140,149 shares during the quarter. Granite Point Capital Management L.P. owned 0.31% of Noodles & Co worth $943,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Noodles & Co in the 4th quarter valued at approximately $69,000. Trexquant Investment LP purchased a new stake in shares of Noodles & Co during the 3rd quarter worth approximately $127,000. Salem Investment Counselors Inc. purchased a new stake in shares of Noodles & Co during the 3rd quarter worth approximately $182,000. Rhumbline Advisers boosted its stake in shares of Noodles & Co by 55.8% during the 4th quarter. Rhumbline Advisers now owns 17,071 shares of the restaurant operator’s stock worth $119,000 after acquiring an additional 6,115 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of Noodles & Co during the 2nd quarter worth approximately $250,000. 74.60% of the stock is currently owned by institutional investors.
Shares of Noodles & Co stock opened at $7.04 on Monday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.68 and a quick ratio of 0.36. Noodles & Co has a 1 year low of $5.30 and a 1 year high of $13.50. The company has a market cap of $308.77 million, a P/E ratio of -352.00, a P/E/G ratio of 5.74 and a beta of 0.08.
In related news, major shareholder Catterton-Noodles, Llc sold 1,858,387 shares of Noodles & Co stock in a transaction that occurred on Thursday, November 29th. The stock was sold at an average price of $8.90, for a total transaction of $16,539,644.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 50.52% of the company’s stock.
Several equities research analysts have recently commented on the company. BidaskClub lowered Noodles & Co from a “hold” rating to a “sell” rating in a research note on Thursday, January 31st. ValuEngine raised Noodles & Co from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 17th. Zacks Investment Research raised Noodles & Co from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Thursday, October 18th. Royal Bank of Canada raised Noodles & Co from a “sector perform” rating to an “outperform” rating and set a $8.50 price target on the stock in a research note on Monday, December 3rd. They noted that the move was a valuation call. Finally, Piper Jaffray Companies raised Noodles & Co from an “underweight” rating to a “neutral” rating and set a $10.00 price target on the stock in a research note on Thursday, November 8th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. Noodles & Co presently has an average rating of “Hold” and a consensus price target of $10.68.
Noodles & Co Profile
Noodles & Company develops and operates fast casual restaurants in the United States. It offers cooked-to-order dishes, including noodles and pasta, soups, salads, sandwiches, and appetizers. As of January 2, 2018, the company operated 412 company-owned and 66 franchised restaurants in 29 states, the District of Columbia.
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