December 4, 2022

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Sovos Brands, Inc. (NASDAQ:SOVOGet Rating) was the recipient of a large increase in short interest in September. As of September 30th, there was short interest totalling 1,520,000 shares, an increase of 35.7% from the September 15th total of 1,120,000 shares. Approximately 4.5% of the company’s stock are short sold. Based on an average trading volume of 446,100 shares, the days-to-cover ratio is presently 3.4 days.

Insider Transactions at Sovos Brands

In other news, insider Lisa Y. O’driscoll sold 43,000 shares of the firm’s stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $14.68, for a total transaction of $631,240.00. Following the completion of the sale, the insider now directly owns 208,683 shares of the company’s stock, valued at approximately $3,063,466.44. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Sovos Brands news, insider Lisa Y. O’driscoll sold 43,000 shares of the stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $14.68, for a total transaction of $631,240.00. Following the completion of the transaction, the insider now owns 208,683 shares in the company, valued at $3,063,466.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder International Corp/Ma Advent sold 1,275,000 shares of the firm’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $13.37, for a total value of $17,046,750.00. Following the completion of the transaction, the insider now directly owns 56,265,129 shares of the company’s stock, valued at $752,264,774.73. The disclosure for this sale can be found here. Insiders sold a total of 9,828,000 shares of company stock worth $131,472,990 in the last quarter. 9.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. grew its holdings in Sovos Brands by 1.3% in the 1st quarter. Victory Capital Management Inc. now owns 134,220 shares of the company’s stock worth $2,027,000 after acquiring an additional 1,758 shares during the last quarter. Level Four Advisory Services LLC raised its position in Sovos Brands by 7.5% during the 1st quarter. Level Four Advisory Services LLC now owns 34,727 shares of the company’s stock valued at $492,000 after purchasing an additional 2,420 shares during the last quarter. Blair William & Co. IL lifted its holdings in Sovos Brands by 10.3% in the 1st quarter. Blair William & Co. IL now owns 29,466 shares of the company’s stock worth $418,000 after buying an additional 2,754 shares during the period. JPMorgan Chase & Co. grew its position in shares of Sovos Brands by 18.5% in the 1st quarter. JPMorgan Chase & Co. now owns 18,927 shares of the company’s stock worth $268,000 after buying an additional 2,953 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC increased its stake in shares of Sovos Brands by 23.5% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 17,350 shares of the company’s stock valued at $246,000 after buying an additional 3,300 shares during the period. Institutional investors own 92.08% of the company’s stock.

Sovos Brands Stock Performance

Shares of SOVO stock traded down $0.13 during trading hours on Friday, hitting $14.01. 161,993 shares of the company’s stock were exchanged, compared to its average volume of 399,795. The company has a current ratio of 2.25, a quick ratio of 1.49 and a debt-to-equity ratio of 0.98. The business’s 50 day simple moving average is $14.59 and its 200-day simple moving average is $14.54. Sovos Brands has a 12-month low of $9.52 and a 12-month high of $17.41.
Sovos Brands (NASDAQ:SOVOGet Rating) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.09 by $0.04. Sovos Brands had a positive return on equity of 9.21% and a negative net margin of 4.47%. The firm had revenue of $197.43 million for the quarter, compared to the consensus estimate of $180.60 million. As a group, sell-side analysts expect that Sovos Brands will post 0.59 EPS for the current fiscal year.

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.

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