Cracker Barrel (CBRL) stock was up on Wednesday after the restaurant chain announced that it wouldn’t move forward with a planned redesign of its logo. The company revealed as much in social media posts across several platforms. It said, “We thank our guests for sharing your voices and love for Cracker Barrel. We said we would listen, and we have. Our new logo is going away and our ‘Old Timer’ will remain.”
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
The backlash against Cracker Barrel’s new logo, an attempt to modernize the logo with a minimalist design that lacked the charm of the original, spread across the U.S. This prompted responses from President Donald Trump, Steak ‘n Shake, and plenty of users online. The debate about the new logo also turned political, as many conservative outlets took issue with the redesign.
There have also been calls from social media users for the departure of Cracker Barrel CEO Julie Felss Masino. Some of this criticism comes with complaints that the company has turned “woke” under her leadership. Others point out that she was warned several times about the negative effects the logo change would have by Sardar Biglari, a major investor in the company. He’s also the founder, chairman, and CEO of Biglari Holdings (BH), the parent company of Steak ‘n Shake.
Cracker Barrel Stock Movement Today
Cracker Barrel stock was up 4.11% in pre-market trading on Wednesday, following a 6.35% increase on Tuesday. The shares have also rallied 10.79% year-to-date and 42.88% over the past 12 months. The positive movement is welcome after shares of CBRL stock dropped more than 10% when the logo redesign was announced.
Is Cracker Barrel Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Cracker Barrel is Hold, based on one Buy, three Hold, and two Sell ratings over the past three months. With that comes an average CBRL stock price target of $55.80, representing a potential 3.31% downside for the shares.
