Simplicity Solutions LLC Takes $660,000 Position in Sovos Brands, Inc. (NASDAQ:SOVO)

Simplicity Solutions LLC acquired a new stake in Sovos Brands, Inc. (NASDAQ:SOVO) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 29,961 shares of the company’s stock, valued at approximately $660,000.

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

Sovos Brands Stock Performance

NASDAQ SOVO opened at $22.98 on Thursday. The stock has a market cap of $2.34 billion, a PE ratio of 79.24, a P/E/G ratio of 1.44 and a beta of 0.02. The company has a current ratio of 2.90, a quick ratio of 2.26 and a debt-to-equity ratio of 0.91. Sovos Brands, Inc. has a twelve month low of $13.48 and a twelve month high of $23.00. The stock has a fifty day simple moving average of $22.77 and a 200-day simple moving average of $22.28.

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

Insider Activity at Sovos Brands

In related news, COO Kirk A. Jensen sold 2,785 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $22.26, for a total transaction of $61,994.10. Following the completion of the transaction, the chief operating officer now directly owns 323,314 shares in the company, valued at approximately $7,196,969.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, COO Kirk A. Jensen sold 2,785 shares of Sovos Brands stock in a transaction dated Monday, February 12th. The stock was 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 in the company, valued at approximately $7,196,969.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd R. Lachman sold 13,255 shares of Sovos Brands stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $22.26, for a total value of $295,056.30. Following the completion of the transaction, the chief executive officer now owns 1,957,028 shares of the company’s stock, valued at approximately $43,563,443.28. The disclosure for this sale can be found here. Insiders sold 22,019 shares of company stock worth $490,143 in the last three months. 8.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Separately, Telsey Advisory Group reiterated a “market perform” rating and set a $23.00 price target on shares of Sovos Brands in a report on Friday, February 23rd. Seven equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $23.06.

Sovos Brands Company Profile

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.