Insider Selling: Sovos Brands, Inc. (NASDAQ:SOVO) COO Sells $187,667.50 in Stock

Sovos Brands, Inc. (NASDAQ:SOVO – Get Rating) COO Kirk A. Jensen sold 13,850 shares of the firm’s stock in a transaction on Tuesday, January 17th. The shares were sold at an average price of $13.55, for a total transaction of $187,667.50. Following the completion of the transaction, the chief operating officer now directly owns 410,753 shares of the company’s stock, valued at approximately $5,565,703.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Sovos Brands Trading Up 0.3 %

Shares of SOVO opened at $13.19 on Friday. The firm has a 50-day moving average of $13.93 and a 200-day moving average of $14.25. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.21 and a quick ratio of 1.48. Sovos Brands, Inc. has a one year low of $9.52 and a one year high of $16.83.

Sovos Brands (NASDAQ:SOVO – Get Rating) last posted its earnings results on Wednesday, November 2nd. The company reported $0.14 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.14. The company had revenue of $208.91 million during the quarter, compared to analysts’ expectations of $199.65 million. Sovos Brands had a negative net margin of 3.55% and a positive return on equity of 10.66%. Sovos Brands’s quarterly revenue was up 16.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.10 EPS. Sell-side analysts anticipate that Sovos Brands, Inc. will post 0.58 earnings per share for the current year.

Institutional Trading of Sovos Brands

A number of hedge funds have recently modified their holdings of SOVO. JPMorgan Chase & Co. lifted its stake in shares of Sovos Brands by 18.5% during the 1st quarter. JPMorgan Chase & Co. now owns 18,927 shares of the company’s stock worth $268,000 after buying an additional 2,953 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Sovos Brands by 19.7% in the 1st quarter. Bank of New York Mellon Corp now owns 78,164 shares of the company’s stock worth $1,108,000 after purchasing an additional 12,851 shares in the last quarter. MetLife Investment Management LLC raised its stake in Sovos Brands by 55.4% in the 1st quarter. MetLife Investment Management LLC now owns 16,919 shares of the company’s stock worth $240,000 after purchasing an additional 6,033 shares in the last quarter. Panagora Asset Management Inc. acquired a new stake in Sovos Brands in the 1st quarter worth about $286,000. Finally, Rhumbline Advisers raised its stake in Sovos Brands by 22.9% in the 1st quarter. Rhumbline Advisers now owns 27,751 shares of the company’s stock worth $394,000 after purchasing an additional 5,166 shares in the last quarter. Institutional investors and hedge funds own 91.64% of the company’s stock.

Analyst Ratings Changes

SOVO has been the subject of a number of analyst reports. William Blair reaffirmed an “outperform” rating on shares of Sovos Brands in a research report on Wednesday, November 2nd. Piper Sandler decreased their price objective on shares of Sovos Brands from $17.00 to $16.00 in a research report on Friday, December 9th. Finally, UBS Group downgraded shares of Sovos Brands from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $17.00 to $16.00 in a research report on Thursday, December 8th.

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.