Equities Analysts Offer Predictions for Sovos Brands, Inc.’s FY2023 Earnings (NASDAQ:SOVO)

Sovos Brands, Inc. (NASDAQ:SOVO – Get Rating) – Analysts at Telsey Advisory Group issued their FY2023 earnings per share (EPS) estimates for shares of Sovos Brands in a research note issued to investors on Thursday, March 9th. Telsey Advisory Group analyst S. Vora forecasts that the company will post earnings per share of $0.61 for the year. Telsey Advisory Group currently has a “Outperform” rating and a $17.00 price target on the stock. The consensus estimate for Sovos Brands’ current full-year earnings is $0.60 per share.

Sovos Brands (NASDAQ:SOVO – Get Rating) last posted its earnings results on Wednesday, March 8th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.17 by $0.02. The business had revenue of $262.10 million during the quarter, compared to the consensus estimate of $231.49 million. Sovos Brands had a positive return on equity of 12.18% and a negative net margin of 6.09%. Sovos Brands’s revenue was up 38.5% on a year-over-year basis. During the same quarter last year, the company earned $0.13 EPS.

A number of other research firms have also recently weighed in on SOVO. UBS Group cut Sovos Brands from a “buy” rating to a “neutral” rating and dropped their price target for the company from $17.00 to $16.00 in a report on Thursday, December 8th. Piper Sandler raised their price target on Sovos Brands from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Thursday.

Sovos Brands Trading Down 2.9 %

SOVO stock opened at $13.60 on Monday. The business has a fifty day moving average price of $13.58 and a 200 day moving average price of $14.01. Sovos Brands has a fifty-two week low of $9.52 and a fifty-two week high of $16.83. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of -25.66 and a beta of -0.04. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.71 and a quick ratio of 1.48.

Institutional Investors Weigh In On Sovos Brands

A number of institutional investors have recently made changes to their positions in the stock. Algert Global LLC grew its stake in shares of Sovos Brands by 2.1% during the fourth quarter. Algert Global LLC now owns 35,214 shares of the company’s stock worth $506,000 after purchasing an additional 730 shares during the period. Amalgamated Bank grew its stake in shares of Sovos Brands by 37.2% during the third quarter. Amalgamated Bank now owns 5,816 shares of the company’s stock worth $83,000 after purchasing an additional 1,578 shares during the period. Swiss National Bank grew its stake in shares of Sovos Brands by 2.5% during the fourth quarter. Swiss National Bank now owns 73,100 shares of the company’s stock worth $1,050,000 after purchasing an additional 1,800 shares during the period. New York State Common Retirement Fund grew its stake in shares of Sovos Brands by 0.9% during the third quarter. New York State Common Retirement Fund now owns 207,565 shares of the company’s stock worth $2,956,000 after purchasing an additional 1,876 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC grew its stake in shares of Sovos Brands by 13.3% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 17,500 shares of the company’s stock worth $249,000 after purchasing an additional 2,050 shares during the period. 91.64% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Todd R. Lachman sold 9,975 shares of Sovos Brands stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $13.55, for a total value of $135,161.25. Following the completion of the sale, the chief executive officer now directly owns 2,515,373 shares of the company’s stock, valued at approximately $34,083,304.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CMO Priscilla Tuan sold 5,184 shares of Sovos Brands stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $13.55, for a total value of $70,243.20. Following the completion of the sale, the chief marketing officer now directly owns 253,453 shares of the company’s stock, valued at approximately $3,434,288.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd R. Lachman sold 9,975 shares of Sovos Brands stock in a transaction on Tuesday, January 17th. The shares were sold at an average price of $13.55, for a total value of $135,161.25. Following the completion of the sale, the chief executive officer now directly owns 2,515,373 shares of the company’s stock, valued at $34,083,304.15. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,869 shares of company stock valued at $580,819. Company insiders own 9.20% of the company’s stock.

Sovos Brands Company Profile

(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.