Sovos Brands Inc. (NASDAQ:SOVO) saw an upside of 25.36% to $22.59 after adding $4.57 on Monday. The 5-day average trading volume is 2,059,486 shares of the company’s common stock. It has gained $22.63 in the past week and touched a new high 3 times within the past 5 days. An average of 756,636 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 635,117.
SOVO’s 1-month performance is 18.15% or $3.42 on its low of $17.54 reached on 07/31/23. The company’s shares have touched a 52-week low of $12.74 and high of $20.58, with the stock’s rally to the 52-week high happening on 08/07/23. YTD, SOVO has achieved 57.20% or $8.18 and has reached a new high 19 times. However, the current price is up 9.77% from the 52-week high price.
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Insider Transactions
SOVO stock investors last saw insider trading activity on Jul 17.LACHMAN TODD R (PRESIDENT AND CEO) most recently sold 45,000 shares at $18.50 per share on Jul 17. This transaction cost the insider $832,554. PRESIDENT AND CEO, LACHMAN TODD R, sold 11,250 shares at a price of $18.50 on Jul 17. Then, on Jul 03, PRESIDENT AND CEO LACHMAN TODD R sold 45,000 shares at a price of $19.62 per share. This transaction amounted to $883,048.
Valuation Metrics
SOVO stock has a beta of 0.08. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 2.49 while the price-to-book (PB) in the most recent quarter is 4.68, with the price to cash flow ratio at 52.51.
Sovos Brands Inc.’s quick ratio for the period ended March 30 was 2.20, with the current ratio over the same period at 3.00. As well, the company’s long term debt to equity for the quarter ending March 30 was 0.99, while the total debt to equity was 0.99. In terms of profitability, the gross margin trailing 12 months is 28.60%. The firm’s gross profit as reported stood at $246.66 million against revenue of $878.37 million.
Earnings Surprise
For the quarterly period ending March 30 this year, Net income and sales went down compared to those figures reported in the previous quarter. Net income grew 48.28% to $7.85 million, while revenue of -$28.69 million was 465.48% off the previous quarter. Analysts expected SOVO to announce $0.15 per share in earnings in its latest quarter, but it posted $0.18, representing a 20.00% surprise. EBITDA for the quarter stood at more than $30.2 million. SOVO stock balance sheet for the quarter ending March 30 shows that total liabilities totaled 677.06 million, with total debt at $499.24 million. Shareholders hold equity totaling $101.23 million.
Let’s look briefly at Sovos Brands Inc. (SOVO) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 04 August was 84.50% to suggest the stock is trending Overbought, with historical volatility in this time period at 115.25%.
The stock’s 5-day moving average is $18.81, reflecting a +26.66% or $4.75 change from its current price. SOVO is currently trading +18.28% above its 20-day SMA, +58.10% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by +20.56% and SMA200 by+55.70%.
Stochastic %K and %D was 52.76% and 31.52% and the average true range (ATR) pointed at 0.90. The RSI (14) points at 78.17%, while the 14-day stochastic is at 98.33% with the period’s ATR at 0.76. The stock’s 9-day MACD Oscillator is pointing at 1.05 and 0.93 on the 14-day charts.
Analyst Ratings
In the most recent analyst report for Sovos Brands Inc. (NASDAQ: SOVO), Stephens launched coverage with an Overweight rating. Analysts offering their rating for SOVO stock have a consensus rating for the stock as Buy. Currently, 0 brokerage advisors rate SOVO as a “sell,”, while 1 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 1 rates the stock as overweight while 10 have offered a “buy” rating.
What is SOVO’s price target for the next 12 months?
Analysts have a consensus price target ranging from a low of $20.00 and a high of $24.00, with their median price target at $22.00. Looking at these predictions, the average price target given by analysts is for Sovos Brands Inc. (SOVO) stock is $21.77.
