Sovos Brands, Inc. (NASDAQ:SOVO) to Post Q1 2023 Earnings of $0.17 Per Share, Telsey Advisory Group Forecasts

Sovos Brands, Inc. (NASDAQ:SOVO – Get Rating) – Equities researchers at Telsey Advisory Group issued their Q1 2023 earnings per share (EPS) estimates for shares of Sovos Brands in a research report issued to clients and investors on Thursday, March 9th. Telsey Advisory Group analyst S. Vora forecasts that the company will post earnings of $0.17 per share for the quarter. Telsey Advisory Group has a “Outperform” rating and a $17.00 price objective on the stock. The consensus estimate for Sovos Brands’ current full-year earnings is $0.61 per share. Telsey Advisory Group also issued estimates for Sovos Brands’ Q2 2023 earnings at $0.15 EPS, Q3 2023 earnings at $0.16 EPS, Q4 2023 earnings at $0.20 EPS and FY2024 earnings at $0.70 EPS.

Sovos Brands (NASDAQ:SOVO – Get Rating) last issued its quarterly earnings results on Wednesday, March 8th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. The company had revenue of $262.10 million for the quarter, compared to analyst estimates of $231.49 million. Sovos Brands had a positive return on equity of 12.02% and a negative net margin of 6.09%. The company’s revenue for the quarter was up 38.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.13 EPS.

A number of other research firms have also commented on SOVO. Piper Sandler upped their price target on Sovos Brands from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Thursday. UBS Group lowered Sovos Brands from a “buy” rating to a “neutral” rating and reduced their price target for the company from $17.00 to $16.00 in a research report on Thursday, December 8th.

Sovos Brands Trading Down 2.9 %

Shares of SOVO stock opened at $13.60 on Friday. The firm has a market capitalization of $1.37 billion, a P/E ratio of -25.66 and a beta of -0.04. Sovos Brands has a twelve month low of $9.52 and a twelve month high of $16.83. The company has a quick ratio of 1.48, a current ratio of 2.21 and a debt-to-equity ratio of 0.97. The stock’s fifty day simple moving average is $13.59 and its 200 day simple moving average is $14.02.

Insider Buying and Selling

In other news, EVP Risa Cretella sold 8,274 shares of the company’s stock in a transaction that occurred on Tuesday, January 17th. The stock was sold at an average price of $13.55, for a total value of $112,112.70. Following the completion of the transaction, the executive vice president now directly owns 287,765 shares of the company’s stock, valued at $3,899,215.75. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, COO Kirk A. Jensen sold 13,850 shares of the firm’s stock in a transaction dated Tuesday, January 17th. The stock was sold at an average price of $13.55, for a total value of $187,667.50. Following the sale, the chief operating officer now directly owns 410,753 shares of the company’s stock, valued at $5,565,703.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Risa Cretella sold 8,274 shares of the firm’s stock in a transaction dated Tuesday, January 17th. The stock was sold at an average price of $13.55, for a total value of $112,112.70. Following the completion of the sale, the executive vice president now directly owns 287,765 shares in the company, valued at $3,899,215.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,869 shares of company stock valued at $580,819. 9.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sovos Brands

A number of hedge funds have recently added to or reduced their stakes in SOVO. Tower Research Capital LLC TRC lifted its holdings in shares of Sovos Brands by 565.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 5,567 shares of the company’s stock valued at $79,000 after acquiring an additional 4,730 shares during the last quarter. Amalgamated Bank increased its holdings in Sovos Brands by 37.2% during the third quarter. Amalgamated Bank now owns 5,816 shares of the company’s stock valued at $83,000 after buying an additional 1,578 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Sovos Brands in the third quarter worth $117,000. SG Americas Securities LLC purchased a new position in Sovos Brands in the third quarter worth $120,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Sovos Brands during the third quarter worth $149,000. 91.64% of the stock is currently owned by hedge funds and other 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.