Vestis (NYSE:VSTS) Shares Gap Up After Insider Buying Activity

Shares of Vestis Corporation (NYSE:VSTS) gapped up before the market opened on Monday after an insider bought additional shares in the company. The stock had previously closed at $7.00, but opened at $7.46. Vestis shares last traded at $7.4040, with a volume of 422,427 shares trading hands.

Specifically, CEO James J. Barber acquired 82,367 shares of Vestis stock in a transaction on Thursday, December 4th. The shares were acquired at an average price of $6.36 per share, with a total value of $523,854.12. Following the purchase, the chief executive officer directly owned 642,469 shares in the company, valued at $4,086,102.84. The trade was a 14.71% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James J. Barber acquired 81,633 shares of the firm’s stock in a transaction dated Wednesday, December 3rd. The shares were purchased at an average cost of $6.34 per share, for a total transaction of $517,553.22. Following the completion of the acquisition, the chief executive officer directly owned 560,102 shares in the company, valued at approximately $3,551,046.68. This represents a 17.06% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. The Goldman Sachs Group boosted their price target on shares of Vestis from $5.50 to $6.30 and gave the stock a “neutral” rating in a research report on Tuesday, December 2nd. JPMorgan Chase & Co. lifted their price objective on shares of Vestis from $5.50 to $6.00 and gave the stock an “underweight” rating in a research note on Wednesday, December 3rd. Robert W. Baird boosted their target price on shares of Vestis from $5.00 to $6.50 and gave the stock a “neutral” rating in a report on Tuesday, December 2nd. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Vestis in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Strong Sell” and an average target price of $5.95.

Vestis Price Performance

The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.64 and a current ratio of 2.08. The company has a market capitalization of $941.82 million, a P/E ratio of -23.04 and a beta of 0.78. The firm’s fifty day moving average is $5.51 and its 200 day moving average is $5.44.

Vestis (NYSE:VSTS) last announced its quarterly earnings data on Monday, December 1st. The company reported $0.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.03. The business had revenue of $712.01 million during the quarter, compared to the consensus estimate of $690.65 million. Vestis had a negative net margin of 1.47% and a positive return on equity of 2.62%. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.11 earnings per share. As a group, analysts predict that Vestis Corporation will post 0.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Vestis

A number of large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its position in Vestis by 1.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,582,601 shares of the company’s stock valued at $25,568,000 after acquiring an additional 43,719 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Vestis by 15.6% during the first quarter. Invesco Ltd. now owns 701,596 shares of the company’s stock valued at $6,946,000 after purchasing an additional 94,695 shares during the period. Nuveen LLC bought a new position in shares of Vestis in the first quarter worth about $2,746,000. Public Sector Pension Investment Board increased its stake in Vestis by 27.5% in the 1st quarter. Public Sector Pension Investment Board now owns 363,484 shares of the company’s stock worth $3,598,000 after buying an additional 78,446 shares during the period. Finally, HighTower Advisors LLC lifted its holdings in Vestis by 6.8% during the 1st quarter. HighTower Advisors LLC now owns 395,919 shares of the company’s stock valued at $3,920,000 after buying an additional 25,106 shares in the last quarter. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Vestis Company Profile

Vestis Corporation provides uniform rentals and workplace supplies in the United States and Canada. Its products include uniform options, such as shirts, pants, outerwear, gowns, scrubs, high visibility garments, particulate-free garments, and flame-resistant garments, as well as shoes and accessories; and workplace supplies, including managed restroom supply services, first-aid supplies and safety products, floor mats, towels, and linens.