Famous Dave’s of America, Inc. (NASDAQ:DAVE) shares were soaring as the company’s latest moves have been paying off.
The shares are now up 38.4% year-to-date, including a surge of 87.7% over the last 30 days alone. DAVE shares skyrocketed 31.1% by mid-afternoon Monday as volume went through the roof on the day.
At one point, the stock was trading as high as $9.65 before coming back down to $6.90 per share. Famous Dave’s of America announced a few weeks ago that it had hired a new CEO in Jeffery Crivello.
“Over the last year, I have been intently focused on improving restaurant operations while closing underperforming restaurants that do not meet our financial standards, in order to allow for the refranchising of our Company-owned restaurants to franchisees that are passionate about our brand,” said previous CEO Mike Lister, praising the addition of Crivello considering the company’s recent successes, noting that he has the potential to help the company thrive in the future.
Famous Dave’s of America also reported on its third quarter of the current fiscal year, which included operating margins returning to a strong 7%, while third-quarter cash flow from continuing operations in the period amounted to roughly $2.33 million.
The company’s artisanal offerings have been a success in expanding its business as Famous Dave’s of America offers wood-smoked grilled favorites that have helped bolster its menu in recent quarters.