Vestis (NYSE:VSTS) Price Target Raised to $6.00

Vestis (NYSE:VSTS) had its price target lifted by JPMorgan Chase & Co. from $5.50 to $6.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 0.91% from the company’s previous close.

Several other equities research analysts also recently commented on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Vestis in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Vestis from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. The Goldman Sachs Group set a $6.30 price target on shares of Vestis and gave the company a “neutral” rating in a research report on Tuesday. Finally, Robert W. Baird upped their price objective on shares of Vestis from $5.00 to $6.50 and gave the stock a “neutral” rating in a research report on Tuesday. Two investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Strong Sell” and a consensus target price of $5.95.

Vestis Trading Down 2.8%

VSTS stock traded down $0.18 during midday trading on Wednesday, hitting $6.06. The stock had a trading volume of 660,405 shares, compared to its average volume of 2,311,036. The company has a current ratio of 1.84, a quick ratio of 1.42 and a debt-to-equity ratio of 1.45. The firm has a market cap of $798.29 million, a P/E ratio of -19.57 and a beta of 0.78. The business has a fifty day moving average price of $5.25 and a two-hundred day moving average price of $5.40. Vestis has a 1-year low of $3.98 and a 1-year high of $17.83.

Vestis (NYSE:VSTS) last announced its quarterly earnings data on Monday, December 1st. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.13). Vestis had a positive return on equity of 2.61% and a negative net margin of 1.47%.The company had revenue of $712.01 million for the quarter, compared to analyst estimates of $690.65 million. During the same period last year, the business earned $0.11 EPS. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. On average, sell-side analysts predict that Vestis will post 0.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Vestis

Several institutional investors and hedge funds have recently bought and sold shares of the company. Alberta Investment Management Corp increased its position in Vestis by 57.7% in the second quarter. Alberta Investment Management Corp now owns 9,692,000 shares of the company’s stock worth $55,535,000 after buying an additional 3,547,000 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its stake in shares of Vestis by 1,265.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,960,150 shares of the company’s stock worth $8,879,000 after acquiring an additional 1,816,633 shares during the period. Jane Street Group LLC increased its holdings in Vestis by 700.5% in the 1st quarter. Jane Street Group LLC now owns 1,982,027 shares of the company’s stock worth $19,622,000 after acquiring an additional 1,734,442 shares during the last quarter. AQR Capital Management LLC raised its stake in Vestis by 49.4% in the 1st quarter. AQR Capital Management LLC now owns 4,669,670 shares of the company’s stock valued at $45,950,000 after acquiring an additional 1,544,001 shares during the period. Finally, Medina Value Partners LLC bought a new stake in Vestis in the 3rd quarter valued at about $6,469,000. 97.40% of the stock is owned by institutional investors.

About Vestis

Vestis Corporation provides uniform rentals and workplace supplies in the United States and Canada. Its products include uniform options, such as shirts, pants, outerwear, gowns, scrubs, high visibility garments, particulate-free garments, and flame-resistant garments, as well as shoes and accessories; and workplace supplies, including managed restroom supply services, first-aid supplies and safety products, floor mats, towels, and linens.