In a recent move that may attract investors' attention, BJ's Restaurants Inc. (NASDAQ:) The interim manager, Richmond C. Bradford, received additional shares of the company's stock. On September 6, 2024, Bradford purchased 2,500 shares of BJ's Restaurants common stock, for approximately $73,500.
The purchase is made in two separate transactions on the same day. In the first transaction, Bradford purchased 1,000 shares at a price of $29.1 per share. The second transaction involved 1,500 shares acquired at $29.6 each. The transaction increased Bradford's direct holdings in the company to 16,905 shares, as reported in the latest filings.
This acquisition is notable as it comes from a top executive in the company, which may indicate confidence in the future performance of BJ's restaurants. The move by the Interim CEO, who also serves as a director, adds to his already large investment in the company's stock.
BJ's Restaurants Inc. is known for its casual dining, offering a menu that includes deep-dish pizza, salads, sandwiches, pastas, steaks, and a variety of appetizers, alongside its craft beers. The company operates many restaurants across the United States and is based in Huntington Beach, California.
Investors and market watchers often view insider buying as a positive indicator, as it suggests that the company's management is willing to invest their money in the belief that the stock will perform well. This latest investment by Bradford is a clear demonstration of his commitment to BJ's Restaurants and their future prospects.
For those interested in following the company's stock performance, BJ's Restaurants trades under the ticker symbol BJRI on the NASDAQ exchange.
In other recent news, BJ's Restaurants, Inc. reported its results for fiscal year Q2 2024, with net sales of $349.9 million and a slight decrease of 0.6% in same-store sales. However, the restaurant's revenue was $350 million, exceeding consensus estimates by $1 million. Adjusted earnings per share (EPS) were $0.53, beating the consensus forecast of $0.51. Adjusted EBITDA for BJ's Restaurants beat expectations, netting $36 million versus consensus of $33 million.
Following these results, the Benchmark analyst downgraded the company's stock from Buy to Hold, citing more unchanged estimates for the 2024 and 2025 fiscal years. The company also announced plans to open two new restaurants and repurchased approximately 255,000 shares of common stock for $8.8 million.
In the leadership changes, BJ's Restaurants named Lyle D. Tick as President and Chief Concept Officer, and C. Bradford Richmond as Interim CEO. This appointment marks the latest development in the company's leadership process, with both new appointees bringing extensive industry experience to their roles.
InvestingPro Insights
Following the recent internal acquisition by BJ's Restaurants Inc. (NASDAQ:BJRI) Interim CEO, Richmond C. Bradford, the market is eager to understand the company's financial health and strength. According to InvestingPro data, BJ's Restaurants currently has a market capitalization of $676.81 million, with a P/E ratio of 23.4. This figure is noteworthy as it is expected to shift to a low P/E ratio of 19.05 for the last twelve months from Q2 2024, which may indicate that the stock is trading at a low price relative to near-term earnings growth, as highlighted in one of InvestingPro's tips.
Despite the recent insider purchases, one InvestingPro Tip suggests that BJ's Restaurants has a poor net profit margin, currently standing at 14.21% for the trailing twelve months from Q2 2024. This could be a point of concern for investors looking at the company's ability to translate sales into profit. Additionally, the company's price movement has been highly volatile, with a 6-month total return of -22.24% from the same period.
Investors may also want to consider that BJ's Restaurants does not pay dividends to shareholders, which could affect investment decisions depending on individual strategies and income preferences. However, analysts predict that the company will be profitable this year, and has been profitable for the past twelve months, with basic EPS (From Continuing Operations) of $1.25.
For those interested in more details and metrics, InvestingPro offers additional tips about BJ's restaurants, which can be found at These tips may provide valuable guidance to investors who want to make informed decisions about their investment in the company.
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