Short Interest in Vestis Corporation (NYSE:VSTS) Declines By 17.3%

Vestis Corporation (NYSE:VSTS) was the recipient of a significant drop in short interest in December. As of December 15th, there was short interest totaling 13,026,026 shares, a drop of 17.3% from the November 30th total of 15,754,430 shares. Based on an average daily trading volume, of 3,804,472 shares, the short-interest ratio is currently 3.4 days. Currently, 11.4% of the shares of the stock are short sold. Currently, 11.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 3,804,472 shares, the short-interest ratio is currently 3.4 days.

Insider Transactions at Vestis

In other news, Director Keith A. Meister acquired 209,842 shares of Vestis stock in a transaction that occurred on Wednesday, December 17th. The shares were acquired at an average price of $6.79 per share, for a total transaction of $1,424,827.18. Following the transaction, the director directly owned 19,813,963 shares of the company’s stock, valued at approximately $134,536,808.77. The trade was a 1.07% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James J. Barber bought 82,367 shares of the company’s stock in a transaction on Thursday, December 4th. The stock was purchased at an average price of $6.36 per share, with a total value of $523,854.12. Following the completion of the transaction, the chief executive officer directly owned 642,469 shares of the company’s stock, valued at approximately $4,086,102.84. The trade was a 14.71% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders purchased 1,205,810 shares of company stock worth $8,138,302. Insiders own 13.60% of the company’s stock.

Institutional Investors Weigh In On Vestis

Large investors have recently modified their holdings of the stock. Alberta Investment Management Corp increased its holdings in Vestis by 57.7% in the 2nd quarter. Alberta Investment Management Corp now owns 9,692,000 shares of the company’s stock worth $55,535,000 after acquiring an additional 3,547,000 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of Vestis by 1,265.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,960,150 shares of the company’s stock worth $8,879,000 after purchasing an additional 1,816,633 shares during the period. Jane Street Group LLC boosted its holdings in Vestis by 700.5% in the first quarter. Jane Street Group LLC now owns 1,982,027 shares of the company’s stock worth $19,622,000 after acquiring an additional 1,734,442 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Vestis by 49.4% during the 1st quarter. AQR Capital Management LLC now owns 4,669,670 shares of the company’s stock valued at $45,950,000 after buying an additional 1,544,001 shares in the last quarter. Finally, Medina Value Partners LLC purchased a new stake in Vestis during the third quarter worth $6,469,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Vestis Stock Down 0.9%

NYSE VSTS traded down $0.06 on Wednesday, reaching $6.71. The company had a trading volume of 2,844,211 shares, compared to its average volume of 2,384,456. The company has a quick ratio of 1.64, a current ratio of 2.08 and a debt-to-equity ratio of 1.49. The company’s fifty day moving average is $6.12 and its 200 day moving average is $5.52. Vestis has a 52-week low of $3.98 and a 52-week high of $16.68. The stock has a market capitalization of $884.85 million, a P/E ratio of -21.64 and a beta of 0.78.

Vestis (NYSE:VSTS) last posted its earnings results on Monday, December 1st. The company reported $0.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.03. Vestis had a negative net margin of 1.47% and a positive return on equity of 2.62%. The firm had revenue of $712.01 million during the quarter, compared to analyst estimates of $690.65 million. During the same quarter in the prior year, the business posted $0.11 EPS. The business’s revenue was up 4.1% compared to the same quarter last year. Sell-side analysts anticipate that Vestis will post 0.7 earnings per share for the current fiscal year.

Analysts Set New Price Targets

VSTS has been the subject of several analyst reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Vestis in a research note on Wednesday, October 8th. Robert W. Baird increased their price objective on Vestis from $5.00 to $6.50 and gave the company a “neutral” rating in a report on Tuesday, December 2nd. JPMorgan Chase & Co. lifted their target price on Vestis from $5.50 to $6.00 and gave the stock an “underweight” rating in a report on Wednesday, December 3rd. Finally, The Goldman Sachs Group upped their price target on Vestis from $5.50 to $6.30 and gave the company a “neutral” rating in a research report on Tuesday, December 2nd. Two research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Strong Sell” and a consensus target price of $5.95.

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.