Oppenheimer Believes BJ’s Restaurants (NASDAQ: BJRI) Still Has Room to Grow

Oppenheimer analyst Brian Bittner assigned a Buy rating to BJ’s Restaurants (BJRIResearch Report) yesterday and set a price target of $70.00. The company’s shares closed last Thursday at $55.92, close to its 52-week high of $60.79.

According to TipRanks.com, Bittner is a 5-star analyst with an average return of 11.7% and a 66.2% success rate. Bittner covers the Services sector, focusing on stocks such as Restaurant Brands International, Papa John’s International, and Yum China Holdings.

Currently, the analyst consensus on BJ’s Restaurants is a Moderate Buy with an average price target of $55.20, representing a -6.7% downside. In a report issued on March 2, Piper Sandler also maintained a Buy rating on the stock with a $67.00 price target.

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Based on BJ’s Restaurants’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $197 million and GAAP net loss of $18.08 million. In comparison, last year the company earned revenue of $291 million and had a net profit of $14.51 million.

Based on the recent corporate insider activity of 60 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BJRI in relation to earlier this year. Last month, Alex Puchner, the Sr. VP Brewing Ops of BJRI sold 8,767 shares for a total of $469,799.

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BJ’s Restaurants, Inc. engages in the ownership and operation of casual dining restaurants. The firm operates BJ’s Restaurant and Brewery, BJ’s Restaurant & Brewhouse, BJ’s Pizza and Grill or BJ’s Grill. It offers pizzas, appetizers, specialty salads, soups, pastas, sandwiches, entrées, desserts, and proprietary craft beers. The company was founded in 1978 and is headquartered in Huntington Beach, CA.