In yesterday’s Wall Street session, Sovos Brands Inc. (NASDAQ:SOVO) shares traded at $22.40, unchanged from the previous session.
As of this writing, 8 analysts cover Sovos Brands Inc. (NASDAQ:SOVO). The consensus rating among analysts is ‘Hold’. As we calculate the median target price by taking the range between a high of $23.00 and a low of $23.00, we find $23.00. Given the previous closing price of $22.40, this indicates a potential upside of 2.68 percent. SOVO stock price is now 11.37% away from the 50-day moving average and 35.12% away from the 200-day moving average. The market capitalization of the company currently stands at $2.27B.
There are 7 analysts who have given it a hold rating, whereas 0 have given it a buy rating. Brokers who have rated the stock have averaged $23.00 as their price target over the next twelve months.
With the price target of $23, Stephens recently initiated with Overweight rating for Sovos Brands Inc. (NASDAQ: SOVO).
In other news, LACHMAN TODD R, PRESIDENT AND CEO sold 45,000 shares of the company’s stock on Aug 28. The stock was sold for $1,014,062 at an average price of $22.53. Upon completion of the transaction, the PRESIDENT AND CEO now directly owns 1,984,761 shares in the company, valued at $44.46 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Aug 28, PRESIDENT AND CEO LACHMAN TODD R sold 11,250 shares of the business’s stock. A total of $253,526 was realized by selling the stock at an average price of $22.54. This leaves the insider owning 336,078 shares of the company worth $7.53 million. Insiders disposed of 57,264,251 shares of company stock worth roughly $1.28 billion 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 TWO SIGMA ADVISERS, LP during the first quarter worth $10,109,000. LISANTI CAPITAL GROWTH, LLC invested $7,491,000 in shares of SOVO during the first quarter. In the first quarter, VOLORIDGE INVESTMENT MANAGEMENT, LLC acquired a new stake in Sovos Brands Inc. valued at approximately $5,333,000. SILVERCREST ASSET MANAGEMENT GROUP LLC acquired a new stake in SOVO for approximately $5,237,000. GHISALLO CAPITAL MANAGEMENT LLC purchased a new stake in SOVO valued at around $4,480,000 in the second quarter. In total, there are 177 active investors with 92.40% ownership of the company’s stock.
Thursday morning saw Sovos Brands Inc. (NASDAQ: SOVO) opened at $22.43. During the past 12 months, Sovos Brands Inc. has had a low of $12.74 and a high of $22.65. As of last week, the company has a debt-to-equity ratio of 0.96, a current ratio of 3.30, and a quick ratio of 2.30. The fifty day moving average price for SOVO is $20.11 and a two-hundred day moving average price translates $16.58 for the stock.
The latest earnings results from Sovos Brands Inc. (NASDAQ: SOVO) was released for Jun, 2023. According to the Packaged Foods Company, earnings per share came in at $0.17, beating analysts’ expectations of $0.13 by 0.04. This compares to -$0.30 EPS in the same period last year. The net profit margin was -1.50% and return on equity was -2.80% for SOVO. The company reported revenue of $217.63 million for the quarter, compared to $197.43 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 10.23 percent. For the current quarter, analysts expect SOVO to generate $226.49M in revenue.
Sovos Brands Inc.(SOVO) Company Profile
Sovos Brands, Inc., through its subsidiaries, operates as a consumer-packaged food company that manufactures and distributes consumer food products in the United States. The company operates in two segments, Dinner and Sauces, and Breakfast and Snacks. It provides pasta sauces, dry pasta, soups, frozen entrees, frozen pizza, 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 incorporated in 2017 and is headquartered in Louisville, Colorado.
