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

Sovos Brands, Inc. (NASDAQ:SOVOGet 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:SOVOGet 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

(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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