Saba Capital Management L.P. Takes $916,000 Position in Vera Bradley, Inc. $VRA

Saba Capital Management L.P. purchased a new stake in Vera Bradley, Inc. (NASDAQ:VRA) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 290,000 shares of the textile maker’s stock, valued at approximately $916,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of VRA. Jump Financial LLC acquired a new position in Vera Bradley during the second quarter worth $28,000. Qube Research & Technologies Ltd bought a new stake in shares of Vera Bradley during the third quarter worth about $49,000. Emissary Wealth LLC bought a new stake in shares of Vera Bradley during the fourth quarter worth about $51,000. Simplex Trading LLC increased its position in shares of Vera Bradley by 55.0% during the fourth quarter. Simplex Trading LLC now owns 35,083 shares of the textile maker’s stock worth $85,000 after acquiring an additional 12,442 shares in the last quarter. Finally, Corient Private Wealth LLC raised its holdings in shares of Vera Bradley by 266.8% in the 2nd quarter. Corient Private Wealth LLC now owns 41,000 shares of the textile maker’s stock worth $91,000 after acquiring an additional 29,823 shares during the last quarter. Institutional investors own 59.88% of the company’s stock.

Analysts Set New Price Targets

VRA has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Vera Bradley in a research report on Monday, June 15th. Wall Street Zen lowered Vera Bradley from a “buy” rating to a “hold” rating in a report on Saturday. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Vera Bradley currently has a consensus rating of “Reduce”.

Insider Buying and Selling

In other Vera Bradley news, Director Andrew Meslow acquired 24,926 shares of the business’s stock in a transaction on Friday, June 12th. The shares were acquired at an average price of $3.73 per share, with a total value of $92,973.98. Following the completion of the transaction, the director owned 650,000 shares in the company, valued at approximately $2,424,500. This trade represents a 3.99% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 14.30% of the company’s stock.

Vera Bradley Stock Performance

NASDAQ:VRA opened at $3.66 on Wednesday. Vera Bradley, Inc. has a 52 week low of $1.39 and a 52 week high of $4.39. The firm has a 50-day moving average price of $3.65 and a two-hundred day moving average price of $3.35. The firm has a market cap of $104.09 million, a price-to-earnings ratio of -5.30 and a beta of 1.57.

Vera Bradley (NASDAQ:VRA) last announced its earnings results on Thursday, June 11th. The textile maker reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.24. The firm had revenue of $55.70 million for the quarter, compared to the consensus estimate of $49.12 million. Vera Bradley had a negative return on equity of 6.66% and a negative net margin of 7.02%. As a group, sell-side analysts forecast that Vera Bradley, Inc. will post -0.28 earnings per share for the current year.

About Vera Bradley

Vera Bradley, Inc (NASDAQ: VRA) is a lifestyle and accessories designer specializing in colorful, patterned handbags, luggage, travel accessories and coordinated home décor. Founded in 1982 by Barbara Bradley Baekgaard and Patricia R. Miller, the company first gained recognition for its quilted cotton bags sold at craft shows before expanding into an established fashion brand. Headquartered in Fort Wayne, Indiana, Vera Bradley has built a reputation for distinctive prints and functional design aimed primarily at women’s casual and travel needs.

The company’s product portfolio includes day bags, weekenders, backpacks, wallets, and organizational cases, as well as an expanding range of travel gear such as rolling luggage and travel pouches.