Wexford Capital Reveals New Position in Famous Dave’s of America, Inc.(DAVE)

Charles Davidson, the manager of Wexford Capital, is fond of Famous Dave’s of America, Inc. (NASDAQ:DAVE) and has added the company to its equity portfolio. In a recent filing with the Securities and Exchange Commission, Wexford has reported opening a new position through the acquisition of approximately 478,000 shares, which account for 6.73% of the company’s common stock.

Jim Simmons is also bullish on Famous Dave’s of America, Inc.(NASDAQ:DAVE) having increased his fund’s stake by 6% during the fourth quarter of 2013 to 336,600 shares valued at $6.16 million. Mario Gabelli is also keeping tabs on this stock, with his fund, GAMCO Investors, holding approximately 56,000 shares with a reported worth of a little over $1 million.

Famous Dave’s of America, Inc.(NASDAQ:DAVE) is an operator and franchiser of restaurants. The company has a market cap of $178 million and does not pay a dividend. The stock is traded at a trailing Price to Earnings (P/E) ratio of 40.xx, almost twice the industry average of 23.10. The company has reported $35.7 million in revenues and earnings per diluted share (EPS) of $0.25 compared to $0.10 in the fourth quarter of 2012. Current quarter is expected to bring revenues of $36.56 million and earnings of $0.17 per share. The stock is touted mainly as a Strong Buy. So far this year, the stock has advanced 37% to the current price of $25.10 per share, but has declined after reaching an all time high of $31.99 on March 21.

In a series of recent moves, Davidson has constantly reduced his fund’s exposure to Diamondback Energy Inc (NASDAQ:FANG). Wexford continues, though, to hold a significant position: 9.9 million shares. Davidson has also increased his fund’s investment in Cache, Inc. (NASDAQ:CACH): to 1.08 million shares, which accounts for 5.01% of the company’s common stock.

Disclosure: none.

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