Vestis (NYSE:VSTS) Shares Gap Down – Here’s What Happened

Vestis Corporation (NYSE:VSTS)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $6.89, but opened at $6.15. Vestis shares last traded at $6.4750, with a volume of 800,224 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on VSTS. Weiss Ratings reissued a “sell (d)” rating on shares of Vestis in a research note on Wednesday, October 8th. JPMorgan Chase & Co. upped their target price on shares of Vestis from $5.50 to $6.00 and gave the company an “underweight” rating in a research report on Wednesday, December 3rd. The Goldman Sachs Group cut shares of Vestis from a “neutral” rating to a “sell” rating and set a $5.30 target price for the company. in a research report on Thursday. Finally, Robert W. Baird raised their price target on Vestis from $5.00 to $6.50 and gave the stock a “neutral” rating in a research report on Tuesday, December 2nd. One research analyst has rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, Vestis presently has an average rating of “Strong Sell” and an average price target of $5.70.

Vestis Price Performance

The company has a current ratio of 2.08, a quick ratio of 1.64 and a debt-to-equity ratio of 1.49. The company has a 50 day moving average of $6.30 and a 200 day moving average of $5.56. The firm has a market cap of $831.42 million, a price-to-earnings ratio of -20.46 and a beta of 0.73.

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

Insiders Place Their Bets

In other Vestis news, Director Keith A. Meister acquired 209,842 shares of the company’s stock in a transaction on Wednesday, December 17th. The shares were purchased at an average price of $6.79 per share, for a total transaction of $1,424,827.18. Following the completion of the purchase, the director directly owned 19,813,963 shares of the company’s stock, valued at approximately $134,536,808.77. This represents a 1.07% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William Goetz bought 6,746 shares of Vestis stock in a transaction dated Monday, December 8th. The shares were acquired at an average price of $7.42 per share, with a total value of $50,055.32. Following the completion of the purchase, the director directly owned 29,877 shares in the company, valued at $221,687.34. This trade represents a 29.16% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought 1,205,810 shares of company stock worth $8,138,302 over the last ninety days. 13.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Vestis

Institutional investors and hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its stake in shares of Vestis by 471.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,456 shares of the company’s stock worth $31,000 after buying an additional 4,502 shares during the last quarter. Osaic Holdings Inc. lifted its position in Vestis by 703.2% during the second quarter. Osaic Holdings Inc. now owns 5,743 shares of the company’s stock worth $33,000 after acquiring an additional 5,028 shares during the last quarter. Simplicity Wealth LLC acquired a new stake in Vestis during the third quarter worth approximately $46,000. Sanders Morris Harris LLC bought a new stake in shares of Vestis during the third quarter worth approximately $47,000. Finally, PNC Financial Services Group Inc. grew its position in shares of Vestis by 331.4% in the second quarter. PNC Financial Services Group Inc. now owns 9,427 shares of the company’s stock valued at $54,000 after purchasing an additional 7,242 shares during the last quarter. 97.40% of the stock is currently owned by institutional investors and hedge funds.

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.