Sovos Brands, Inc. (NASDAQ:SOVO) Major Shareholder Sells $113,645,000.00 in Stock

Sovos Brands, Inc. (NASDAQ:SOVOGet Rating) major shareholder International Corp/Ma Advent sold 8,500,000 shares of the business’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $13.37, for a total transaction of $113,645,000.00. Following the sale, the insider now owns 57,540,129 shares in the company, valued at $769,311,524.73. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Sovos Brands Stock Performance

Shares of SOVO traded up $0.36 during mid-day trading on Wednesday, hitting $14.23. The company’s stock had a trading volume of 622,169 shares, compared to its average volume of 307,902. The firm has a 50-day moving average price of $14.52 and a 200 day moving average price of $14.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.49 and a current ratio of 2.25. Sovos Brands, Inc. has a fifty-two week low of $9.52 and a fifty-two week high of $17.41.

Sovos Brands (NASDAQ:SOVOGet Rating) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.04. The company had revenue of $197.43 million for the quarter, compared to analysts’ expectations of $180.60 million. Sovos Brands had a negative net margin of 4.47% and a positive return on equity of 9.21%. As a group, sell-side analysts anticipate that Sovos Brands, Inc. will post 0.6 EPS for the current year.

Hedge Funds Weigh In On Sovos Brands

Several hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. grew its stake in shares of 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 purchasing an additional 1,758 shares during the last quarter. Level Four Advisory Services LLC increased its position in shares of Sovos Brands by 7.5% in the first quarter. Level Four Advisory Services LLC now owns 34,727 shares of the company’s stock worth $492,000 after acquiring an additional 2,420 shares in the last quarter. Blair William & Co. IL increased its position in shares of Sovos Brands by 10.3% in the first quarter. Blair William & Co. IL now owns 29,466 shares of the company’s stock worth $418,000 after acquiring an additional 2,754 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Sovos Brands by 18.5% in the first quarter. JPMorgan Chase & Co. now owns 18,927 shares of the company’s stock worth $268,000 after acquiring an additional 2,953 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC increased its position in shares of Sovos Brands by 23.5% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 17,350 shares of the company’s stock worth $246,000 after acquiring an additional 3,300 shares in the last quarter. Institutional investors and hedge funds own 92.31% of the company’s stock.

About Sovos Brands

(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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