Sendas Distribuidora (NYSE:ASAI) Upgraded to “Buy” at Zacks Investment Research

Sendas Distribuidora (NYSE:ASAIGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, Zacks.com reports. The brokerage presently has a $20.00 price objective on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.11% from the stock’s previous close.

According to Zacks, “Sendas Distribuidora SA engages in the retail and wholesale of food and other products through its stores. It operates through the Cash and Carry, and Éxito Group segment. The Cash and Carry segment includes its business under the Assai brand. The Éxito Group segment consists of its businesses in Columbia, Argentina, and Uruguay under the Éxito, Surtimax, Super Inter, and Carulla brands. Sendas Distribuidora SA is headquartered in Sao Paulo, Brazil. “

Separately, HSBC upgraded shares of Sendas Distribuidora from a “hold” rating to a “buy” rating in a research note on Monday, January 24th.

NYSE:ASAI traded up $0.69 during midday trading on Wednesday, hitting $17.84. 704,781 shares of the company were exchanged, compared to its average volume of 193,718. The stock has a fifty day moving average of $14.62. Sendas Distribuidora has a fifty-two week low of $9.73 and a fifty-two week high of $18.55. The company has a debt-to-equity ratio of 4.06, a current ratio of 1.01 and a quick ratio of 0.51.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Eagle Bay Advisors LLC increased its stake in Sendas Distribuidora by 86.7% in the third quarter. Eagle Bay Advisors LLC now owns 5,600 shares of the company’s stock valued at $98,000 after purchasing an additional 2,600 shares during the period. Bank of America Corp DE boosted its holdings in shares of Sendas Distribuidora by 13.2% in the second quarter. Bank of America Corp DE now owns 10,144 shares of the company’s stock valued at $173,000 after acquiring an additional 1,182 shares in the last quarter. Venturi Wealth Management LLC purchased a new stake in shares of Sendas Distribuidora in the third quarter valued at about $215,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Sendas Distribuidora by 14.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,783 shares of the company’s stock valued at $175,000 after acquiring an additional 1,898 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Sendas Distribuidora in the fourth quarter valued at about $218,000. Institutional investors own 5.22% of the company’s stock.

About Sendas Distribuidora (Get Rating)

Sendas Distribuidora SA engages in the retail and wholesale sale of food products, bazaar items, and other products in Brazil. As of April 22, 2021, the company operated 185 stores under the Assaí banner, as well as 10 distribution centers. It serves restaurants, pizzerias, snack bars, schools, small businesses, religious institutions, hospitals, hotels, grocery stores, neighborhood supermarkets, and individuals.

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