Sovos Brands (NASDAQ:SOVO) Releases Earnings Results, Beats Expectations By $0.04 EPS

Sovos Brands (NASDAQ:SOVOGet Rating) released its earnings results on Wednesday. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.04, Fidelity Earnings reports. Sovos Brands had a negative net margin of 4.47% and a positive return on equity of 9.08%. Sovos Brands updated its FY 2022 guidance to EPS.

Sovos Brands Stock Up 0.2 %

Shares of NASDAQ:SOVO traded up $0.03 during midday trading on Friday, reaching $15.85. The company’s stock had a trading volume of 324,054 shares, compared to its average volume of 259,124. The firm has a market capitalization of $1.60 billion and a P/E ratio of -44.03. The firm has a 50 day moving average of $14.48 and a 200-day moving average of $14.01. Sovos Brands has a 12-month low of $9.52 and a 12-month high of $17.41. The company has a quick ratio of 1.66, a current ratio of 2.17 and a debt-to-equity ratio of 0.93.

Insider Buying and Selling

In related news, insider Lisa Y. O’driscoll sold 19,300 shares of the company’s stock in a transaction dated Wednesday, July 6th. The shares were sold at an average price of $16.30, for a total value of $314,590.00. Following the transaction, the insider now owns 251,683 shares in the company, valued at approximately $4,102,432.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Hedge Funds Weigh In On Sovos Brands

Hedge funds have recently bought and sold shares of the company. MetLife Investment Management LLC boosted its stake in Sovos Brands by 55.4% in the 1st quarter. MetLife Investment Management LLC now owns 16,919 shares of the company’s stock worth $240,000 after purchasing an additional 6,033 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Sovos Brands by 18.5% during the 1st quarter. JPMorgan Chase & Co. now owns 18,927 shares of the company’s stock valued at $268,000 after acquiring an additional 2,953 shares during the period. Panagora Asset Management Inc. bought a new position in Sovos Brands during the 1st quarter valued at about $286,000. Rhumbline Advisers lifted its stake in Sovos Brands by 22.9% during the 1st quarter. Rhumbline Advisers now owns 27,751 shares of the company’s stock valued at $394,000 after acquiring an additional 5,166 shares during the period. Finally, Blair William & Co. IL lifted its stake in Sovos Brands by 10.3% during the 1st quarter. Blair William & Co. IL now owns 29,466 shares of the company’s stock valued at $418,000 after acquiring an additional 2,754 shares during the period. Institutional investors own 92.31% of the company’s stock.

Sovos Brands Company Profile

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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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