Zacks Investment Research Downgrades Carrols Restaurant Group (NASDAQ:TAST) to Sell

Carrols Restaurant Group (NASDAQ:TAST) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “Carrols Restaurant Group is the largest BURGER KING franchisee in the U.S., with over 800 restaurants and has operated BURGER KING restaurants since 1976. “

A number of other research firms also recently commented on TAST. Deutsche Bank assumed coverage on Carrols Restaurant Group in a research report on Wednesday, September 4th. They issued a “buy” rating and a $9.00 target price on the stock. BidaskClub downgraded Carrols Restaurant Group from a “hold” rating to a “sell” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $12.50.

NASDAQ:TAST opened at $6.86 on Thursday. Carrols Restaurant Group has a 52 week low of $6.40 and a 52 week high of $14.66. The company has a debt-to-equity ratio of 3.73, a quick ratio of 0.22 and a current ratio of 0.32. The stock’s fifty day moving average is $7.73 and its two-hundred day moving average is $8.71.

Carrols Restaurant Group (NASDAQ:TAST) last posted its earnings results on Thursday, August 8th. The restaurant operator reported $0.07 EPS for the quarter, missing the Zacks’ consensus estimate of $0.14 by ($0.07). Carrols Restaurant Group had a negative net margin of 0.77% and a positive return on equity of 0.16%. The business had revenue of $368.56 million during the quarter, compared to analysts’ expectations of $366.91 million. During the same quarter in the prior year, the firm earned $0.22 EPS. Carrols Restaurant Group’s revenue for the quarter was up 21.6% compared to the same quarter last year.

In related news, VP Richard G. Cross sold 14,600 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $8.63, for a total value of $125,998.00. Following the sale, the vice president now owns 185,698 shares in the company, valued at approximately $1,602,573.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Alexander R. Sloane acquired 13,315 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was purchased at an average price of $7.54 per share, for a total transaction of $100,395.10. Following the acquisition, the director now directly owns 11,909 shares in the company, valued at approximately $89,793.86. The disclosure for this purchase can be found here. 22.00% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of TAST. Summit Global Investments raised its holdings in shares of Carrols Restaurant Group by 22.8% in the 1st quarter. Summit Global Investments now owns 77,100 shares of the restaurant operator’s stock valued at $769,000 after buying an additional 14,300 shares during the period. Formula Growth Ltd. raised its holdings in shares of Carrols Restaurant Group by 9.5% in the 1st quarter. Formula Growth Ltd. now owns 115,030 shares of the restaurant operator’s stock valued at $1,147,000 after buying an additional 10,000 shares during the period. Cooper Creek Partners Management LLC purchased a new stake in shares of Carrols Restaurant Group in the 1st quarter valued at $3,634,000. Private Capital Management LLC raised its holdings in shares of Carrols Restaurant Group by 5.5% in the 1st quarter. Private Capital Management LLC now owns 2,403,385 shares of the restaurant operator’s stock valued at $23,962,000 after buying an additional 124,923 shares during the period. Finally, Marshall Wace North America L.P. raised its holdings in shares of Carrols Restaurant Group by 152.2% in the 1st quarter. Marshall Wace North America L.P. now owns 252,885 shares of the restaurant operator’s stock valued at $2,521,000 after buying an additional 152,602 shares during the period. Hedge funds and other institutional investors own 74.00% of the company’s stock.

About Carrols Restaurant Group

Carrols Restaurant Group, Inc, through its subsidiaries, operates franchisee restaurants of Burger King in the United States. As of May 7, 2019, it owned and operated 1,010 Burger King and 55 Popeyes restaurants in 23 states.. The company was founded in 1960 and is headquartered in Syracuse, New York.

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