Bloomin’ Brands (NASDAQ:BLMN) Trading 8.5% Higher – Here’s What Happened

Bloomin’ Brands, Inc. (NASDAQ:BLMN)’s share price shot up 8.5% on Tuesday . The stock traded as high as $11.96 and last traded at $12.05. 560,921 shares were traded during mid-day trading, a decline of 65% from the average session volume of 1,605,044 shares. The stock had previously closed at $11.10.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BLMN. Raymond James cut shares of Bloomin’ Brands from an “outperform” rating to a “market perform” rating in a research note on Monday, November 11th. UBS Group dropped their price target on shares of Bloomin’ Brands from $16.00 to $13.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Piper Sandler lowered their price objective on shares of Bloomin’ Brands from $20.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, November 11th. StockNews.com raised shares of Bloomin’ Brands from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, Barclays reaffirmed an “equal weight” rating and set a $13.00 price objective (down previously from $19.00) on shares of Bloomin’ Brands in a research report on Tuesday, January 7th. Two research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $16.30.

Bloomin’ Brands Price Performance

The company has a debt-to-equity ratio of 4.46, a quick ratio of 0.22 and a current ratio of 0.31. The company has a market cap of $1.03 billion, a PE ratio of -110.72 and a beta of 1.97. The company’s 50-day simple moving average is $12.07 and its 200 day simple moving average is $14.56.

Institutional Investors Weigh In On Bloomin’ Brands

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. raised its holdings in shares of Bloomin’ Brands by 6.2% in the 3rd quarter. Principal Financial Group Inc. now owns 2,529,130 shares of the restaurant operator’s stock valued at $41,806,000 after purchasing an additional 147,895 shares in the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Bloomin’ Brands in the 3rd quarter valued at $41,325,000. Victory Capital Management Inc. raised its holdings in shares of Bloomin’ Brands by 0.4% in the 4th quarter. Victory Capital Management Inc. now owns 2,390,703 shares of the restaurant operator’s stock valued at $29,190,000 after purchasing an additional 10,635 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Bloomin’ Brands by 385.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,817,145 shares of the restaurant operator’s stock valued at $22,187,000 after purchasing an additional 1,442,964 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Bloomin’ Brands by 565.9% in the 4th quarter. American Century Companies Inc. now owns 1,791,366 shares of the restaurant operator’s stock valued at $21,873,000 after purchasing an additional 1,522,370 shares in the last quarter.

About Bloomin’ Brands

Bloomin’ Brands, Inc engages in the acquisition, operation, design, and development of restaurant concepts. It operates through the U.S. and International geographical segments. The U.S. segment operates in the USA and Puerto Rico. The International segment operates in Brazil, South Korea, Hong Kong, and China.