It has been about a month since the last earnings report for Dave & Buster's (PLAY). Shares have lost about 14.6% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Dave & Buster's due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Dave & Buster's Q2 Earnings Lag Estimates, Revenues TopDave & Buster's reported mixed second-quarter fiscal 2022 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. The top line rose year over year, while the bottom line declined year over year.Earnings & Revenues in DetailDuring the fiscal second quarter, the company reported adjusted earnings per share (EPS) of 61 cents, which missed the Zacks Consensus Estimate of $1.01. In the year-ago quarter, it had reported adjusted EPS of $1.07.Quarterly revenues of $468.4 million surpassed the consensus mark of $432 million. In the prior-year quarter, the company reported revenues of $377.6 million. Revenues jumped 35.9% compared with second-quarter fiscal 2019.Food and Beverage revenues (33.5% of total revenues in the fiscal second quarter) soared 27.6% year over year to $157 million. Amusement and Other revenues (66.5%) increased 22.3% year over year to $311.4 million.Comps DetailsDuring the fiscal second quarter, comparable store sales increased 9.6% compared with the 2019 level. Non-comparable store revenues in the reported quarter were $84.7 million, up from $69.2 million in the year-ago quarter.Operating HighlightsDuring the fiscal second quarter, operating income amounted to $56.5 million compared with $79.2 million in the prior-year quarter. The downside was primarily due to a rise in pre-opening and stock-based compensation expenses as well as transaction costs related to the acquisition of Main Event. The operating margin was 12.1% compared with 21% reported in the prior-year quarter. During the quarter, adjusted EBITDA was $119.6 million compared with $119.2 million reported in the prior-year quarter.Balance SheetAs of Jul 31, 2022, cash and cash equivalents totaled $100.4 million compared with $139.1 million as of May 1, 2022.At the end of the fiscal second quarter, net long-term debt totaled $1,219.7 million compared with $432 million at the end of first-quarter fiscal 2022.Fiscal Q3 Business UpdateDuring the first five weeks of third-quarter fiscal 2022, the company’s comps rose 22.1% from the 2019 level. Walk-in comparable store sales rose 24.7%, while Special Event comparable store sales declined 4.2% in the five-week period compared with 2019.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.The consensus estimate has shifted -67.41% due to these changes.VGM ScoresAt this time, Dave & Buster's has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of A on the value side, putting it in the top quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Dave & Buster's has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. This Little-Known Semiconductor Stock Could Be Your Portfolio’s Hedge Against Inflation Everyone uses semiconductors. But only a small number of people know what they are and what they do. If you use a smartphone, computer, microwave, digital camera or refrigerator (and that’s just the tip of the iceberg), you have a need for semiconductors. That’s why their importance can’t be overstated and their disruption in the supply chain has such a global effect. But every cloud has a silver lining. Shockwaves to the international supply chain from the global pandemic have unearthed a tremendous opportunity for investors. And today, Zacks' leading stock strategist is revealing the one semiconductor stock that stands to gain the most in a new FREE report. It's yours at no cost and with no obligation.>>Yes, I Want to Help Protect My Portfolio During the RecessionWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Dave & Buster's Entertainment, Inc. (PLAY): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research