Shares of barbecue chain operator Famous Dave's of America dropped Wednesday, reaching a 52-week low, after President and Chief Executive David Goronkin resigned his post and a Piper Jaffray analyst downgraded the stock.
Famous Dave's shares fell 58 cents, or 4.3 percent, to $13.05 in Wednesday trading, after hitting a 52-week low of $12.50 earlier in the session. During the past 52 weeks, the stock climbed to a high of $23.37 in June before dropping back to the previous low of $13.04 on Nov. 21.
In the announcement Tuesday, Famous Dave's said Goronkin would leave the company Dec. 13 to pursue other interests. Goronkin had served as CEO since he joining the company in 2003.
On Wednesday, Piper Jaffray analyst Nicole Miller Regan downgraded Famous Dave's shares to "Neutral" from "Buy" because of the uncertainty surrounding the company's search for a replacement. Famous Dave's Director F. Lane Cardwell will serve as interim CEO.
Regan said a "challenging consumer environment" also factored into the reduced stock rating.
Despite the downgrade, Regan said there is opportunity for the company to accelerate development and improve margins into next year.
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