Sovos Brands (NASDAQ:SOVO) Stock Rating Upgraded by Zacks Investment Research

Sovos Brands (NASDAQ:SOVOGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Sovos Brands Inc. is a food company. Its brand portfolio includes Rao’s, a premium line of pasta sauces, pizza sauces, dry pastas, frozen entrees and soups; noosa, a premium yoghurt made with whole milk and wildflower honey; Birch Benders, a line of better-for-you pancake and waffle mixes; and Michael Angelo’s, a line of premium frozen Italian entr√©es. Sovos Brands Inc. is headquartered in Louisville, Colorado. “

SOVO has been the topic of a number of other research reports. Telsey Advisory Group cut their price objective on shares of Sovos Brands from $18.00 to $17.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 16th. UBS Group initiated coverage on Sovos Brands in a research report on Wednesday, March 30th. They set a “buy” rating and a $16.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Sovos Brands has an average rating of “Buy” and a consensus target price of $17.73.

Sovos Brands stock opened at $16.00 on Wednesday. The business’s 50-day simple moving average is $13.37 and its two-hundred day simple moving average is $14.24. The company has a current ratio of 2.11, a quick ratio of 1.56 and a debt-to-equity ratio of 0.94. Sovos Brands has a fifty-two week low of $9.52 and a fifty-two week high of $17.41.

Sovos Brands (NASDAQ:SOVOGet Rating) last released its earnings results on Tuesday, March 15th. The company reported $0.13 EPS for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.01. The firm had revenue of $189.24 million for the quarter, compared to analyst estimates of $183.53 million. As a group, analysts expect that Sovos Brands will post 0.63 earnings per share for the current fiscal year.

Institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. acquired a new position in shares of Sovos Brands during the 3rd quarter worth approximately $2,093,000. New York State Common Retirement Fund purchased a new stake in Sovos Brands in the 3rd quarter worth $852,000. Lisanti Capital Growth LLC acquired a new position in Sovos Brands during the third quarter worth $5,729,000. Monashee Investment Management LLC purchased a new position in Sovos Brands during the third quarter valued at $1,116,000. Finally, BlackRock Inc. purchased a new position in Sovos Brands during the third quarter valued at $8,111,000. Hedge funds and other institutional investors own 91.05% of the company’s stock.

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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