Vestis (NYSE:VSTS) Trading 5.9% Higher – Here’s What Happened

Vestis Corporation (NYSE:VSTS) shares traded up 5.9% during trading on Thursday . The company traded as high as $7.90 and last traded at $7.94. 535,260 shares were traded during trading, a decline of 73% from the average session volume of 1,991,027 shares. The stock had previously closed at $7.50.

Analysts Set New Price Targets

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

Vestis Trading Up 4.9%

The firm’s 50-day simple moving average is $7.21 and its 200 day simple moving average is $6.04. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of -21.20 and a beta of 0.49. The company has a debt-to-equity ratio of 1.48, a current ratio of 2.17 and a quick ratio of 1.74.

Vestis (NYSE:VSTS) last issued its earnings results on Tuesday, February 10th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.06 by $0.04. The firm had revenue of $663.39 million during the quarter, compared to the consensus estimate 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 quarterly revenue was down 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.14 earnings per share. Equities analysts expect that Vestis Corporation will post 0.7 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Keith A. Meister bought 800,222 shares of the firm’s stock in a transaction on Tuesday, December 16th. The stock was acquired at an average price of $6.81 per share, with a total value of $5,449,511.82. Following the transaction, the director owned 19,604,121 shares of the company’s stock, valued at $133,504,064.01. This trade represents a 4.26% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Douglas A. Pertz acquired 15,000 shares of Vestis stock in a transaction dated Friday, December 19th. The stock was purchased at an average cost of $6.90 per share, for a total transaction of $103,500.00. Following the completion of the purchase, the director owned 322,010 shares in the company, valued at approximately $2,221,869. The trade was a 4.89% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have bought 1,035,064 shares of company stock worth $7,046,839. 15.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Vestis

Large investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC boosted its position 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 purchasing an additional 4,502 shares in the last quarter. Osaic Holdings Inc. raised its stake in Vestis by 703.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,743 shares of the company’s stock worth $33,000 after buying an additional 5,028 shares during the period. Nisa Investment Advisors LLC boosted its holdings in Vestis by 147.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 5,175 shares of the company’s stock worth $35,000 after acquiring an additional 3,082 shares in the last quarter. Farther Finance Advisors LLC grew its stake in Vestis by 176.1% in the fourth quarter. Farther Finance Advisors LLC now owns 5,193 shares of the company’s stock valued at $35,000 after acquiring an additional 3,312 shares during the period. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in Vestis in the fourth quarter valued at approximately $36,000. 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.