PEAK6 Investments LLC Makes New $2.22 Million Investment in Sovos Brands, Inc. (NASDAQ:SOVO)

PEAK6 Investments LLC bought a new stake in shares of Sovos Brands, Inc. (NASDAQ:SOVO) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 133,360 shares of the company’s stock, valued at approximately $2,224,000. PEAK6 Investments LLC owned approximately 0.13% of Sovos Brands at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Sovos Brands by 60.2% during the third quarter. Vanguard Group Inc. now owns 3,655,688 shares of the company’s stock worth $52,057,000 after buying an additional 1,374,382 shares in the last quarter. FMR LLC increased its holdings in shares of Sovos Brands by 67.8% during the first quarter. FMR LLC now owns 3,125,807 shares of the company’s stock valued at $52,138,000 after purchasing an additional 1,262,812 shares during the period. Champlain Investment Partners LLC increased its stake in Sovos Brands by 29.5% during the 1st quarter. Champlain Investment Partners LLC now owns 3,011,575 shares of the company’s stock valued at $50,233,000 after buying an additional 685,765 shares during the period. Capital World Investors raised its holdings in Sovos Brands by 15.8% during the first quarter. Capital World Investors now owns 4,604,913 shares of the company’s stock worth $65,298,000 after purchasing an additional 629,913 shares in the last quarter. Finally, BlackRock Inc. lifted its holdings in shares of Sovos Brands by 26.1% in the third quarter. BlackRock Inc. now owns 2,877,890 shares of the company’s stock valued at $40,983,000 after buying an additional 594,910 shares during the period.

Sovos Brands Price Performance

SOVO opened at $22.47 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 3.34 and a quick ratio of 2.32. The company’s 50 day simple moving average is $20.51 and its 200-day simple moving average is $18.14. Sovos Brands, Inc. has a one year low of $12.74 and a one year high of $22.65.

Sovos Brands (NASDAQ:SOVO) last announced its quarterly earnings data on Wednesday, August 9th. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.04. The firm had revenue of $217.60 million for the quarter, compared to analyst estimates of $213.87 million. Sovos Brands had a positive return on equity of 14.14% and a negative net margin of 1.49%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period last year, the company earned $0.13 EPS. Sell-side analysts anticipate that Sovos Brands, Inc. will post 0.68 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SOVO has been the subject of a number of recent analyst reports. Barclays increased their price target on Sovos Brands from $22.00 to $23.00 in a research report on Tuesday, June 27th. Needham & Company LLC downgraded shares of Sovos Brands from a “buy” rating to a “hold” rating in a report on Monday, August 7th. Stephens lowered shares of Sovos Brands from an “overweight” rating to an “equal weight” rating and set a $23.00 target price on the stock. in a research report on Tuesday, August 8th. Telsey Advisory Group lowered Sovos Brands from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 8th. Finally, William Blair lowered Sovos Brands from an “outperform” rating to a “market perform” rating in a research note on Monday, August 7th. Eight equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Sovos Brands has a consensus rating of “Hold” and an average target price of $22.17.

Insider Buying and Selling

In other Sovos Brands news, CEO Todd R. Lachman sold 45,000 shares of the company’s stock in a transaction dated Tuesday, June 20th. The shares were sold at an average price of $18.56, for a total transaction of $835,200.00. Following the transaction, the chief executive officer now directly owns 2,209,761 shares in the company, valued at approximately $41,013,164.16. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 315,000 shares of company stock worth $6,416,550 over the last three months. 8.10% of the stock is currently owned by company insiders.

Sovos Brands Profile

Sovos Brands, Inc, through its subsidiaries, operates as a consumer-packaged food company that manufactures and distributes consumer food products in the United States. The company operates in two segments, Dinner and Sauces, and Breakfast and Snacks. It provides pasta sauces, dry pasta, soups, frozen entrees, frozen pizza, yogurts, pancake and waffle mixes, other baking mixes, and frozen waffles under the Rao's, Michael Angelo's, noosa, and Birch Benders brands.