Sovos Brands, Inc. (NASDAQ:SOVO) Receives Consensus Rating of “Hold” from Brokerages

by · The Markets Daily

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Sovos Brands, Inc. (NASDAQ:SOVO – Get Free Report) has been assigned a consensus recommendation of “Hold” from the nine ratings firms that are currently covering the firm, Marketbeat reports. Eight analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 12-month target price among analysts that have covered the stock in the last year is $22.28.

A number of brokerages have commented on SOVO. JPMorgan Chase & Co. downgraded shares of Sovos Brands from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $21.00 to $23.00 in a research note on Monday, August 7th. Stephens cut shares of Sovos Brands from an “overweight” rating to an “equal weight” rating and set a $23.00 price target for the company. in a research report on Tuesday, August 8th. Telsey Advisory Group cut shares of Sovos Brands from an “outperform” rating to a “market perform” rating in a research report on Thursday, November 9th. Needham & Company LLC cut shares of Sovos Brands from a “buy” rating to a “hold” rating in a research report on Monday, August 7th. Finally, Piper Sandler cut shares of Sovos Brands from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $20.00 to $23.00 in a research report on Wednesday, August 9th.

Get Our Latest Stock Report on SOVO

Insider Activity at Sovos Brands

In related news, CEO Todd R. Lachman sold 5,000 shares of Sovos Brands stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $22.53, for a total value of $112,650.00. Following the completion of the transaction, the chief executive officer now owns 1,979,761 shares in the company, valued at $44,604,015.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SOVO. JPMorgan Chase & Co. lifted its stake in Sovos Brands by 18.5% in the first quarter. JPMorgan Chase & Co. now owns 18,927 shares of the company’s stock worth $268,000 after acquiring an additional 2,953 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Sovos Brands by 19.7% in the first quarter. Bank of New York Mellon Corp now owns 78,164 shares of the company’s stock worth $1,108,000 after acquiring an additional 12,851 shares during the last quarter. MetLife Investment Management LLC lifted its stake in Sovos Brands by 55.4% in the first quarter. MetLife Investment Management LLC now owns 16,919 shares of the company’s stock worth $240,000 after acquiring an additional 6,033 shares during the last quarter. Panagora Asset Management Inc. purchased a new position in Sovos Brands in the first quarter worth approximately $286,000. Finally, Rhumbline Advisers lifted its stake in Sovos Brands by 22.9% in the first quarter. Rhumbline Advisers now owns 27,751 shares of the company’s stock worth $394,000 after acquiring an additional 5,166 shares during the last quarter.

Sovos Brands Price Performance

Shares of SOVO stock opened at $21.92 on Tuesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 3.02 and a quick ratio of 2.39. The firm’s 50-day moving average is $22.02 and its two-hundred day moving average is $20.74. Sovos Brands has a 12 month low of $12.74 and a 12 month high of $22.73. The company has a market capitalization of $2.22 billion, a PE ratio of -156.56, a price-to-earnings-growth ratio of 1.88 and a beta of 0.02.

Sovos Brands (NASDAQ:SOVO – Get Free Report) last issued its earnings results on Wednesday, November 8th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.04. Sovos Brands had a negative net margin of 1.42% and a positive return on equity of 15.34%. The company had revenue of $257.90 million for the quarter, compared to the consensus estimate of $227.73 million. During the same period in the previous year, the firm earned $0.14 earnings per share. Sovos Brands’s quarterly revenue was up 23.5% compared to the same quarter last year. Analysts predict that Sovos Brands will post 0.74 earnings per share for the current year.

Sovos Brands Company Profile

(Get Free Report

Sovos Brands, Inc, through its subsidiaries, operates as a consumer-packaged food company that manufactures and distributes consumer food products in the United States. The company operates in two segments, Dinner and Sauces, and Breakfast and Snacks. It provides pasta sauces, dry pasta, soups, frozen entrees, frozen pizza, 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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