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.
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
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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