Rave Restaurant Group (NASDAQ:RAVE) Stock Continues to Trade in a range
Shares of Rave Restaurant Group (NASDAQ:RAVE) continues to consolidate after the recent fall.
Market Stats
On Friday, RAVE stock jumped 2.40% at $1.28 with more than 674K shares, compared to its average volume of 494K shares. The stock has moved within a range of $1.2400 – 1.2900 after opening the trade at $1.26.
Earnings Recap
Rave Restaurant Group (NASDAQ: RAVE) on November 4, 2021 came out with financial results for first quarter ending September 26, 2021. While the company had net income of $285 thousand for the quarter vis-à-vis net income of $76 thousand for the same period of the prior year, its income before taxes was $288 thousand as compared to $78 thousand for the same period of previous year.
Rave’s total revenues surged by $0.7 million to $2.6 million for the first quarter of fiscal 2021. Its Pizza Inn domestic comparable store retail sales augmented by 25% while the Pie Five comparable store retail sales surged by 18% as compared to the same period in the previous year. Pizza Inn domestic and international units count stood at 133 and 32 respectively while the Pie Five domestic unit count was at 33.
Brandon Solano, Chief Executive Officer of RAVE Restaurant Group said that the efforts of its franchisees as well as team members have been critical to achieve sixth quarter of profitability. Solano added that the firm’s robust sales as well as focus on cost control has resulted in strong earnings growth despite pandemic, labour market upheaval as well as supply chain disruptions.
The firm’s Cash and cash equivalents has decreased $0.5 million during the first quarter.
Traders Corner
RAVE stock is trading above the 20-Day and 50-Day Moving averages of $1.26 and $1.27 respectively. However, the stock is trading below 200-Day moving average of $1.34. The stock is up 40% so far this year.
