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

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

Analyst Ratings Changes

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

Vestis Stock Up 0.8%

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 company has a fifty day simple moving average of $7.23 and a two-hundred day simple moving average of $6.05. The firm has a market capitalization of $1.00 billion, a PE ratio of -20.51 and a beta of 0.49.

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

Insider Transactions at Vestis

In other Vestis news, Director Keith A. Meister acquired 800,222 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The shares were bought at an average cost of $6.81 per share, with a total value of $5,449,511.82. Following the completion of the acquisition, the director directly owned 19,604,121 shares in the company, valued at $133,504,064.01. This represents a 4.26% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Douglas A. Pertz acquired 15,000 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The shares were acquired at an average cost of $6.90 per share, for a total transaction of $103,500.00. Following the completion of the acquisition, the director owned 322,010 shares of the company’s stock, valued at $2,221,869. This trade represents a 4.89% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 1,035,064 shares of company stock worth $7,046,839 in the last three months. Insiders own 15.70% of the company’s stock.

Institutional Trading of Vestis

Several hedge funds and other institutional investors have recently bought and sold shares of VSTS. Royal Bank of Canada raised its position in shares of Vestis by 1,520.5% in the 4th quarter. Royal Bank of Canada now owns 5,688,399 shares of the company’s stock worth $37,942,000 after acquiring an additional 5,337,380 shares in the last quarter. Greenstone Partners & Co. LLC purchased a new stake in shares of Vestis during the 4th quarter worth $33,979,000. Alberta Investment Management Corp boosted its position in Vestis by 57.7% during the second quarter. Alberta Investment Management Corp now owns 9,692,000 shares of the company’s stock valued at $55,535,000 after purchasing an additional 3,547,000 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in Vestis by 1,265.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,960,150 shares of the company’s stock valued at $8,879,000 after purchasing an additional 1,816,633 shares in the last quarter. Finally, Medina Value Partners LLC purchased a new position in Vestis in the third quarter valued at about $6,469,000. Institutional investors own 97.40% of the company’s stock.

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.