Zacks Investment Research Downgrades Sendas Distribuidora (NYSE:ASAI) to Hold

Zacks Investment Research cut shares of Sendas Distribuidora (NYSE:ASAI) from a buy rating to a hold rating in a report published on Tuesday, Zacks.com reports.

According to Zacks, “Sendas Distribuidora SA engages in the retail and wholesale of food and other products through its stores. It operates through the Cash and Carry, and Éxito Group segment. The Cash and Carry segment includes its business under the Assai brand. The Éxito Group segment consists of its businesses in Columbia, Argentina, and Uruguay under the Éxito, Surtimax, Super Inter, and Carulla brands. Sendas Distribuidora SA is headquartered in Sao Paulo, Brazil. “

ASAI stock opened at $18.37 on Tuesday. Sendas Distribuidora has a twelve month low of $11.45 and a twelve month high of $18.55. The company has a quick ratio of 0.71, a current ratio of 1.17 and a debt-to-equity ratio of 3.83. The business’s fifty day moving average price is $16.96.

Sendas Distribuidora (NYSE:ASAI) last released its earnings results on Tuesday, July 27th. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.17. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $366.41 million. On average, equities research analysts predict that Sendas Distribuidora will post 0.17 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Panagora Asset Management Inc. bought a new stake in Sendas Distribuidora in the first quarter valued at about $40,000. Eagle Bay Advisors LLC bought a new stake in shares of Sendas Distribuidora in the second quarter worth about $52,000. Advisors Asset Management Inc. bought a new stake in shares of Sendas Distribuidora in the first quarter worth about $80,000. US Bancorp DE bought a new stake in shares of Sendas Distribuidora in the first quarter worth about $111,000. Finally, Stifel Financial Corp bought a new stake in shares of Sendas Distribuidora in the first quarter worth about $163,000. Institutional investors and hedge funds own 5.99% of the company’s stock.

About Sendas Distribuidora

Sendas Distribuidora SA engages in the retail and wholesale sale of food products, bazaar items, and other products in Brazil. As of April 22, 2021, the company operated 185 stores under the Assaí banner, as well as 10 distribution centers. It serves restaurants, pizzerias, snack bars, schools, small businesses, religious institutions, hospitals, hotels, grocery stores, neighborhood supermarkets, and individuals.

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