Top 5 New Stocks Billionaire Ken Fisher Just Bought

2. Denny’s Corporation (NASDAQ:DENN)

Fisher Asset Management has taken a 3.75% stake in Denny’s Corporation (NASDAQ:DENN) after buying 2.39 million shares of the restaurant operator during the September quarter. Denny’s hit a 5-year high in hedge fund ownership at the end of Q2 among the funds tracked by Insider Monkey after there was a 15% increase in DENN ownership during Q2.

Denny’s has been hit particularly hard by Covid due to its exposure to the California market (25%), which has had some of the toughest dining restrictions in the U.S. In addition, the majority of its locations (70%) have been unable to maintain the chain’s customary 24/7 schedule. Same-store sales slid by 33.6% in Q3 and the company expects only slight better results for the full-year, with same-store sales expected to be between 70%-75% of 2019 levels.