Lifeway Foods (NASDAQ:LWAY) Announces Quarterly Earnings Results

Lifeway Foods (NASDAQ:LWAY) announced its quarterly earnings results on Wednesday. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.05), FiscalAI reports. Lifeway Foods had a return on equity of 14.32% and a net margin of 5.49%.The firm had revenue of $57.14 million for the quarter, compared to the consensus estimate of $55.00 million.

Lifeway Foods Stock Up 1.6%

Shares of NASDAQ:LWAY traded up $0.36 during mid-day trading on Friday, reaching $22.27. 114,567 shares of the stock were exchanged, compared to its average volume of 74,025. The stock’s 50 day simple moving average is $27.04 and its 200-day simple moving average is $26.13. Lifeway Foods has a one year low of $19.50 and a one year high of $34.20. The company has a market cap of $339.15 million, a P/E ratio of 32.28 and a beta of 0.41.

Insider Activity at Lifeway Foods

In other news, major shareholder Ludmila Smolyansky sold 10,000 shares of Lifeway Foods stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $26.44, for a total value of $264,400.00. Following the sale, the insider directly owned 832,823 shares in the company, valued at $22,019,840.12. This trade represents a 1.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Edward Smolyansky sold 83,643 shares of the business’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $25.91, for a total transaction of $2,167,190.13. Following the completion of the sale, the insider directly owned 1,151,642 shares in the company, valued at approximately $29,839,044.22. This represents a 6.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 115,000 shares of company stock worth $2,998,741 in the last 90 days. Company insiders own 18.86% of the company’s stock.

Institutional Investors Weigh In On Lifeway Foods

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets lifted its position in Lifeway Foods by 577.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,551 shares of the company’s stock worth $38,000 after buying an additional 1,322 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Lifeway Foods in the second quarter valued at about $40,000. New York State Common Retirement Fund raised its holdings in Lifeway Foods by 433.3% during the third quarter. New York State Common Retirement Fund now owns 1,600 shares of the company’s stock worth $44,000 after acquiring an additional 1,300 shares in the last quarter. Central Pacific Bank Trust Division bought a new stake in Lifeway Foods during the second quarter worth about $49,000. Finally, Byrne Asset Management LLC acquired a new position in Lifeway Foods during the second quarter valued at approximately $53,000. 36.39% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on LWAY. Benchmark assumed coverage on Lifeway Foods in a research note on Thursday. They set a “buy” rating and a $35.00 price objective on the stock. Lake Street Capital raised their price target on Lifeway Foods from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, August 13th. Wall Street Zen upgraded Lifeway Foods from a “hold” rating to a “buy” rating in a research report on Saturday, August 16th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Lifeway Foods in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Lifeway Foods currently has a consensus rating of “Moderate Buy” and an average target price of $34.00.

Lifeway Foods Company Profile

Lifeway Foods, Inc produces and markets probiotic-based products in the United States and internationally. Its primary product is drinkable kefir, a cultured dairy product in various organic and non-organic sizes, flavors, and types. The company offers European-style soft cheeses; cream and other products; ProBugs, a line of kefir products designed for children; drinkable yogurt; and fresh made butter and sour cream.