Sovos Brands, Inc. (NASDAQ:SOVO) CFO Sells $57,314.82 in Stock

Sovos Brands, Inc. (NASDAQ:SOVO – Get Rating) CFO Christopher W. Hall sold 4,233 shares of the stock in a transaction dated Tuesday, January 17th. The shares were sold at an average price of $13.54, for a total value of $57,314.82. Following the completion of the transaction, the chief financial officer now owns 357,256 shares in the company, valued at approximately $4,837,246.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Sovos Brands Trading Up 0.3 %

Shares of SOVO opened at $13.19 on Friday. The stock’s 50-day moving average is $13.93 and its two-hundred day moving average is $14.25. Sovos Brands, Inc. has a 12 month low of $9.52 and a 12 month high of $16.83. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.48 and a current ratio of 2.21.

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

Analysts Set New Price Targets

Several research analysts have weighed in on SOVO shares. UBS Group downgraded Sovos Brands from a “buy” rating to a “neutral” rating and lowered their target price for the company from $17.00 to $16.00 in a research note on Thursday, December 8th. William Blair reaffirmed an “outperform” rating on shares of Sovos Brands in a report on Wednesday, November 2nd. Finally, Piper Sandler lowered their price target on 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 modified their holdings of the business. Vanguard Group Inc. raised its stake in Sovos Brands by 60.2% during the third quarter. Vanguard Group Inc. now owns 3,655,688 shares of the company’s stock valued at $52,057,000 after buying an additional 1,374,382 shares in the last quarter. Capital World Investors grew its holdings in shares of Sovos Brands by 15.8% during the first quarter. Capital World Investors now owns 4,604,913 shares of the company’s stock valued at $65,298,000 after purchasing an additional 629,913 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Sovos Brands by 26.1% during the third quarter. BlackRock Inc. now owns 2,877,890 shares of the company’s stock valued at $40,983,000 after purchasing an additional 594,910 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of Sovos Brands during the second quarter valued at approximately $6,524,000. Finally, Macquarie Group Ltd. grew its holdings in shares of Sovos Brands by 98.8% during the third quarter. Macquarie Group Ltd. now owns 813,320 shares of the company’s stock valued at $11,582,000 after purchasing an additional 404,277 shares during the last quarter. Institutional investors and hedge funds own 91.64% 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.