Sovos Brands, Inc. (NASDAQ:SOVO – Get Rating) COO Kirk A. Jensen sold 13,850 shares of the company’s stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $13.55, for a total transaction of $187,667.50. Following the transaction, the chief operating officer now owns 410,753 shares in the company, valued at approximately $5,565,703.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Sovos Brands Stock Performance
SOVO opened at $13.19 on Friday. The firm has a 50-day moving average of $13.93 and a 200 day moving average of $14.25. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.48 and a current ratio of 2.21. Sovos Brands, Inc. has a fifty-two week low of $9.52 and a fifty-two week high of $16.83.
Sovos Brands (NASDAQ:SOVO – Get Rating) last posted its quarterly earnings results on Wednesday, November 2nd. The company reported $0.14 earnings per share for the quarter, meeting the consensus estimate of $0.14. The company had revenue of $208.91 million during the quarter, compared to analyst estimates of $199.65 million. Sovos Brands had a negative net margin of 3.55% and a positive return on equity of 10.66%. The firm’s revenue for the quarter was up 16.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.10 earnings per share. As a group, sell-side analysts forecast that Sovos Brands, Inc. will post 0.58 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
SOVO has been the topic of several research reports. UBS Group downgraded shares of Sovos Brands from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $17.00 to $16.00 in a report on Thursday, December 8th. William Blair reiterated an “outperform” rating on shares of Sovos Brands in a research note on Wednesday, November 2nd. Finally, Piper Sandler reduced their target price on shares of Sovos Brands from $17.00 to $16.00 in a research note on Friday, December 9th.
Hedge Funds Weigh In On Sovos Brands
Several institutional investors have recently added to or reduced their stakes in SOVO. Vanguard Group Inc. grew its position in Sovos Brands by 60.2% during the third quarter. Vanguard Group Inc. now owns 3,655,688 shares of the company’s stock valued at $52,057,000 after buying an additional 1,374,382 shares during the period. Capital World Investors boosted its position in Sovos Brands by 15.8% during the first quarter. Capital World Investors now owns 4,604,913 shares of the company’s stock worth $65,298,000 after purchasing an additional 629,913 shares during the period. BlackRock Inc. boosted its position in Sovos Brands by 26.1% during the third quarter. BlackRock Inc. now owns 2,877,890 shares of the company’s stock worth $40,983,000 after purchasing an additional 594,910 shares during the period. Russell Investments Group Ltd. bought a new position in Sovos Brands during the second quarter worth about $6,524,000. Finally, Macquarie Group Ltd. boosted its position in Sovos Brands by 98.8% during the third quarter. Macquarie Group Ltd. now owns 813,320 shares of the company’s stock worth $11,582,000 after purchasing an additional 404,277 shares during the period. Institutional investors own 91.64% of the company’s stock.
Sovos Brands Company Profile
Sovos Brands, Inc, through its subsidiaries, manufactures and distributes consumer food products in the United States. The company operates in two segments, Dinners & Sauces, and Breakfast & Snacks. It provides pasta sauces, dry pasta, soups, frozen entrees, yogurts, pancake and waffle mixes, other baking mixes, and frozen waffles under the Rao’s, Michael Angelo’s, noosa, and Birch Benders brands.
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