Sovos Brands, Inc. (NASDAQ:SOVO) Sees Large Increase in Short Interest

Sovos Brands, Inc. (NASDAQ:SOVO – Get Rating) was the recipient of a significant increase in short interest in March. As of March 31st, there was short interest totalling 2,000,000 shares, an increase of 41.8% from the March 15th total of 1,410,000 shares. Currently, 7.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 305,600 shares, the short-interest ratio is currently 6.5 days.

Hedge funds and other institutional investors have recently modified their holdings of the company. Strs Ohio purchased a new stake in shares of Sovos Brands during the fourth quarter worth about $90,000. Legal & General Group Plc grew its holdings in shares of Sovos Brands by 24.5% during the fourth quarter. Legal & General Group Plc now owns 6,226 shares of the company’s stock worth $94,000 after buying an additional 1,226 shares in the last quarter. First Mercantile Trust Co. purchased a new stake in shares of Sovos Brands during the third quarter worth about $89,000. Citigroup Inc. purchased a new stake in shares of Sovos Brands during the fourth quarter worth about $105,000. Finally, Metropolitan Life Insurance Co NY purchased a new stake in shares of Sovos Brands during the fourth quarter worth about $121,000. Institutional investors and hedge funds own 91.05% of the company’s stock.

SOVO has been the subject of a number of research analyst reports. UBS Group began coverage on shares of Sovos Brands in a report on Wednesday, March 30th. They issued a “buy” rating and a $16.00 target price for the company. Telsey Advisory Group dropped their price objective on Sovos Brands from $18.00 to $17.00 and set an “outperform” rating for the company in a research note on Wednesday, March 16th. Finally, Zacks Investment Research upgraded Sovos Brands from a “sell” rating to a “hold” rating in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Sovos Brands has an average rating of “Buy” and an average target price of $17.73.

Shares of NASDAQ:SOVO opened at $15.84 on Friday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.56 and a current ratio of 2.11. Sovos Brands has a 52-week low of $9.52 and a 52-week high of $17.41. The stock’s fifty day simple moving average is $13.28 and its 200-day simple moving average is $14.20.

Sovos Brands (NASDAQ:SOVO – Get Rating) last announced its earnings results on Tuesday, March 15th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.01. The firm had revenue of $189.24 million during the quarter, compared to analyst estimates of $183.53 million. On average, equities research analysts anticipate that Sovos Brands will post 0.63 EPS for the current fiscal year.

About Sovos Brands (Get Rating)

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.

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