Kona Grill (KONA) Reaches New 1-Year Low Following Weak Earnings

Shares of Kona Grill Inc (NASDAQ:KONA) hit a new 52-week low during mid-day trading on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $1.46 and last traded at $1.61, with a volume of 42357 shares changing hands. The stock had previously closed at $1.98.

The restaurant operator reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.23). The company had revenue of $37.44 million for the quarter. Kona Grill had a negative net margin of 11.21% and a negative return on equity of 114.10%.

A number of brokerages have recently issued reports on KONA. Lake Street Capital raised their price target on shares of Kona Grill to $5.00 and gave the company a “buy” rating in a report on Friday, August 10th. ValuEngine raised shares of Kona Grill from a “hold” rating to a “buy” rating in a report on Tuesday, September 4th.

A hedge fund recently raised its stake in Kona Grill stock. Renaissance Technologies LLC grew its holdings in shares of Kona Grill Inc (NASDAQ:KONA) by 3.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 831,859 shares of the restaurant operator’s stock after purchasing an additional 29,700 shares during the period. Renaissance Technologies LLC owned about 6.27% of Kona Grill worth $1,955,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 12.97% of the company’s stock.

The company has a current ratio of 0.66, a quick ratio of 0.53 and a debt-to-equity ratio of 4.15.

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About Kona Grill (NASDAQ:KONA)

Kona Grill, Inc owns and operates upscale casual restaurants under the Kona Grill brand name. As of December 31, 2017, it owned and operated 46 restaurants in 23 states of the United States and Puerto Rico; and 3 franchised restaurants in Mexico, the United Arab Emirates, and Canada. The company is based in Scottsdale, Arizona.

Further Reading: Retained Earnings

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