Kirk A. Jensen Sells 13,850 Shares of Sovos Brands, Inc. (NASDAQ:SOVO) Stock

Sovos Brands, Inc. (NASDAQ:SOVOGet Rating) COO Kirk A. Jensen sold 13,850 shares of Sovos Brands stock in a transaction dated Tuesday, January 17th. The shares were sold at an average price of $13.55, for a total transaction of $187,667.50. Following the completion of the sale, the chief operating officer now owns 410,753 shares in the company, valued at $5,565,703.15. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Sovos Brands Stock Up 0.3 %

SOVO stock opened at $13.19 on Friday. Sovos Brands, Inc. has a 52 week low of $9.52 and a 52 week high of $16.83. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of -45.48 and a beta of 0.01. The firm’s 50-day moving average is $13.93 and its two-hundred day moving average is $14.26. The company has a current ratio of 2.21, a quick ratio of 1.48 and a debt-to-equity ratio of 0.97.

Sovos Brands (NASDAQ:SOVOGet Rating) last released its quarterly earnings results on Wednesday, November 2nd. The company reported $0.14 EPS for the quarter, hitting analysts’ consensus estimates of $0.14. The company had revenue of $208.91 million for the quarter, compared to the consensus estimate of $199.65 million. Sovos Brands had a negative net margin of 3.55% and a positive return on equity of 10.66%. Sovos Brands’s revenue was up 16.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.10 EPS. On average, analysts forecast that Sovos Brands, Inc. will post 0.58 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. UBS Group downgraded shares of Sovos Brands from a “buy” rating to a “neutral” rating and cut their price objective for the company from $17.00 to $16.00 in a research report on Thursday, December 8th. William Blair reiterated an “outperform” rating on shares of Sovos Brands in a research report on Wednesday, November 2nd. Finally, Piper Sandler cut their price objective on shares of Sovos Brands from $17.00 to $16.00 in a research report on Friday, December 9th.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Amalgamated Bank purchased a new position in Sovos Brands during the first quarter valued at approximately $51,000. Tower Research Capital LLC TRC lifted its stake in shares of Sovos Brands by 565.1% in the third quarter. Tower Research Capital LLC TRC now owns 5,567 shares of the company’s stock worth $79,000 after buying an additional 4,730 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Sovos Brands in the third quarter worth $117,000. SG Americas Securities LLC acquired a new stake in shares of Sovos Brands in the third quarter worth $120,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Sovos Brands in the third quarter worth $149,000. 91.64% of the stock is owned by hedge funds and other institutional investors.

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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