In the latest trading session, 1.54 million Sovos Brands Inc. (NASDAQ:SOVO) shares changed hands as the company’s beta touched 0.01. With the company’s most recent per share price at $22.50 changed hands at -$0.08 or -0.33% at last look, the market valuation stands at $2.28B. SOVO’s current price is a discount, trading about -1.02% off its 52-week high of $22.73. The share price had its 52-week low at $12.74, which suggests the last value was 43.38% up since then. When we look at Sovos Brands Inc.’s average trading volume, we note the 10-day average is 2.37 million shares, with the 3-month average coming to 1.39 million.
Analysts gave the Sovos Brands Inc. (SOVO) stock a consensus recommendation rating of a Hold, calculated at a mean rating of 2.80. If we narrow down to specifics, the data shows that 0 out of 8 analysts rate the stock as a Sell, with a further 1 assigning it an Overweight rating. Of the remaining, 7 recommended SOVO as a Hold, 0 felt it is a Buy and 0 rated the stock as Underweight. Sovos Brands Inc.’s EPS for the current quarter is expected to be $0.15.
Sovos Brands Inc. (NASDAQ:SOVO) trade information
Instantly SOVO was in red as seen in intraday trades today. With action -0.42%, the performance over the past five days has been red. The drop to weekly highs of 22.73 on Monday, 09/18/23 subtracted -0.33% to the stock’s daily price. The company’s shares are showing year-to-date upside of 56.61%, with the 5-day performance at -0.42% in the red. However, in the 30-day time frame, Sovos Brands Inc. (NASDAQ:SOVO) is -0.02% down. Looking at the short shares, we see there were 4.18 million shares sold at short interest cover period of 1.97 days.
The consensus price target for the stock as assigned by Wall Street analysts is $23.00, meaning bulls need an upside of 2.17% from its recent market value. According to analyst projections, SOVO’s forecast low is $23.00 with $23.00 as the target high. To hit the forecast high, the stock’s price needs a -2.22% plunge from its current level, while the stock would need to soar -2.22% for it to hit the projected low.
Sovos Brands Inc. (SOVO) estimates and forecasts
Data shows that the Sovos Brands Inc. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 49.04% over the past 6 months, a 13.33% in annual growth rate that is considerably higher than the industry average of 12.80%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Sovos Brands Inc. will rise 7.10%. Year-over-year growth is forecast to reach 9.10% up from the last financial year.
Consensus estimates given by 9 financial analysts project the company’s revenue in the current quarter to hit an average of $226.49 million. 9 analysts are of the opinion that Sovos Brands Inc.’s revenue for the quarter ending Dec 2023 will be $260.93 million. The company’s revenue for the corresponding quarters a year ago was $208.91 million and $262.1 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 8.40%. The estimates for the next quarter sales put growth at -0.40%.
The 2023 estimates are for Sovos Brands Inc. earnings to increase by 13.30%, but the outlook for the next 5-year period is at 17.50% per year.
Sovos Brands Inc. is expected to release its next quarterly earnings report in October.
Sovos Brands Inc. (NASDAQ:SOVO)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 8.93% of Sovos Brands Inc. shares while 83.52% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 91.71%. There are 83.52% institutions holding the Sovos Brands Inc. stock share, with Advent International LP the top institutional holder. As of Jun 29, 2023, the company held 42.05% of the shares, roughly 42.61 million SOVO shares worth $833.49 million.
Wellington Management Group, LLP holds the second largest percentage of outstanding shares, with 5.56% or 5.64 million shares worth $110.3 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jun 29, 2023 were Smallcap World Fund and Vanguard Total Stock Market Index Fund. With 5.36 million shares estimated at $104.8 million under it, the former controlled 5.29% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 1.40% of the shares, roughly 1.42 million shares worth around $27.76 million.