Sovos Brands, Inc. (NASDAQ:SOVO) Expected to Post Q4 2022 Earnings of $0.20 Per Share

Sovos Brands, Inc. (NASDAQ:SOVO – Get Rating) – Investment analysts at William Blair decreased their Q4 2022 earnings per share (EPS) estimates for shares of Sovos Brands in a research report issued on Wednesday, August 3rd. William Blair analyst J. Andersen now anticipates that the company will post earnings of $0.20 per share for the quarter, down from their prior forecast of $0.24. The consensus estimate for Sovos Brands’ current full-year earnings is $0.60 per share.

Sovos Brands (NASDAQ:SOVO – Get Rating) last posted its earnings results on Wednesday, August 3rd. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.04. Sovos Brands had a positive return on equity of 9.08% and a negative net margin of 4.47%.

Sovos Brands Price Performance

SOVO opened at $15.85 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.66 and a current ratio of 2.17. Sovos Brands has a 52-week low of $9.52 and a 52-week high of $17.41. The stock has a market capitalization of $1.60 billion and a PE ratio of -44.03. The stock’s 50 day moving average price is $14.48 and its 200-day moving average price is $14.01.

Insider Activity

In other news, insider Lisa Y. O’driscoll sold 19,300 shares of the business’s stock in a transaction that occurred on Wednesday, July 6th. The stock was sold at an average price of $16.30, for a total transaction of $314,590.00. Following the transaction, the insider now directly owns 251,683 shares of the company’s stock, valued at $4,102,432.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Institutional Investors Weigh In On Sovos Brands

Several hedge funds have recently made changes to their positions in SOVO. Capital World Investors boosted its position in shares of Sovos Brands by 19.2% during the fourth quarter. Capital World Investors now owns 3,975,000 shares of the company’s stock valued at $59,824,000 after purchasing an additional 641,600 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Sovos Brands during the second quarter valued at approximately $6,524,000. Kehrs Ridge Capital LLC bought a new stake in shares of Sovos Brands during the fourth quarter valued at approximately $6,020,000. Weiss Multi Strategy Advisers LLC boosted its position in shares of Sovos Brands by 175.4% during the fourth quarter. Weiss Multi Strategy Advisers LLC now owns 600,352 shares of the company’s stock valued at $9,035,000 after purchasing an additional 382,352 shares in the last quarter. Finally, Thornburg Investment Management Inc. bought a new stake in shares of Sovos Brands during the second quarter valued at approximately $5,213,000. 92.31% of the stock is currently owned by institutional investors.

About Sovos Brands

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Sovos Brands, Inc, through its subsidiaries, manufactures and distributes consumer food products in the United States. The company operates in two segments, Dinners & Sauces, and Breakfast & Snacks. It provides pasta sauces, dry pasta, soups, frozen entrees, yogurts, pancake and waffle mixes, other baking mixes, and frozen waffles under the Rao's, Michael Angelo's, noosa, and Birch Benders brands.

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