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

Shares of Sovos Brands, Inc. (NASDAQ:SOVO) have been assigned a consensus rating of “Hold” from the eight analysts that are currently covering the firm, Marketbeat reports. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $23.06.

Separately, Telsey Advisory Group reissued a “market perform” rating and issued a $23.00 price objective on shares of Sovos Brands in a research note on Friday, February 23rd.

Insider Activity

In other news, insider Yuri Hermida sold 5,979 shares of Sovos Brands stock in a transaction that occurred 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 completion of the sale, the insider now owns 307,089 shares of the company’s stock, valued at $6,835,801.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Lisa Y. O’driscoll sold 1,276 shares of Sovos Brands stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $22.09, for a total transaction of $28,186.84. Following the transaction, the insider now directly owns 187,208 shares of the company’s stock, valued at $4,135,424.72. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Yuri Hermida sold 5,979 shares of Sovos Brands stock in a transaction that occurred 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 transaction, the insider now directly owns 307,089 shares in the company, valued at $6,835,801.14. The disclosure for this sale can be found here. Over the last quarter, insiders sold 49,418 shares of company stock valued at $1,095,387. Corporate insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Sovos Brands

Institutional investors have recently bought and sold shares of the business. Longfellow Investment Management Co. LLC purchased a new position in Sovos Brands during the fourth quarter valued at approximately $34,000. Headlands Technologies LLC purchased a new position in Sovos Brands in the fourth quarter worth $37,000. Tower Research Capital LLC TRC grew its holdings in Sovos Brands by 165.5% in the second quarter. Tower Research Capital LLC TRC now owns 2,453 shares of the company’s stock worth $48,000 after purchasing an additional 1,529 shares during the last quarter. Strs Ohio purchased a new position in Sovos Brands in the third quarter worth $128,000. Finally, Cubist Systematic Strategies LLC purchased a new position in Sovos Brands in the third quarter worth $149,000.

Sovos Brands Trading Up 0.1 %

SOVO opened at $22.98 on Friday. The firm has a market cap of $2.34 billion, a P/E ratio of 79.24, a P/E/G ratio of 1.44 and a beta of 0.02. Sovos Brands has a 12 month low of $13.48 and a 12 month high of $23.00. The company has a current ratio of 2.90, a quick ratio of 2.26 and a debt-to-equity ratio of 0.91. The stock has a 50-day moving average of $22.72 and a 200 day moving average of $22.27.

Sovos Brands (NASDAQ:SOVO) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $271.10 million. Sovos Brands had a net margin of 2.96% and a return on equity of 16.33%. As a group, research analysts forecast that Sovos Brands will post 0.93 EPS for the current year.

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.