Vestis (NYSE:VSTS) Shares Gap Up Following Insider Buying Activity

Vestis Corporation (NYSE:VSTS)’s share price gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $7.14, but opened at $7.37. Vestis shares last traded at $7.08, with a volume of 109,214 shares traded.

Specifically, Director Douglas A. Pertz acquired 15,000 shares of Vestis stock in a transaction dated Friday, December 19th. The stock was purchased at an average cost of $6.90 per share, for a total transaction of $103,500.00. Following the completion of the purchase, the director directly owned 322,010 shares in the company, valued at $2,221,869. This trade represents a 4.89% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Douglas A. Pertz acquired 10,000 shares of Vestis stock in a transaction that occurred on Thursday, December 18th. The stock was purchased at an average cost of $6.90 per share, with a total value of $69,000.00. Following the completion of the purchase, the director owned 307,010 shares in the company, valued at $2,118,369. The trade was a 3.37% increase in their position. The SEC filing for this purchase provides additional information. In other Vestis news, Director Keith A. Meister bought 209,842 shares of Vestis stock in a transaction on Wednesday, December 17th. The shares were bought at an average cost of $6.79 per share, for a total transaction of $1,424,827.18. Following the acquisition, the director directly owned 19,813,963 shares in the company, valued at $134,536,808.77. This represents a 1.07% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on VSTS. Robert W. Baird upped their price objective on Vestis from $5.00 to $6.50 and gave the stock a “neutral” rating in a report on Tuesday, December 2nd. The Goldman Sachs Group increased their target price on shares of Vestis from $5.50 to $6.30 and gave the stock a “neutral” rating in a report on Tuesday, December 2nd. Weiss Ratings reiterated a “sell (d)” rating on shares of Vestis in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Vestis from $5.50 to $6.00 and gave the company an “underweight” rating in a research note on Wednesday, December 3rd. Two investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Strong Sell” and an average price target of $5.95.

Vestis Price Performance

The company has a quick ratio of 1.64, a current ratio of 2.08 and a debt-to-equity ratio of 1.49. The company’s 50 day moving average price is $5.90 and its 200-day moving average price is $5.50. The stock has a market cap of $933.64 million, a P/E ratio of -22.84 and a beta of 0.76.

Vestis (NYSE:VSTS) last issued its earnings results on Monday, December 1st. The company reported $0.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.03. The firm had revenue of $712.01 million for the quarter, compared to analyst estimates of $690.65 million. Vestis had a positive return on equity of 2.62% and a negative net margin of 1.47%.The business’s revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.11 earnings per share. As a group, sell-side analysts expect that Vestis Corporation will post 0.7 earnings per share for the current year.

Institutional Trading of Vestis

Several institutional investors and hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its position in Vestis by 471.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,456 shares of the company’s stock valued at $31,000 after acquiring an additional 4,502 shares during the last quarter. Osaic Holdings Inc. grew its holdings in shares of Vestis by 703.2% in the second quarter. Osaic Holdings Inc. now owns 5,743 shares of the company’s stock valued at $33,000 after purchasing an additional 5,028 shares during the period. Simplicity Wealth LLC acquired a new position in Vestis during the third quarter worth $46,000. Sanders Morris Harris LLC purchased a new position in shares of Vestis in the 3rd quarter valued at about $47,000. Finally, PNC Financial Services Group Inc. increased its stake in Vestis by 331.4% in the second quarter. PNC Financial Services Group Inc. now owns 9,427 shares of the company’s stock valued at $54,000 after purchasing an additional 7,242 shares during the last quarter. 97.40% of the stock is currently owned by institutional investors.

About Vestis

Vestis Corporation provides uniform rentals and workplace supplies in the United States and Canada. Its products include uniform options, such as shirts, pants, outerwear, gowns, scrubs, high visibility garments, particulate-free garments, and flame-resistant garments, as well as shoes and accessories; and workplace supplies, including managed restroom supply services, first-aid supplies and safety products, floor mats, towels, and linens. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.