The price of Sovos Brands Inc. (NASDAQ:SOVO) shares last traded on Wall Street rose 6.38% to $14.00.
Based on available information, 12 analysts follow Sovos Brands Inc. (NASDAQ:SOVO). The consensus rating among analysts is ‘Buy’. As we calculate the median target price by taking the range between a high of $20.00 and a low of $16.00, we find $17.00. Given the previous closing price of $13.16, this indicates a potential upside of 29.18 percent. SOVO stock price is now 3.09% away from the 50-day moving average and -0.94% away from the 200-day moving average. The market capitalization of the company currently stands at $1.40B.
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Among analysts, 1 rate the stock a hold while 10 rate it a buy. Brokers who have rated the stock have averaged $17.45 as their price target over the next twelve months.
With the price target reduced from $17 to $16, UBS Downgraded its rating from Buy to Neutral for Sovos Brands Inc. (NASDAQ: SOVO). On March 30, 2022, UBS recently initiated its ‘Buy’ rating on the stock quoting a target price of $16, while ‘Barclays’ rates the stock as ‘Overweight’.
In other news, Jensen Kirk A., CHIEF OPERATING OFFICER sold 28,583 shares of the company’s stock on Jan 18. The stock was sold for $384,990 at an average price of $13.47. Upon completion of the transaction, the CHIEF OPERATING OFFICER now directly owns 382,170 shares in the company, valued at $5.35 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jan 17, CHIEF OPERATING OFFICER Jensen Kirk A. sold 13,850 shares of the business’s stock. A total of $187,641 was realized by selling the stock at an average price of $13.55. This leaves the insider owning 410,753 shares of the company worth $5.75 million. Insiders disposed of 59,133,730 shares of company stock worth roughly $827.87 million over the past 1 year. A total of 3.00% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in SOVO stock. A new stake in Sovos Brands Inc. shares was purchased by ALYESKA INVESTMENT GROUP, L.P. during the first quarter worth $2,486,000. DIMENSIONAL FUND ADVISORS LP invested $2,251,000 in shares of SOVO during the first quarter. In the first quarter, FIRST TRUST ADVISORS LP acquired a new stake in Sovos Brands Inc. valued at approximately $1,762,000. CORNERCAP INVESTMENT COUNSEL INC acquired a new stake in SOVO for approximately $986,000. MARTINGALE ASSET MANAGEMENT L P purchased a new stake in SOVO valued at around $647,000 in the second quarter. In total, there are 155 active investors with 92.40% ownership of the company’s stock.
A candlestick chart of Sovos Brands Inc. (NASDAQ: SOVO) showed a price of $15.95 on Thursday morning. During the past 12 months, Sovos Brands Inc. has had a low of $9.52 and a high of $16.83. As of last week, the company has a debt-to-equity ratio of 0.97, a current ratio of 2.20, and a quick ratio of 1.50. The fifty day moving average price for SOVO is $13.58 and a two-hundred day moving average price translates $14.13 for the stock.
The latest earnings results from Sovos Brands Inc. (NASDAQ: SOVO) was released for Sep, 2022. According to the Packaged Foods Company, earnings per share came in at $0.14, beating analysts’ expectations of $0.13 by 0.01. This compares to -$0.04 EPS in the same period last year. The net profit margin was -3.60% and return on equity was -5.70% for SOVO. The company reported revenue of $262.1 million for the quarter, compared to $189.24 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 38.5 percent. For the current quarter, analysts expect SOVO to generate $231.58M in revenue.
Sovos Brands Inc.(SOVO) 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. The company sells its products principally to retail outlets and wholesale distributors, including traditional supermarkets, mass merchants, warehouse clubs, wholesalers, specialty food distributors, military commissaries, and non-food outlets, such as drug store chains, dollar stores, and e-commerce retailers. Sovos Brands, Inc. was founded in 1983 and is headquartered in Louisville, Colorado.
