Sovos Brands, Inc. (NASDAQ:SOVO) Given Consensus Recommendation of “Hold” by Analysts

Shares of Sovos Brands, Inc. (NASDAQ:SOVO) have received a consensus recommendation of “Hold” from the seven ratings firms that are covering the company, MarketBeat reports. Seven research analysts have rated the stock with a hold rating. The average 1 year target price among brokerages that have covered the stock in the last year is $23.06.

Separately, Telsey Advisory Group reaffirmed a “market perform” rating and set a $23.00 price target on shares of Sovos Brands in a research report on Friday, February 23rd.

Sovos Brands Price Performance

Shares of NASDAQ SOVO opened at $22.98 on Friday. Sovos Brands has a 1 year low of $13.48 and a 1 year high of $23.00. The firm has a market cap of $2.34 billion, a P/E ratio of 79.24, a price-to-earnings-growth ratio of 1.44 and a beta of 0.02. The firm’s 50 day moving average price is $22.77 and its 200 day moving average price is $22.28. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.26 and a current ratio of 2.90.

Sovos Brands (NASDAQ:SOVO) last released its earnings results on Wednesday, February 28th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. The business had revenue of $292.05 million for the quarter, compared to analysts’ expectations of $271.10 million. Sovos Brands had a net margin of 2.96% and a return on equity of 16.33%. As a group, sell-side analysts anticipate that Sovos Brands will post 0.93 earnings per share for the current year.

Insider Activity

In related news, COO Kirk A. Jensen sold 2,785 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $22.26, for a total value of $61,994.10. Following the sale, the chief operating officer now directly owns 323,314 shares of the company’s stock, valued at $7,196,969.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Sovos Brands news, COO Kirk A. Jensen sold 2,785 shares of Sovos Brands stock in a transaction on Monday, February 12th. The shares were sold at an average price of $22.26, for a total value of $61,994.10. Following the completion of the transaction, the chief operating officer now owns 323,314 shares of the company’s stock, valued at $7,196,969.64. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Yuri Hermida sold 5,979 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $22.26, for a total transaction of $133,092.54. Following the sale, the insider now owns 307,089 shares of the company’s stock, valued at approximately $6,835,801.14. The disclosure for this sale can be found here. In the last three months, insiders sold 22,019 shares of company stock worth $490,143. 8.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Alpine Associates Management Inc. bought a new position in Sovos Brands in the 3rd quarter worth about $68,748,000. Hsbc Holdings PLC increased its position in Sovos Brands by 3,628.4% in the 3rd quarter. Hsbc Holdings PLC now owns 664,220 shares of the company’s stock valued at $14,998,000 after acquiring an additional 646,405 shares during the period. Westchester Capital Management LLC bought a new stake in Sovos Brands during the 3rd quarter valued at $45,475,000. Versor Investments LP acquired a new position in Sovos Brands during the 3rd quarter worth $10,050,000. Finally, AQR Arbitrage LLC bought a new position in shares of Sovos Brands in the third quarter worth $18,645,000.

About Sovos Brands

Sovos Brands, Inc, through its subsidiaries, operates as a consumer-packaged food company that manufactures, distributes, and sells consumer food products in the United States. It operates in two segments, Dinner and Sauces, and Breakfast and Snacks. The company's principal products comprise 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, and noosa brands.