Is This New Stock the Next Bowlero or Topgolf?
Fans of bowling, bocce, and "eatertainment" have a new name on the investing radar. Pinstripes (NYSE: PNST) went public earlier this month, hoping to woo growth investors willing to take a chance on a profitless chain that is very early in its growth cycle.
There are a few things to like about the company that offers up to 20 bowling lanes, a high-end bistro menu, outdoor patios with fire pits, private event space, and even a few bocce ball courts. It's a cross between Bowlero and Topgolf Callaway, but there are also some things not to like about this Wall Street debutante. Let's take a look at both sides of this new listing.
Pinstripes may be small -- it just opened its 15th location location last month -- but it makes up for the low store count with high volume. The concept delivered an average unit volume of $8.6 million in its fiscal 2023 year that ended in April of last year. It adds up. Revenue clocked in at $111.3 million in fiscal 2023, up sharply from the $77.1 million it rolled a year earlier.
Source Fool.com
