Chefs’ Warehouse (NASDAQ:CHEF) Stock Price Up 7.3% – Here’s Why

The Chefs’ Warehouse, Inc. (NASDAQ:CHEF)’s stock price rose 7.3% during trading on Thursday . The company traded as high as $64.97 and last traded at $64.6330. Approximately 150,336 shares traded hands during trading, a decline of 68% from the average daily volume of 473,384 shares. The stock had previously closed at $60.26.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Wall Street Zen downgraded Chefs’ Warehouse from a “buy” rating to a “hold” rating in a research report on Friday, October 3rd. BTIG Research reiterated a “buy” rating and issued a $74.00 price target on shares of Chefs’ Warehouse in a research note on Tuesday, October 21st. Morgan Stanley assumed coverage on Chefs’ Warehouse in a research note on Monday, October 27th. They set an “overweight” rating and a $75.00 price target on the stock. Benchmark reaffirmed a “buy” rating on shares of Chefs’ Warehouse in a research report on Friday, December 12th. Finally, Weiss Ratings cut shares of Chefs’ Warehouse from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.00.

Chefs’ Warehouse Price Performance

The stock has a fifty day moving average of $61.37 and a 200 day moving average of $61.91. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.14 and a quick ratio of 1.19. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of 38.69 and a beta of 1.28.

Chefs’ Warehouse (NASDAQ:CHEF) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.43 by $0.07. The business had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $986.36 million. Chefs’ Warehouse had a net margin of 1.85% and a return on equity of 14.11%. The business’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.36 EPS. On average, analysts expect that The Chefs’ Warehouse, Inc. will post 1.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other Chefs’ Warehouse news, CFO James Leddy sold 22,000 shares of Chefs’ Warehouse stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $62.11, for a total transaction of $1,366,420.00. Following the completion of the transaction, the chief financial officer owned 125,892 shares in the company, valued at approximately $7,819,152.12. This trade represents a 14.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 11.90% of the company’s stock.

Institutional Trading of Chefs’ Warehouse

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd grew its stake in shares of Chefs’ Warehouse by 515.3% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 523 shares of the company’s stock worth $31,000 after purchasing an additional 438 shares during the period. Center for Financial Planning Inc. purchased a new stake in Chefs’ Warehouse during the second quarter worth $35,000. Aster Capital Management DIFC Ltd acquired a new stake in Chefs’ Warehouse during the third quarter valued at $39,000. Osaic Holdings Inc. grew its position in Chefs’ Warehouse by 30.7% during the second quarter. Osaic Holdings Inc. now owns 800 shares of the company’s stock valued at $51,000 after buying an additional 188 shares during the period. Finally, Vestcor Inc purchased a new position in Chefs’ Warehouse in the third quarter valued at $57,000. 91.55% of the stock is owned by institutional investors and hedge funds.

About Chefs’ Warehouse

Chefs’ Warehouse, Inc is a specialty food distributor that supplies a broad range of high?end ingredients and culinary products to professional chefs, restaurants, hotels, and other foodservice operators. Headquartered in Maspeth, New York, the company sources its portfolio from local artisans, boutique producers and leading global suppliers. Its core offerings include fresh and frozen proteins, specialty cuts of meat and seafood, handcrafted cheeses and charcuterie, seasonal produce, value?added preparations, pantry staples and premium desserts and beverages.

The company operates a network of distribution centers strategically located in major metropolitan markets across North America.