Sovos Brands, Inc. (NASDAQ:SOVO) Director Robert L. Graves Sells 21,535 Shares

Sovos Brands, Inc. (NASDAQ:SOVOGet Rating) Director Robert L. Graves sold 21,535 shares of the stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $13.92, for a total value of $299,767.20. Following the completion of the sale, the director now owns 3,941,393 shares in the company, valued at approximately $54,864,190.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Sovos Brands Stock Performance

NASDAQ SOVO opened at $14.18 on Friday. The stock’s 50-day simple moving average is $14.18 and its two-hundred day simple moving average is $14.36. Sovos Brands, Inc. has a twelve month low of $9.52 and a twelve month high of $17.41. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.48 and a current ratio of 2.21.

Sovos Brands (NASDAQ:SOVOGet Rating) last released its quarterly earnings results on Wednesday, November 2nd. The company reported $0.14 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.14. Sovos Brands had a positive return on equity of 10.66% and a negative net margin of 3.55%. The business had revenue of $208.91 million for the quarter, compared to the consensus estimate of $199.65 million. During the same quarter last year, the business posted $0.10 earnings per share. The company’s revenue for the quarter was up 16.9% on a year-over-year basis. As a group, equities research analysts predict that Sovos Brands, Inc. will post 0.58 earnings per share for the current year.

Institutional Investors Weigh In On Sovos Brands

A number of large investors have recently added to or reduced their stakes in SOVO. Vanguard Group Inc. raised its position in Sovos Brands by 60.2% during the third quarter. Vanguard Group Inc. now owns 3,655,688 shares of the company’s stock valued at $52,057,000 after purchasing an additional 1,374,382 shares in the last quarter. Capital World Investors grew its stake in shares of Sovos Brands by 15.8% during the first quarter. Capital World Investors now owns 4,604,913 shares of the company’s stock valued at $65,298,000 after buying an additional 629,913 shares during the last quarter. BlackRock Inc. grew its stake in shares of Sovos Brands by 26.1% during the third quarter. BlackRock Inc. now owns 2,877,890 shares of the company’s stock valued at $40,983,000 after buying an additional 594,910 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of Sovos Brands during the second quarter valued at about $6,524,000. Finally, Macquarie Group Ltd. grew its stake in shares of Sovos Brands by 98.8% during the third quarter. Macquarie Group Ltd. now owns 813,320 shares of the company’s stock valued at $11,582,000 after buying an additional 404,277 shares during the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.

Wall Street Analyst Weigh In

Separately, William Blair reiterated an “outperform” rating on shares of Sovos Brands in a research report on Wednesday, November 2nd.

Sovos Brands Company Profile

(Get Rating)

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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Insider Buying and Selling by Quarter for Sovos Brands (NASDAQ:SOVO)

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