Dave & Buster's Board increases stock repurchase authorization by $100 million under existing program, maintaining all other terms.
Quiver AI Summary
Dave & Buster's Entertainment, Inc. announced an increase in its share repurchase program, with the Board of Directors authorizing an additional $100 million for stock repurchases as of December 16, 2024. The existing terms of the share repurchase program will remain unchanged. The company, founded in 1982 and based in Coppell, Texas, operates 228 venues under the Dave & Buster's and Main Event brands across North America. Dave & Buster's offers a combination of dining and entertainment experiences, while Main Event features activities like bowling and laser tag, catering to families looking to enjoy various forms of entertainment. For more details, interested parties are encouraged to visit the company's websites.
Potential Positives
- The Company's Board of Directors authorized an additional $100 million for share repurchases, indicating confidence in the company's financial health and commitment to shareholder value.
- The increase in the share repurchase program suggests a potential boost in stock price, which may attract more investors.
- The company's established presence with 228 venues across North America highlights its market strength and growth potential in the entertainment and dining sector.
- Dave & Buster's diverse offerings, including dining and entertainment under two distinct brands, may enhance customer loyalty and drive higher revenues.
Potential Negatives
- The announcement of a $100 million increase in share repurchase authorization may indicate that the company lacks profitable investment opportunities, signaling potential long-term growth concerns.
- Increasing the share repurchase program could raise concerns among investors about the company's capital allocation strategy, particularly if it leads to reduced investment in business expansion or necessary improvements.
- While repurchase programs can support share prices in the short term, this move may be viewed negatively if it does not align with improving overall financial health or addressing any operational challenges the company might be facing.
FAQ
What is the recent update on Dave & Buster's share repurchase program?
Dave & Buster's Board of Directors authorized an additional $100 million for stock repurchase under the existing program.
How many venues does Dave & Buster's operate?
Dave & Buster's operates 228 venues across North America, including 168 Dave & Buster's stores and 60 Main Event locations.
When was Dave & Buster's Entertainment, Inc. founded?
Dave & Buster's Entertainment, Inc. was founded in 1982 and is headquartered in Coppell, Texas.
What brands are associated with Dave & Buster's?
The company operates two brands: Dave & Buster's and Main Event, offering unique entertainment and dining experiences.
Where can I find more information about Dave & Buster's?
For more information, visit the official websites at daveandbusters.com and mainevent.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PLAY Insider Trading Activity
$PLAY insiders have traded $PLAY stock on the open market 9 times in the past 6 months. Of those trades, 7 have been purchases and 2 have been sales.
Here's a breakdown of recent trading of $PLAY stock by insiders over the last 6 months:
- HAMISH DODDS purchased 10,000 shares.
- MICHAEL J GRIFFITH purchased 18,000 shares.
- ANTONIO PINEIRO (SVP, Chief Int'l Dev Ofc) purchased 1,000 shares.
- KEVIN M SHEEHAN (Interim CEO) purchased 37,735 shares.
- CHRISTOPHER DANIEL MORRIS (Chief Executive Officer) purchased 14,912 shares.
- STEVE KLOHN (SVP Chief Information Officer) has traded it 2 times. They made 0 purchases and 2 sales, selling 17,512 shares.
- DARIN HARPER (Chief Financial Officer) has traded it 2 times. They made 2 purchases, buying 13,578 shares and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PLAY Hedge Fund Activity
We have seen 97 institutional investors add shares of $PLAY stock to their portfolio, and 169 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- WOLF HILL CAPITAL MANAGEMENT, LP removed 1,472,226 shares (-93.5%) from their portfolio in Q3 2024
- PATIENT CAPITAL MANAGEMENT, LLC added 1,300,598 shares (+inf%) to their portfolio in Q3 2024
- RUBRIC CAPITAL MANAGEMENT LP removed 1,225,000 shares (-100.0%) from their portfolio in Q3 2024
- GOLDMAN SACHS GROUP INC added 899,128 shares (+233.2%) to their portfolio in Q3 2024
- CORONATION FUND MANAGERS LTD. removed 766,173 shares (-74.0%) from their portfolio in Q3 2024
- PRUDENTIAL FINANCIAL INC added 713,930 shares (+470.6%) to their portfolio in Q3 2024
- BARROW HANLEY MEWHINNEY & STRAUSS LLC added 628,276 shares (+79.2%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
DALLAS, Dec. 17, 2024 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc., (NASDAQ:PLAY), ("Dave & Buster's" or "the Company"), an owner and operator of entertainment and dining venues, today announced an increase to the Company's share repurchase authorization.
On December 16, 2024, the Company's Board of Directors authorized the repurchase of an additional $100 million of the Company's stock under the existing repurchase program. All other terms of the share repurchase program remain in effect.
About Dave & Buster's Entertainment, Inc.
Founded in 1982 and headquartered in Coppell, Texas, Dave & Buster's Entertainment, Inc., is the owner and operator of 228 venues in North America that offer premier entertainment and dining experiences to guests through two distinct brands: Dave & Buster's and Main Event. The Company has 168 Dave & Buster's branded stores in 43 states, Puerto Rico, and Canada and offers guests the opportunity to "Eat Drink Play and Watch," all in one location. Each store offers a full menu of entrées and appetizers, a complete selection of alcoholic and non-alcoholic beverages, and an extensive assortment of entertainment attractions centered around playing games and watching live sports and other televised events. The Company also operates 60 Main Event branded stores in 21 states across the country, and offers state-of-the-art bowling, laser tag, hundreds of arcade games and virtual reality, making it the perfect place for families to connect and make memories. For more information about each brand, visit daveandbusters.com and mainevent.com.
For Investor Relations Inquiries:
Cory Hatton, VP Investor Relations & Treasurer
Dave & Buster's Entertainment, Inc.
Cory.Hatton@daveandbusters.com
