Vestis (NYSE:VSTS) Trading Down 6.2% – What’s Next?

Vestis Corporation (NYSE:VSTS) shares fell 6.2% during trading on Wednesday . The stock traded as low as $7.23 and last traded at $7.3050. 753,703 shares traded hands during trading, a decline of 62% from the average session volume of 2,001,233 shares. The stock had previously closed at $7.79.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Barclays reaffirmed an “underweight” rating on shares of Vestis in a research report on Tuesday, February 17th. JPMorgan Chase & Co. boosted their price target on Vestis from $5.50 to $6.00 and gave the stock an “underweight” rating in a research note on Wednesday, December 3rd. The Goldman Sachs Group upped their price objective on shares of Vestis from $5.30 to $6.00 and gave the company a “sell” rating in a report on Wednesday, February 11th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Vestis in a research report on Wednesday, January 21st. Finally, Robert W. Baird lifted their target price on shares of Vestis from $5.00 to $6.50 and gave the stock a “neutral” rating in a research note on Tuesday, December 2nd. One equities research analyst has rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Strong Sell” and a consensus price target of $5.88.

Vestis Trading Down 4.7%

The company has a 50 day simple moving average of $7.19 and a two-hundred day simple moving average of $6.03. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.74 and a current ratio of 2.17. The firm has a market cap of $979.46 million, a PE ratio of -19.96 and a beta of 0.48.

Vestis (NYSE:VSTS) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.04. The firm had revenue of $663.39 million during the quarter, compared to analysts’ expectations of $665.77 million. Vestis had a positive return on equity of 2.08% and a negative net margin of 1.75%.The company’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same period last year, the business posted $0.14 earnings per share. Analysts expect that Vestis Corporation will post 0.7 EPS for the current fiscal year.

Insider Activity at Vestis

In other Vestis news, Director Douglas A. Pertz acquired 15,000 shares of the business’s stock in a transaction dated Friday, December 19th. The shares were purchased at an average price of $6.90 per share, for a total transaction of $103,500.00. Following the completion of the purchase, the director directly owned 322,010 shares of the company’s stock, valued at $2,221,869. The trade was a 4.89% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Keith A. Meister bought 209,842 shares of Vestis stock in a transaction that occurred on Wednesday, December 17th. The shares were acquired at an average cost of $6.79 per share, with a total value of $1,424,827.18. Following the acquisition, the director owned 19,813,963 shares of the company’s stock, valued at $134,536,808.77. The trade was a 1.07% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have acquired 1,035,064 shares of company stock valued at $7,046,839. Company insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Vestis

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VSTS. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Vestis by 10.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 355,493 shares of the company’s stock valued at $3,519,000 after buying an additional 34,809 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in Vestis during the first quarter worth about $762,000. Savant Capital LLC raised its position in Vestis by 21.6% during the second quarter. Savant Capital LLC now owns 107,549 shares of the company’s stock valued at $616,000 after acquiring an additional 19,084 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in Vestis during the second quarter valued at approximately $67,000. Finally, ProShare Advisors LLC acquired a new position in Vestis in the second quarter valued at approximately $148,000. 97.40% of the stock is owned by institutional investors and hedge funds.

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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.