Could Denny's Corporation (DENN) Recover After Forming a Wedge Down Pattern?

October 2, 2018 - By Dolores Ford

Denny's Corporation (NASDAQ:DENN) Logo

Investors sentiment decreased to 0.87 in 2018 Q2. Its down 0.09, from 0.96 in 2018Q1. It fall, as 9 investors sold Denny's Corporation shares while 51 reduced holdings. 20 funds opened positions while 32 raised stakes. 55.59 million shares or 3.60% more from 53.66 million shares in 2018Q1 were reported.
Susquehanna International Grp Limited Liability Partnership holds 0% or 57,535 shares. The California-based Aperio Gp Lc has invested 0% in Denny's Corporation (NASDAQ:DENN). Fruth Invest Mngmt has 22,500 shares. Qs Invsts Limited Liability Company has invested 0.01% in Denny's Corporation (NASDAQ:DENN). Manufacturers Life Insur Com The holds 46,919 shares or 0% of its portfolio. Deutsche Bank Ag reported 197,501 shares. Dimensional Fund Advisors L P has 0.02% invested in Denny's Corporation (NASDAQ:DENN) for 2.55 million shares. Sawgrass Asset Management Limited Liability has invested 0.01% in Denny's Corporation (NASDAQ:DENN). Avenir holds 7.81% of its portfolio in Denny's Corporation (NASDAQ:DENN) for 4.29 million shares. Northern Trust Corp reported 0% stake. Los Angeles Management And Equity Research Inc holds 28,089 shares. Voya Inv Management Lc reported 29,744 shares. Jpmorgan Chase & stated it has 0% of its portfolio in Denny's Corporation (NASDAQ:DENN). Gsa Cap Prns Limited Liability Partnership invested in 97,612 shares or 0.08% of the stock. Price T Rowe Assoc Md reported 0.02% stake.

Since June 8, 2018, it had 0 insider buys, and 4 sales for $2.33 million activity. Dillon John William also sold $119,250 worth of Denny's Corporation (NASDAQ:DENN) on Friday, June 8. 11,506 shares valued at $181,873 were sold by Dunn Stephen C. on Friday, June 8.

The stock of Denny's Corporation (DENN) formed a down wedge with $13.49 target or 4.00 % below today’s $14.05 share price. The 9 months wedge indicates high risk for the $890.58M company. If the $13.49 price target is reached, the company will be worth $35.62M less.
Falling wedges are poor performers for bullish breakouts and are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 11% and 15%. The average rise is 32% and the decline is 15%. The falling wedges has high throwback and pullback rate: 56%, 69% and the percent of wedges meeting target is not very high.

The stock decreased 1.54% or $0.22 during the last trading session, reaching $14.05. About 234,535 shares traded. Denny's Corporation (NASDAQ:DENN) has risen 21.70% since October 2, 2017 and is uptrending. It has outperformed by 6.08% the S&P500.

Analysts await Denny's Corporation (NASDAQ:DENN) to report earnings on November, 7. They expect $0.19 EPS, up 35.71 % or $0.05 from last year’s $0.14 per share. DENN’s profit will be $12.04 million for 18.49 P/E if the $0.19 EPS becomes a reality. After $0.18 actual EPS reported by Denny's Corporation for the previous quarter, Wall Street now forecasts 5.56 % EPS growth.

Denny's Corporation (NASDAQ:DENN) Ratings Coverage

Among 3 analysts covering Denny’s (NASDAQ:DENN), 1 have Buy rating, 0 Sell and 2 Hold. Therefore 33% are positive. Denny’s had 3 analyst reports since May 2, 2018 according to SRatingsIntel. Stephens downgraded it to “Equal-Weight” rating and $16.5 target in Wednesday, September 12 report. On Wednesday, May 2 the stock rating was downgraded by Longbow to “Neutral”. The stock of Denny's Corporation (NASDAQ:DENN) earned “Outperform” rating by Wedbush on Tuesday, July 31.

Denny??s Corporation, through its subsidiary, Denny??s, Inc., owns and operates full-service restaurant chains under the Denny??s brand. The company has market cap of $890.58 million. As of June 28, 2017, it operated 1,724 franchised, licensed, and firm operated restaurants worldwide, including 125 restaurants in Canada, Puerto Rico, Mexico, New Zealand, Honduras, Costa Rica, Dominican Republic, the United Arab Emirates, the Philippines, Guam, Cura??ao ,and El Salvador. It has a 21.88 P/E ratio. The firm was formerly known as Advantica Restaurant Group, Inc. and changed its name to Denny??s Corporation in 2002.

Denny's Corporation (NASDAQ:DENN) Institutional Positions Chart

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