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Dave & Buster's Plunges on Q2 Miss; Waystar Rises on Potential Sale Report
Shares of Dave & Buster’s Entertainment (NASDAQ: PLAY) tumbled in premarket trading Tuesday after the company reported second-quarter financial results that fell short of analyst expectations. Conversely, healthcare payments software company Waystar (NASDAQ: WAY) saw its stock climb following reports that it is exploring strategic options, including a potential sale.
Dave & Buster's Misses Q2 Targets
Dave & Buster’s stock plunged 11.2% in premarket hours after its quarterly update disappointed investors. The dining and entertainment operator reported a significant miss on both its top and bottom lines for the quarter ended August 4.
Key figures from the report include:
- Adjusted Loss Per Share: $0.27, compared to consensus estimates for a profit of $0.19 per share.
- Revenue: $544.1 million, below the anticipated $556.83 million and representing a 2.4% decline from the prior year.
- Comparable-Store Sales: A decrease of 2.9% year-over-year.
- Adjusted EBITDA: Declined to $98.9 million from $129.8 million in the same quarter last year.
Waystar Explores Sale, Other Corporate Actions
AdWaystar shares rose 3.3% after reports surfaced that the company is considering strategic alternatives, which could include a sale. A potential transaction could take the company private just two years after its 2024 initial public offering. According to LSEG data, its largest shareholders include EQT, the Canada Pension Plan Investment Board, and BlackRock.
In other corporate news, foodservice distributor Sysco (NYSE: SYY) saw its shares fall 1.3%. The decline followed the company's announcement of a $1 billion common stock offering priced at $81 per share, a discount to its previous close, to help fund its acquisition of Jetro Restaurant Depot. The move is expected to cause near-term dilution for existing shareholders.
Crypto Stocks and Torm Decline
Shares of cryptocurrency-related companies moved lower as the price of Bitcoin fell nearly 3%. Coinbase Global (NASDAQ: COIN) declined 4.7%, while crypto miners including Riot Platforms (NASDAQ: RIOT) and MARA Holdings (NASDAQ: MARA) fell between 1.6% and 2.2%.
Product tanker company Torm (NASDAQ: TRMD) shares dropped 6.3% after a major shareholder, OCM Njord Holdings, launched a secondary public offering of 9 million Class A common shares. Torm will not receive any proceeds from the sale, which represents a significant exit by an institutional investor.
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