Sovos Brands, Inc. (NASDAQ:SOVO) Expected to Post Quarterly Sales of $180.69 Million

Analysts expect Sovos Brands, Inc. (NASDAQ:SOVO – Get Rating) to announce sales of $180.69 million for the current fiscal quarter, according to Zacks. Six analysts have made estimates for Sovos Brands’ earnings. The lowest sales estimate is $176.40 million and the highest is $182.60 million. The company is scheduled to report its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that Sovos Brands will report full-year sales of $810.24 million for the current fiscal year, with estimates ranging from $800.00 million to $815.10 million. For the next fiscal year, analysts anticipate that the business will post sales of $870.56 million, with estimates ranging from $849.00 million to $892.80 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that follow Sovos Brands.

Sovos Brands (NASDAQ:SOVO – Get Rating) last announced its quarterly earnings results on Wednesday, May 4th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01.

A number of research analysts recently weighed in on the stock. Telsey Advisory Group dropped their price objective on shares of Sovos Brands from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Wednesday, March 16th. UBS Group assumed coverage on shares of Sovos Brands in a report on Wednesday, March 30th. They issued a “buy” rating and a $16.00 price objective for the company. Finally, Zacks Investment Research cut shares of Sovos Brands from a “hold” rating to a “sell” rating in a report on Thursday, April 28th. One investment analyst has rated the stock with a sell rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $17.73.

Several large investors have recently modified their holdings of SOVO. First Mercantile Trust Co. purchased a new stake in shares of Sovos Brands during the 3rd quarter worth approximately $89,000. Strs Ohio purchased a new stake in Sovos Brands in the 4th quarter valued at $90,000. Legal & General Group Plc raised its position in Sovos Brands by 24.5% in the 4th quarter. Legal & General Group Plc now owns 6,226 shares of the company’s stock valued at $94,000 after purchasing an additional 1,226 shares during the last quarter. Citigroup Inc. purchased a new stake in Sovos Brands in the 4th quarter valued at $105,000. Finally, Metropolitan Life Insurance Co NY purchased a new stake in Sovos Brands in the 4th quarter valued at $121,000. Institutional investors and hedge funds own 92.31% of the company’s stock.

Shares of SOVO traded up $0.78 during trading on Monday, reaching $14.22. 207,573 shares of the company traded hands, compared to its average volume of 220,615. Sovos Brands has a twelve month low of $9.52 and a twelve month high of $17.41. The stock has a 50-day simple moving average of $14.00 and a 200-day simple moving average of $14.30. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.17 and a quick ratio of 1.66.

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.

See Also