Sovos Brands Inc [NASDAQ: SOVO] jumped around 0.11 points on Tuesday, while shares priced at $22.86 at the close of the session, up 0.48%. The company report on February 28, 2024 at 4:05 PM that Sovos Brands Reports Fourth Quarter and Fiscal Year 2023 Financial Results.
FY 2023 Net Sales Surpassed $1 Billion; Accelerated Volume Growth DroveDouble-Digit Top and Bottom-Line GrowthQ4 Net Sales Grew 11.4% YoY (Organic 25.3%), Led by Rao’s Net Sales Up 24.9% (Organic 34.7%)1.
Compared to the average trading volume of 1.33M shares, SOVO reached a trading volume of 6827334 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus 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 $23.00 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 2.86. 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.
Stephens have made an estimate for Sovos Brands Inc shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on June 23, 2023. While these analysts kept the previous recommendation, Needham raised their target price to Buy. The new note on the price target was released on May 31, 2023, representing the official price target for Sovos Brands Inc stock. Previously, the target price had yet another raise to $19, while Stifel analysts kept a Buy rating on SOVO stock. On December 08, 2022, analysts decreased their price target for SOVO shares from 17 to 16.
The Average True Range (ATR) for Sovos Brands Inc is set at 0.12, with the Price to Sales ratio for SOVO stock in the period of the last 12 months amounting to 2.27. The Price to Book ratio for the last quarter was 4.38, with the Price to Cash per share for the same quarter was set at 2.29. Price to Free Cash Flow for SOVO in the course of the last twelve months was 24.81 with Quick ratio for the last quarter at 2.26.
How has SOVO stock performed recently?
Sovos Brands Inc [SOVO] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.51. With this latest performance, SOVO shares gained by 3.53% in over the last four-week period, additionally plugging by 1.78% over the last 6 months – not to mention a rise of 71.75% in the past year of trading.
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 75.48, with the RSI for the last a single of trading hit 78.50, and the three-weeks RSI is set at 72.60 for Sovos Brands Inc [SOVO]. The present Moving Average for the last 50 days of trading for this stock 22.24, while it was recorded at 22.76 for the last single week of trading, and 21.24 for the last 200 days.
Sovos Brands Inc [SOVO]: Deeper insight into the fundamentals
Sovos Brands Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.26 and a Current Ratio set at 2.90.
Earnings analysis for Sovos Brands Inc [SOVO]
With the latest financial reports released by the company, Sovos Brands Inc posted 0.18/share EPS, while the average EPS was predicted by analysts to be reported at 0.15/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 20.00%. 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 20.00%.
Insider trade positions for Sovos Brands Inc [SOVO]
The top three institutional holders of SOVO stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in SOVO stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in SOVO stock with ownership which is approximately 5.8325%.
