Sovos Brands (NASDAQ:SOVO) Sees Large Volume Increase

Sovos Brands, Inc. (NASDAQ:SOVO – Get Rating) shares saw strong trading volume on Wednesday . 494,172 shares traded hands during trading, an increase of 10% from the previous session’s volume of 447,324 shares.The stock last traded at $18.17 and had previously closed at $17.56.

Analyst Ratings Changes

SOVO has been the topic of several research analyst reports. Telsey Advisory Group reiterated an “outperform” rating and issued a $17.00 price objective on shares of Sovos Brands in a report on Tuesday, March 7th. Stifel Nicolaus raised their target price on shares of Sovos Brands from $19.00 to $21.00 in a research note on Thursday, May 11th. Loop Capital raised their target price on shares of Sovos Brands from $20.00 to $24.00 in a research note on Thursday, May 11th. Piper Sandler raised their target price on shares of Sovos Brands from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Thursday, March 9th. Finally, Barclays raised their target price on shares of Sovos Brands from $19.00 to $22.00 in a research note on Friday, May 12th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.50.

Sovos Brands Trading Up 0.1 %

The company has a debt-to-equity ratio of 0.99, a current ratio of 2.97 and a quick ratio of 2.23. The business’s 50 day moving average is $17.23 and its 200 day moving average is $14.98. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of -38.18, a P/E/G ratio of 2.36 and a beta of 0.12.

Sovos Brands (NASDAQ:SOVO – Get Rating) last released its quarterly earnings data on Wednesday, March 8th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. Sovos Brands had a negative net margin of 5.39% and a positive return on equity of 13.24%. The company had revenue of $262.10 million during the quarter, compared to the consensus estimate of $231.49 million. During the same quarter in the prior year, the firm posted $0.13 earnings per share. Sovos Brands’s revenue for the quarter was up 38.5% on a year-over-year basis. As a group, equities analysts expect that Sovos Brands, Inc. will post 0.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Sovos Brands

In related news, insider Risa Cretella sold 14,420 shares of the stock in a transaction dated Monday, March 27th. The shares were sold at an average price of $16.50, for a total transaction of $237,930.00. Following the completion of the transaction, the insider now directly owns 294,927 shares of the company’s stock, valued at $4,866,295.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Sovos Brands news, Director Robert L. Graves sold 26,476 shares of the company’s stock in a transaction dated Thursday, March 9th. The shares were sold at an average price of $15.18, for a total transaction of $401,905.68. Following the transaction, the director now directly owns 3,830,986 shares in the company, valued at $58,154,367.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Risa Cretella sold 14,420 shares of the company’s stock in a transaction dated Monday, March 27th. The stock was sold at an average price of $16.50, for a total transaction of $237,930.00. Following the transaction, the insider now owns 294,927 shares in the company, valued at $4,866,295.50. The disclosure for this sale can be found here. Insiders sold 799,291 shares of company stock worth $13,276,999 over the last 90 days. Corporate insiders own 9.20% of the company’s stock.

Institutional Trading of Sovos Brands

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Sovos Brands by 60.2% in the 3rd quarter. Vanguard Group Inc. now owns 3,655,688 shares of the company’s stock valued at $52,057,000 after purchasing an additional 1,374,382 shares during the last quarter. FMR LLC lifted its holdings in shares of Sovos Brands by 67.8% during the 1st quarter. FMR LLC now owns 3,125,807 shares of the company’s stock valued at $52,138,000 after acquiring an additional 1,262,812 shares in the last quarter. Champlain Investment Partners LLC lifted its holdings in shares of 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 acquiring an additional 685,765 shares in the last quarter. Capital World Investors lifted its holdings in shares of Sovos Brands by 15.8% during the 1st quarter. Capital World Investors now owns 4,604,913 shares of the company’s stock valued at $65,298,000 after acquiring an additional 629,913 shares in the last quarter. Finally, BlackRock Inc. lifted its holdings in shares of Sovos Brands by 26.1% during the 3rd quarter. BlackRock Inc. now owns 2,877,890 shares of the company’s stock valued at $40,983,000 after acquiring an additional 594,910 shares in the last quarter. Institutional investors and hedge funds own 91.64% of the company’s stock.

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.