Is Outback Steakhouse a good stock to buy?

Outback Steakhouse was enjoying a nice stock bump on Thursday. Bloomin’ Brands Inc. stock soared 11% Thursday, after the parent of Outback Steakhouse beat profit estimates for the fourth quarter and offered guidance for 2023 that was well above consensus.

Why did Outback Steakhouse stock close 10%?

Shares of Outback Steakhouse parent Bloomin’ Brands closed down 10% on Tuesday after the restaurant company said it’s expecting an additional $170 million in costs next year due to inflation. Bloomin’ estimates commodity prices will rise 10% in 2022, adding about $100 million in costs.

Who owns Outback Steakhouse?

An Outback Steakhouse truck sits parked outside a restaurant in New York. Shares of Outback Steakhouse owner Bloomin’ Brands rose 8.7% Friday after an activist investor disclosed its interest in the restaurant company. Starboard Value now owns 9.9% of Bloomin’s shares, according a regulatory filing.