Insider Selling: Sovos Brands, Inc. (NASDAQ:SOVO) Director Sells 75,000 Shares of Stock

Sovos Brands, Inc. (NASDAQ:SOVO – Get Rating) Director Robert L. Graves sold 75,000 shares of Sovos Brands stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $14.31, for a total transaction of $1,073,250.00. Following the transaction, the director now directly owns 3,706,292 shares of the company’s stock, valued at $53,037,038.52. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Sovos Brands Trading Up 1.1 %

SOVO opened at $14.81 on Friday. The company has a current ratio of 2.71, a quick ratio of 1.95 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $1.48 billion, a PE ratio of -27.94, a PEG ratio of 2.41 and a beta of -0.04. Sovos Brands, Inc. has a 1-year low of $11.88 and a 1-year high of $16.83. The firm has a 50-day moving average price of $13.65 and a two-hundred day moving average price of $13.99.

Sovos Brands (NASDAQ:SOVO – Get Rating) last posted its quarterly earnings data on Wednesday, March 8th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.02. The firm had revenue of $262.10 million during the quarter, compared to analysts’ expectations of $231.49 million. Sovos Brands had a negative net margin of 6.09% and a positive return on equity of 12.18%. The company’s quarterly revenue was up 38.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.13 EPS. As a group, equities analysts anticipate that Sovos Brands, Inc. will post 0.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sovos Brands

Several institutional investors have recently modified their holdings of the business. Algert Global LLC grew its position in shares of Sovos Brands by 2.1% during the 4th quarter. Algert Global LLC now owns 35,214 shares of the company’s stock worth $506,000 after buying an additional 730 shares during the period. Amalgamated Bank grew its position in shares of Sovos Brands by 37.2% during the 3rd quarter. Amalgamated Bank now owns 5,816 shares of the company’s stock worth $83,000 after buying an additional 1,578 shares during the period. Swiss National Bank grew its position in shares of Sovos Brands by 2.5% during the 4th quarter. Swiss National Bank now owns 73,100 shares of the company’s stock worth $1,050,000 after buying an additional 1,800 shares during the period. New York State Common Retirement Fund grew its position in shares of Sovos Brands by 0.9% during the 3rd quarter. New York State Common Retirement Fund now owns 207,565 shares of the company’s stock worth $2,956,000 after buying an additional 1,876 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC grew its position in shares of Sovos Brands by 13.3% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 17,500 shares of the company’s stock worth $249,000 after buying an additional 2,050 shares during the period. Institutional investors and hedge funds own 91.64% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.