After Sovos Brands, Inc. reported better-than-expected earnings in August (NASDAQ: SOVO), the number of short positions in the company declined significantly. There were a total of 1,910,000 shares borrowed as of July 31, but as of August 15, there were only 1,020,000 shares borrowed, representing a 46.6% decline from the total number of shares borrowed on July 31. 3.2% of the company’s shares are traded on the short market. The day-to-market coverage ratio currently stands at 3.0 days, based on an average daily volume of 344,100 shares. Sovos Brands company officials carry out transactions, both buying and selling, made by Sovos Brands company officials. The three small cap stocks listed below are the ones analysts believe investors should buy right now. Lisa Y. O’Driscoll, a company employee who has inside knowledge, sold 19,300 shares of the company on July 6. Another information on Sovos Brands has just been discovered. The transaction involved the sale of the shares at an average price of $16.30 per share, which resulted in a total sale volume of $314,590.00. Following the transaction, the trading insider now has a total of 251,683 shares, each worth approximately $4,102,432.90. A file that offers more information about the sale can be viewed on the Securities and Exchange Commission (SEC) website.
A major shareholder of Sovos Brands International Corp/Ma Advent sold 8,500,000 shares of the company on Monday, August 15. This follows other recent developments regarding the company. When the transaction is finalized, the insider will own 57,540,129 shares, which have a value of $769,311,524.73. A file that offers more information about the sale can be viewed on the Securities and Exchange Commission (SEC) website. Lisa Y. O’Driscoll, a Sovos Brands insider, sold 19,300 shares of the company on July 6. On Wednesday, these shares were offered for sale and resold. Disclosures related to the sale can be found in this section of the website. Business insiders were responsible for selling a total of 9,795,000 shares during the last financial quarter, resulting in a profit of $131,017,540. Employees of the company own 9.20% of the total shares of the company, making them significant shareholders. Speculators assess Sovos brands Recent events at the company have led to a change in its approach to providing services to hedge funds.
Sovos Brands received funds totaling $51,000 from Amalgamated Bank during the first three months of operation. Legal & General Group Plc’s stake in Sovos Brands increased by 66.2% during the second quarter due to the acquisition of additional shares by the company. Legal & General Group Plc now owns 10,467 shares in the company, each of which is currently valued at $167,000 (based on current market) following the purchase of an additional 4,170 shares during the period in question. Cardinal Capital Management LLC, CT, has contributed $170,000 to Sovos Brands through an investment made through Sovos Brands. During the first three months of the year, this investment was made. M&T Bank Corporation contributed $174,000 to Sovos Brands in the last three months of 2018. Occudo Quantitative Strategies LP invested $233,000 in Sovos Brands during the second quarter of the fiscal year. This is the last point but not the least. Institutional investors and hedge funds jointly own 92.31% of the total number of shares in the company, making them the largest shareholders in the company. The Performance of Sovos Brands Shares Over the Past Years On Friday, a price of $15.40 was set as the opening price for trading SOVO shares. Sovos Brands simple moving average over the past fifty days is $14.64, and its simple moving average over the past two hundred days is $14.06. The company recorded an all-time low of $9.52 in the previous 52 weeks, while it hit an all-time high of $17.41 in the same period. The financial ratios are equal to 0.98, including the debt ratio, the current ratio and the quick ratio. The current and fast ratios are both equal to 1.49, with the current balance being the same as 1.25. In a report made publicly available on August 3, Sovos Brands (NASDAQ: SOVO) discussed the company’s performance. The company reported earnings for the quarter of $0.13 per share, $0.04 higher than the consensus estimate of $0.09 per share from market experts. Sovos Brands achieved a return on equity of 9.21%, despite the company having a negative net margin of 4.47% of the time. The company reported revenue for the quarter totaling $197.43 million, which was well above the average projection of $180.60 million based on past performance.
This year, equity research analysts have forecast Sovos Brands to create 0.6 cents of earnings per share for the company. Specifics Regarding the Operation of the Sovos Brands Organization Through its wholly owned subsidiaries, Sovos Brands, Inc. is involved in the manufacture and distribution of consumer food products in the United States. These activities take place in the United States. The business is organized into two distinct divisions: breakfast and snacks and dinners and sauces. Breakfast and snacks are the main focus of the business. In addition, it sells spaghetti sauces, dry pasta, soups, frozen dinners, yogurt, pancake and waffle mixes, various baking components and frozen waffles under the brands Rao’s, Michael Angelo’s, Noosa and Birch Benders. Other products include frozen waffles.