Sovos Brands Inc. [SOVO] Revenue clocked in at $775.30 million, down -8.24% YTD: What’s Next?

Sovos Brands Inc. [NASDAQ: SOVO] closed the trading session at $13.81 on 08/11/22. The day’s price range saw the stock hit a low of $13.60, while the highest price level was $14.50. The company report on August 10, 2022 that Sovos Brands Announces Pricing of Secondary Public Offering.

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Sovos Brands, Inc. (“Sovos Brands”) (Nasdaq: SOVO), one of the fastest growing food companies of scale in the United States, announced today the pricing of an underwritten secondary public offering by certain stockholders of Sovos Brands (the “Selling Stockholders”) of 8,500,000 shares of Sovos Brands’ common stock, par value $0.001 per share (the “Common Stock”), at a price to the public of $14.00 per share. The offering is expected to close on August 15, 2022, subject to the satisfaction of customary closing conditions. The offering consists entirely of secondary shares to be sold by the Selling Stockholders. The Selling Stockholders will receive all of the proceeds from the offering.

In addition, the Selling Stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,275,000 shares of Common Stock at the public offering price, less underwriting discounts and commissions.

The stocks have a year to date performance of -8.24 percent and weekly performance of -12.71 percent. The stock has been moved at 0.51 percent over the last six months. The stock has performed -1.64 percent around the most recent 30 days and changed 5.18 percent over the most recent 3-months.

If compared to the average trading volume of 227.13K shares, SOVO reached to a volume of 5151350 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Sovos Brands Inc. [SOVO]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SOVO shares is $17.45 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SOVO stock is a recommendation set at 1.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

UBS have made an estimate for Sovos Brands Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on March 30, 2022. While these analysts kept the previous recommendation, Barclays raised their target price to Overweight. The new note on the price target was released on October 21, 2021, representing the official price target for Sovos Brands Inc. stock. Previously, the target price had yet another raise to $17, while Telsey Advisory Group analysts kept a Outperform rating on SOVO stock.

The Average True Range (ATR) for Sovos Brands Inc. is set at 0.78, with the Price to Sales ratio for SOVO stock in the period of the last 12 months amounting to 1.79. The Price to Book ratio for the last quarter was 2.83, with the Price to Cash per share for the same quarter was set at 0.72. Price to Free Cash Flow for SOVO in the course of the last twelve months was 47.47 with Quick ratio for the last quarter at 1.50.

SOVO stock trade performance evaluation

Sovos Brands Inc. [SOVO] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -12.71. With this latest performance, SOVO shares dropped by -1.64% in over the last four-week period, additionally plugging by 0.51% over the last 6 months.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SOVO stock in for the last two-week period is set at 40.78, with the RSI for the last a single of trading hit 35.70, and the three-weeks RSI is set at 43.79 for Sovos Brands Inc. [SOVO]. The present Moving Average for the last 50 days of trading for this stock 14.51, while it was recorded at 15.13 for the last single week of trading, and 14.34 for the last 200 days.

Sovos Brands Inc. [SOVO]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Sovos Brands Inc. [SOVO] shares currently have an operating margin of +8.49 and a Gross Margin at +26.73. Sovos Brands Inc.’s Net Margin is presently recorded at +0.27.

Return on Equity for this stock inclined to 0.35, with Return on Assets sitting at 0.16.

Sovos Brands Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.50 and a Current Ratio set at 2.30.

Earnings per share (EPS) analysis for Sovos Brands Inc. [SOVO] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for SOVO. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Sovos Brands Inc. go to 8.27%.

Sovos Brands Inc. [SOVO]: Insider Ownership positions

There are presently around $1,289 million, or 92.50% of SOVO stock, in the hands of institutional investors. The top three institutional holders of SOVO stocks are: ADVENT INTERNATIONAL CORP/MA with ownership of 63,537,154, which is approximately 0% of the company’s market cap and around 1.70% of the total institutional ownership; WELLINGTON MANAGEMENT GROUP LLP, holding 5,735,597 shares of the stock with an approximate value of $79.21 million in SOVO stocks shares; and CAPITAL WORLD INVESTORS, currently with $63.59 million in SOVO stock with ownership of nearly 15.847% of the company’s market capitalization.

Positions in Sovos Brands Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 41 institutional holders increased their position in Sovos Brands Inc. [NASDAQ:SOVO] by around 4,261,690 shares. Additionally, 45 investors decreased positions by around 2,899,583 shares, while 8 investors held positions by with 86,169,923 shares. The mentioned changes placed institutional holdings at 93,331,196 shares, according to the latest SEC report filing. SOVO stock had 15 new institutional investments in for a total of 1,400,213 shares, while 16 institutional investors sold positions of 1,867,135 shares during the same period.


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