Boston Beer (NYSE:SAM) Shares Gap Down – Here’s Why

The Boston Beer Company, Inc. (NYSE:SAM)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $301.26, but opened at $294.05. Boston Beer shares last traded at $282.56, with a volume of 14,523 shares trading hands.

Analysts Set New Price Targets

SAM has been the subject of a number of analyst reports. Needham & Company LLC assumed coverage on Boston Beer in a report on Friday, December 6th. They set a “hold” rating for the company. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Boston Beer from $281.00 to $277.00 and set a “hold” rating for the company in a research report on Thursday, October 24th. Piper Sandler upped their price objective on shares of Boston Beer from $325.00 to $330.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Roth Mkm reiterated a “buy” rating and issued a $389.00 target price on shares of Boston Beer in a research note on Wednesday, October 23rd. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $318.00 price target on shares of Boston Beer in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Boston Beer presently has a consensus rating of “Hold” and a consensus target price of $314.82.

Boston Beer Price Performance

The firm has a 50 day moving average price of $308.12 and a 200-day moving average price of $291.19. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of 42.68, a price-to-earnings-growth ratio of 1.21 and a beta of 1.07.

Hedge Funds Weigh In On Boston Beer

Large investors have recently bought and sold shares of the business. First Horizon Advisors Inc. raised its position in shares of Boston Beer by 105.1% during the 3rd quarter. First Horizon Advisors Inc. now owns 121 shares of the company’s stock valued at $35,000 after acquiring an additional 62 shares during the last quarter. Covestor Ltd grew its stake in shares of Boston Beer by 36.6% during the third quarter. Covestor Ltd now owns 127 shares of the company’s stock worth $37,000 after purchasing an additional 34 shares during the period. GAMMA Investing LLC increased its holdings in Boston Beer by 59.3% in the fourth quarter. GAMMA Investing LLC now owns 129 shares of the company’s stock valued at $39,000 after purchasing an additional 48 shares during the last quarter. True Wealth Design LLC acquired a new position in Boston Beer in the third quarter valued at about $47,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Boston Beer during the third quarter worth about $49,000. 81.13% of the stock is currently owned by institutional investors and hedge funds.

About Boston Beer

The Boston Beer Company, Inc produces and sells alcohol beverages primarily in the United States. The company's flagship beer is Samuel Adams Boston Lager. It offers various beers, hard ciders, flavored malt beverages, and hard seltzers under the Samuel Adams, Twisted Tea, Truly, Angry Orchard, Dogfish Head, Angel City, and Coney Island brand names.