Rave Restaurant Group, Inc. (NASDAQ:RAVE) Sees Significant Decline in Short Interest

Rave Restaurant Group, Inc. (NASDAQ:RAVE) was the target of a large drop in short interest in August. As of August 14th, there was short interest totaling 25,194 shares, a drop of 37.3% from the July 30th total of 40,169 shares. Currently, 0.2% of the shares of the stock are short sold. Based on an average daily volume of 21,272 shares, the days-to-cover ratio is presently 1.2 days.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of Rave Restaurant Group in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Rave Restaurant Group has an average rating of “Hold”.

Rave Restaurant Group Price Performance

Shares of RAVE stock opened at $3.13 on Monday. Rave Restaurant Group has a fifty-two week low of $2.25 and a fifty-two week high of $3.75. The stock has a market cap of $44.48 million, a P/E ratio of 14.91 and a beta of 0.42. The business has a fifty day simple moving average of $3.20 and a 200-day simple moving average of $2.94.

Hedge Funds Weigh In On Rave Restaurant Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Evergreen Capital Management LLC purchased a new stake in shares of Rave Restaurant Group in the second quarter valued at about $56,000. Susquehanna International Group LLP increased its stake in shares of Rave Restaurant Group by 50.7% during the 3rd quarter. Susquehanna International Group LLP now owns 29,902 shares of the restaurant operator’s stock worth $99,000 after purchasing an additional 10,063 shares in the last quarter. Goldman Sachs Group Inc. purchased a new position in shares of Rave Restaurant Group during the 4th quarter worth approximately $35,000. Renaissance Technologies LLC raised its position in shares of Rave Restaurant Group by 11.1% during the 4th quarter. Renaissance Technologies LLC now owns 165,856 shares of the restaurant operator’s stock worth $547,000 after purchasing an additional 16,598 shares during the last quarter. Finally, Saber Capital Managment LLC acquired a new position in shares of Rave Restaurant Group during the 4th quarter worth approximately $514,000. Institutional investors and hedge funds own 15.12% of the company’s stock.

About Rave Restaurant Group

Rave Restaurant Group, Inc, through its subsidiaries, develops, operates and franchises a fast‐casual pizza restaurant concept under the Rave Restaurant Group brand. The company’s locations feature made‐to‐order artisanal pizzas, calzones, salads, desserts and specialty beverages, with service options that include dine‐in, takeout, delivery and catering. A proprietary digital platform supports each restaurant’s point‐of‐sale, online ordering and loyalty programs, aiming to enhance guest convenience and operational efficiency.

Founded in 2008 and headquartered in Miami, Florida, RAVE Restaurant Group has grown its footprint to include both company‐owned and franchised units across select U.S.