Short Interest in Vestis Corporation (NYSE:VSTS) Declines By 17.3%

Vestis Corporation (NYSE:VSTS) was the recipient of a significant decrease in short interest during the month of December. As of December 15th, there was short interest totaling 13,026,026 shares, a decrease of 17.3% from the November 30th total of 15,754,430 shares. Based on an average daily volume of 3,804,472 shares, the short-interest ratio is presently 3.4 days. Currently, 11.4% of the company’s stock are sold short. Currently, 11.4% of the company’s stock are sold short. Based on an average daily volume of 3,804,472 shares, the short-interest ratio is presently 3.4 days.

Insider Activity

In other news, Director Keith A. Meister purchased 800,222 shares of the business’s stock in a transaction on Tuesday, December 16th. The stock was purchased at an average price of $6.81 per share, for a total transaction of $5,449,511.82. Following the completion of the purchase, the director directly owned 19,604,121 shares in the company, valued at $133,504,064.01. The trade was a 4.26% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James J. Barber acquired 82,367 shares of the stock in a transaction dated Thursday, December 4th. The shares were purchased at an average price of $6.36 per share, for a total transaction of $523,854.12. Following the completion of the purchase, the chief executive officer directly owned 642,469 shares in the company, valued at $4,086,102.84. The trade was a 14.71% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired a total of 1,205,810 shares of company stock valued at $8,138,302 over the last three months. Corporate insiders own 13.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Hsbc Holdings PLC bought a new position in shares of Vestis in the 1st quarter valued at $137,000. Jump Financial LLC bought a new position in Vestis in the first quarter valued at about $398,000. Landscape Capital Management L.L.C. raised its stake in Vestis by 10.5% during the first quarter. Landscape Capital Management L.L.C. now owns 18,447 shares of the company’s stock worth $183,000 after acquiring an additional 1,753 shares in the last quarter. Nomura Holdings Inc. lifted its holdings in shares of Vestis by 80.0% in the first quarter. Nomura Holdings Inc. now owns 27,267 shares of the company’s stock worth $270,000 after acquiring an additional 12,117 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Vestis in the 1st quarter valued at approximately $4,777,000. 97.40% of the stock is currently owned by institutional investors and hedge funds.

Vestis Price Performance

NYSE VSTS traded down $0.06 during midday trading on Wednesday, hitting $6.71. The company had a trading volume of 2,844,211 shares, compared to its average volume of 2,384,456. The firm has a 50-day moving average price of $6.12 and a 200-day moving average price of $5.52. The company has a market capitalization of $884.85 million, a PE ratio of -21.64 and a beta of 0.78. The company has a current ratio of 2.08, a quick ratio of 1.64 and a debt-to-equity ratio of 1.49. Vestis has a twelve month low of $3.98 and a twelve month high of $16.68.

Vestis (NYSE:VSTS) last posted its quarterly earnings results on Monday, December 1st. The company reported $0.03 EPS for the quarter, meeting analysts’ consensus estimates of $0.03. Vestis had a positive return on equity of 2.62% and a negative net margin of 1.47%.The business had revenue of $712.01 million during the quarter, compared to the consensus estimate of $690.65 million. During the same quarter in the previous year, the firm earned $0.11 earnings per share. Vestis’s revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, analysts anticipate that Vestis will post 0.7 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Vestis from $5.50 to $6.00 and gave the company an “underweight” rating in a report on Wednesday, December 3rd. The Goldman Sachs Group upped their price target on shares of Vestis from $5.50 to $6.30 and gave the company a “neutral” rating in a research note on Tuesday, December 2nd. Weiss Ratings restated a “sell (d)” rating on shares of Vestis in a research report on Wednesday, October 8th. Finally, Robert W. Baird boosted their price objective on Vestis from $5.00 to $6.50 and gave the stock a “neutral” rating in a report on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Strong Sell” and an average price target of $5.95.

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.