Sovos Brands, Inc. (NASDAQ:SOVO) Insider Sells $18,319.62 in Stock

Sovos Brands, Inc. (NASDAQ:SOVO – Get Rating) insider Lisa Y. O’driscoll sold 1,353 shares of the firm’s stock in a transaction on Tuesday, January 17th. The shares were sold at an average price of $13.54, for a total transaction of $18,319.62. Following the completion of the transaction, the insider now owns 215,816 shares in the company, valued at $2,922,148.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Sovos Brands Stock Up 0.3 %

NASDAQ SOVO opened at $13.19 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.48 and a current ratio of 2.21. The company’s fifty day moving average is $13.93 and its two-hundred day moving average is $14.25. Sovos Brands, Inc. has a 52-week low of $9.52 and a 52-week high of $16.83.

Sovos Brands (NASDAQ:SOVO – Get Rating) last released its quarterly earnings data 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 during 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%. The firm’s revenue for the quarter was up 16.9% compared to the same quarter last year. During the same period last year, the firm earned $0.10 EPS. On average, sell-side analysts anticipate that Sovos Brands, Inc. will post 0.58 earnings per share for the current year.

Hedge Funds Weigh In On Sovos Brands

Hedge funds and other institutional investors have recently made changes to their positions in the business. Amalgamated Bank bought a new position in shares of Sovos Brands during the 1st quarter worth about $51,000. Tower Research Capital LLC TRC lifted its holdings in shares of Sovos Brands by 565.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 5,567 shares of the company’s stock worth $79,000 after acquiring an additional 4,730 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Sovos Brands during the 3rd quarter worth about $117,000. SG Americas Securities LLC bought a new position in Sovos Brands during the 3rd quarter valued at about $120,000. Finally, Cubist Systematic Strategies LLC bought a new position in Sovos Brands during the 3rd quarter valued at about $149,000. 91.64% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SOVO. William Blair reiterated an “outperform” rating on shares of Sovos Brands in a research note on Wednesday, November 2nd. Piper Sandler decreased their price target on shares of Sovos Brands from $17.00 to $16.00 in a research report on Friday, December 9th. Finally, UBS Group lowered shares of Sovos Brands from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $17.00 to $16.00 in a research report on Thursday, December 8th.

Sovos Brands Company Profile

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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.