Noodles & Company (NASDAQ:NDLS) Sees Significant Drop in Short Interest

Noodles & Company (NASDAQ:NDLS) saw a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 523,700 shares, a drop of 19.0% from the September 15th total of 646,200 shares. Currently, 1.6% of the company’s stock are short sold. Based on an average daily volume of 118,500 shares, the days-to-cover ratio is presently 4.4 days.

Noodles & Company Stock Performance

Noodles & Company stock traded down $0.01 during midday trading on Friday, reaching $1.13. 106,420 shares of the company traded hands, compared to its average volume of 230,959. The company has a debt-to-equity ratio of 8.79, a current ratio of 0.32 and a quick ratio of 0.17. Noodles & Company has a 12 month low of $1.06 and a 12 month high of $3.50. The firm has a market capitalization of $51.24 million, a price-to-earnings ratio of -3.90 and a beta of 1.73. The business has a 50 day moving average of $1.38 and a two-hundred day moving average of $1.62.

Noodles & Company (NASDAQ:NDLS) last released its quarterly earnings results on Wednesday, August 7th. The restaurant operator reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). Noodles & Company had a negative return on equity of 42.03% and a negative net margin of 5.03%. The firm had revenue of $127.35 million for the quarter, compared to the consensus estimate of $130.45 million. During the same period last year, the business posted ($0.02) EPS. As a group, research analysts predict that Noodles & Company will post -0.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on NDLS shares. StockNews.com upgraded Noodles & Company from a “sell” rating to a “hold” rating in a report on Thursday, August 29th. Truist Financial reiterated a “buy” rating and issued a $4.00 price target on shares of Noodles & Company in a research note on Monday, July 1st.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of NDLS. Assenagon Asset Management S.A. bought a new position in shares of Noodles & Company during the 2nd quarter valued at approximately $31,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Noodles & Company during the first quarter valued at approximately $32,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Noodles & Company in the second quarter worth approximately $99,000. Creative Planning increased its stake in shares of Noodles & Company by 83.2% in the third quarter. Creative Planning now owns 132,130 shares of the restaurant operator’s stock worth $159,000 after purchasing an additional 60,000 shares in the last quarter. Finally, Sierra Summit Advisors LLC bought a new stake in shares of Noodles & Company during the 4th quarter valued at $443,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

About Noodles & Company

Noodles & Company, a restaurant concept company, develops and operates fast-casual restaurants. It offers cooked-to-order dishes, including noodles and pasta, soups, salads, and appetizers. It operates company owned locations and franchise locations. The company was founded in 1995 and is based in Broomfield, Colorado.