Checking in on Sovos Brands Inc. (SOVO) after recent insiders movement


Sovos Brands Inc.’s recent filing unveils that its PRESIDENT AND CEO LACHMAN TODD R unloaded Company’s shares for reported $1.01 million on Aug 28. In the deal valued at $22.53 per share,45,000 shares were sold. As a result of this transaction, LACHMAN TODD R now holds 1,984,761 shares worth roughly $ 44.58 million.

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Then, LACHMAN TODD R sold 11,250 shares, generating $253,526 in total proceeds. Upon selling the shares at $22.54, the PRESIDENT AND CEO now owns 336,078 shares.

Before that, LACHMAN TODD R sold 45,000 shares. Sovos Brands Inc. shares valued at $1,014,669 were divested by the PRESIDENT AND CEO at a price of $22.55 per share. As a result of the transaction, LACHMAN TODD R now holds 2,029,761 shares, worth roughly $45.59 million.

Stephens initiated its Sovos Brands Inc. [SOVO] rating to an Overweight in a research note published on Friday, June 23, 2023; the price target was $23. PT values the company’s stock at a premium of 2.35 to its Friday closing price.

Price Performance Review of SOVO

On Friday, Sovos Brands Inc. [NASDAQ:SOVO] saw its stock jump 0.27% to $22.46. On the same session, the stock had its day’s lowest price of $22.395, but rose to a high of $22.46. Over the last five days, the stock has lost -0.35%. Sovos Brands Inc. shares have risen nearly 56.30% since the year began. Nevertheless, the stocks have risen 47.09% over the past one year. While a 52-week high of $22.65 was reached on 08/29/23, a 52-week low of $12.74 was recorded on 02/21/23. SMA at 50 days reached $20.27, while 200 days put it at $16.66. A total of 1.38 million shares were traded, compared to the trading of 3.11 million shares in the previous session.

Levels Of Support And Resistance For SOVO Stock

The 24-hour chart illustrates a support level at 22.42, which if violated will result in even more drops to 22.37. On the upside, there is a resistance level at 22.48. A further resistance level may holdings at 22.50. The Relative Strength Index (RSI) on the 14-day chart is 72.32, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.09, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 67.86%. Stochastics %K at 16.17% indicates the stock is a buying.

How much short interest is there in Sovos Brands Inc.?

A steep rise in short interest was recorded in Sovos Brands Inc. stocks on Aug 14, 2023, growing by 1.22 million shares to a total of 3.18 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 1.96 million shares. There was a rise of 38.36%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 8.08% of the overall stock float, the days-to-cover ratio (short ratio) rose to 1.91.

Sovos Brands Inc. [SOVO] – Who Are The Largest Shareholders?

In filings from Wellington Management Co. LLP, it is revealed that the company now owns 5,638,956 shares, or roughly 5.57% of the outstanding SOVO shares. In other words, the investor’s shares have fallen by -570,586 from its previous 13-F filing of 6209542.0.. Over the last quarter, Champlain Investment Partners LLC purchased 161,845 shares of Sovos Brands Inc., while BlackRock Fund Advisors bought 486,700 shares. At present, Fidelity Management & Research Co is holding 2,559,285 shares valued at $45.56 million. Loomis, Sayles & Co. LP owned 2,229,236 shares of the company at the time of its most recent 13F filing, worth $39.68 million.

According to FactSet, Sovos Brands Inc.’s share price will average $23.00 in the next year, based on opinions of analysts polled by the firm. This is up nearly 2.68 percent from its previous closing price of $22.40. Analysts expect Sovos Brands Inc. stock to reach the higher price of $23.00, while the lowest price estimate is $23.00. However, 8 analysts have rated SOVO stock as a Hold in their predictions for 2023.


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