JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Vestis (NYSE:VSTS) Stock

Vestis (NYSE:VSTS) had its target price boosted by equities research analysts at JPMorgan Chase & Co. from $11.00 to $13.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 7.64% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. Stifel Nicolaus increased their price objective on shares of Vestis from $11.00 to $14.00 and gave the stock a “hold” rating in a research report on Wednesday. William Blair raised Vestis from a “market perform” rating to an “outperform” rating in a research report on Tuesday, May 12th. The Goldman Sachs Group upped their price target on Vestis from $8.20 to $9.30 and gave the stock a “sell” rating in a research note on Tuesday. Robert W. Baird raised their price target on Vestis from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Vestis in a research note on Friday, August 7th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $12.66.

Vestis Trading Down 0.6%

VSTS stock traded down $0.09 during mid-day trading on Thursday, hitting $14.07. 139,818 shares of the company were exchanged, compared to its average volume of 1,640,833. The company has a quick ratio of 1.69, a current ratio of 2.13 and a debt-to-equity ratio of 1.44. The firm has a market capitalization of $1.86 billion, a P/E ratio of -280.24 and a beta of 0.97. The business has a fifty day simple moving average of $14.23 and a 200-day simple moving average of $10.74. Vestis has a 12-month low of $3.98 and a 12-month high of $16.90.

Vestis (NYSE:VSTS) last released its quarterly earnings results on Tuesday, August 11th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.08. The business had revenue of $661.66 million for the quarter, compared to the consensus estimate of $668.94 million. Vestis had a negative net margin of 0.20% and a positive return on equity of 7.30%. On average, equities research analysts predict that Vestis will post 0.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC grew its holdings in shares of Vestis by 471.9% in the second quarter. EverSource Wealth Advisors LLC now owns 5,456 shares of the company’s stock valued at $31,000 after purchasing an additional 4,502 shares in the last quarter. Osaic Holdings Inc. lifted its holdings in Vestis by 703.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,743 shares of the company’s stock worth $33,000 after buying an additional 5,028 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in Vestis by 176.1% during the 4th quarter. Farther Finance Advisors LLC now owns 5,193 shares of the company’s stock worth $35,000 after buying an additional 3,312 shares in the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in Vestis in the 4th quarter valued at approximately $36,000. Finally, PNC Financial Services Group Inc. boosted its position in Vestis by 147.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,006 shares of the company’s stock valued at $53,000 after buying an additional 4,766 shares during the period. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Vestis Company Profile

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.