Simply Good Foods (NASDAQ:SMPL) Shares Up 9% – Here’s What Happened

The Simply Good Foods Company (NASDAQ:SMPL) was up 9% on Monday. The stock traded as high as $12.31 and last traded at $12.2650. 553,081 shares traded hands during trading, a decline of 77% from the average daily volume of 2,452,521 shares. The stock had previously closed at $11.25.

Analysts Set New Price Targets

SMPL has been the subject of a number of research reports. Stifel Nicolaus reduced their price objective on Simply Good Foods from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, October 28th. UBS Group cut their target price on Simply Good Foods from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday. DA Davidson set a $12.00 price target on shares of Simply Good Foods in a research report on Monday, October 26th. Truist Financial set a $11.00 price target on shares of Simply Good Foods in a research note on Wednesday, August 26th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 price objective on shares of Simply Good Foods in a report on Friday, July 10th. Two analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $13.36.

Simply Good Foods Trading Up 9.6%

The company has a market capitalization of $1.07 billion, a P/E ratio of -7.21 and a beta of 0.19. The company has a debt-to-equity ratio of 0.24, a current ratio of 5.57 and a quick ratio of 3.87. The firm has a fifty day moving average price of $10.41 and a 200-day moving average price of $12.93.

Simply Good Foods (NASDAQ:SMPL) last posted its quarterly earnings data on Tuesday, October 27th. The financial services provider reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.04. The business had revenue of $333.31 million for the quarter, compared to analysts’ expectations of $327.03 million. Simply Good Foods had a positive return on equity of 9.36% and a negative net margin of 11.49%. The business’s revenue was down 9.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.46 earnings per share. On average, equities research analysts anticipate that The Simply Good Foods Company will post 1.42 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of Simply Good Foods during the 2nd quarter worth $180,913,000. Arrowstreet Capital Limited Partnership boosted its stake in Simply Good Foods by 179.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,472,753 shares of the financial services provider’s stock valued at $21,134,000 after buying an additional 946,216 shares during the period. Oaktree Capital Management LP purchased a new stake in Simply Good Foods in the first quarter valued at approximately $16,200,000. Bank of America Corp DE increased its stake in Simply Good Foods by 23.6% in the first quarter. Bank of America Corp DE now owns 1,040,097 shares of the financial services provider’s stock valued at $14,925,000 after acquiring an additional 198,294 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Simply Good Foods by 1,195.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,112,684 shares of the financial services provider’s stock worth $10,559,000 after purchasing an additional 1,026,775 shares in the last quarter. 88.45% of the stock is currently owned by hedge funds and other institutional investors.

Simply Good Foods Company Profile

The Simply Good Foods Company (NASDAQ: SMPL) is a consumer packaged food company focused on convenient, nutrition-focused products. Its portfolio is built around the Atkins and Quest brands, which serve consumers seeking lower-carbohydrate, higher-protein and better-for-you food options.

The company offers a variety of products, including protein bars, snack bars, shakes, cookies, chips, confectionery items, protein powders and frozen foods. Its products are sold through grocery stores, mass merchants, club stores, drugstores, convenience stores, e-commerce platforms and other retail channels.

Simply Good Foods was established in 2017 through the combination of Conyers Park Acquisition Corp.