Insider Selling: Sovos Brands, Inc. (NASDAQ:SOVO) Director Sells $350,000.00 in Stock

Sovos Brands, Inc. (NASDAQ:SOVO – Get Rating) Director Robert L. Graves sold 25,000 shares of the company’s stock in a transaction on Monday, March 13th. The shares were sold at an average price of $14.00, for a total transaction of $350,000.00. Following the completion of the sale, the director now directly owns 3,805,986 shares of the company’s stock, valued at approximately $53,283,804. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Sovos Brands Trading Up 1.1 %

NASDAQ:SOVO opened at $14.81 on Friday. The company has a fifty day moving average of $13.65 and a 200 day moving average of $14.00. Sovos Brands, Inc. has a 52 week low of $11.88 and a 52 week high of $16.83. The company has a quick ratio of 1.95, a current ratio of 2.71 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $1.48 billion, a P/E ratio of -27.94, a P/E/G ratio of 2.35 and a beta of -0.04.

Sovos Brands (NASDAQ:SOVO – Get Rating) last posted its quarterly earnings results on Wednesday, March 8th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. Sovos Brands had a negative net margin of 6.09% and a positive return on equity of 12.18%. The company had revenue of $262.10 million during the quarter, compared to analyst estimates of $231.49 million. During the same period in the prior year, the business posted $0.13 EPS. The firm’s revenue was up 38.5% compared to the same quarter last year. On average, research analysts predict that Sovos Brands, Inc. will post 0.6 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC raised its holdings in Sovos Brands by 565.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 5,567 shares of the company’s stock worth $79,000 after purchasing an additional 4,730 shares in the last quarter. Amalgamated Bank raised its holdings in Sovos Brands by 37.2% in the 3rd quarter. Amalgamated Bank now owns 5,816 shares of the company’s stock worth $83,000 after purchasing an additional 1,578 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Sovos Brands in the 3rd quarter worth $117,000. SG Americas Securities LLC bought a new position in Sovos Brands in the 3rd quarter worth $120,000. Finally, Cubist Systematic Strategies LLC bought a new position in Sovos Brands in the 3rd quarter worth $149,000. 91.64% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. UBS Group cut shares of Sovos Brands from a “buy” rating to a “neutral” rating and cut their price objective for the company from $17.00 to $16.00 in a research note on Thursday, December 8th. Piper Sandler upped their price objective on shares of Sovos Brands from $16.00 to $17.00 and gave the company an “overweight” rating in a research note on Thursday, March 9th. Finally, Telsey Advisory Group reiterated an “outperform” rating and set a $17.00 price target on shares of Sovos Brands in a report on Tuesday, March 7th.

Sovos Brands Company Profile

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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.