Vestis (NYSE:VSTS) Stock Price Down 6.2% – Here’s What Happened

Vestis Corporation (NYSE:VSTS)’s share price was down 6.2% on Wednesday . The stock traded as low as $7.23 and last traded at $7.3050. Approximately 753,703 shares traded 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.

Wall Street Analyst Weigh In

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

Vestis Price Performance

The firm has a market cap of $979.46 million, a P/E ratio of -19.96 and a beta of 0.48. The firm’s fifty day simple moving average is $7.19 and its 200 day simple moving average is $6.03. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.74 and a current ratio of 2.17.

Vestis (NYSE:VSTS) last posted its earnings results on Tuesday, February 10th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.04. The company had revenue of $663.39 million for 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 firm’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.14 earnings per share. As a group, analysts forecast that Vestis Corporation will post 0.7 earnings per share for the current year.

Insider Buying and Selling

In other Vestis news, Director Keith A. Meister acquired 800,222 shares of the company’s stock in a transaction on Tuesday, December 16th. The stock was acquired at an average cost of $6.81 per share, with a total value of $5,449,511.82. Following the purchase, the director directly owned 19,604,121 shares of the company’s stock, valued at approximately $133,504,064.01. This represents a 4.26% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Douglas A. Pertz purchased 15,000 shares of the business’s stock in a transaction dated Friday, December 19th. The stock was bought at an average price 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 approximately $2,221,869. The trade was a 4.89% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 1,035,064 shares of company stock valued at $7,046,839 over the last quarter. Corporate insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Vestis

Hedge funds have recently added to or reduced their stakes in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Vestis by 10.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 355,493 shares of the company’s stock valued at $3,519,000 after purchasing an additional 34,809 shares during the period. Acadian Asset Management LLC purchased a new position in Vestis during the 1st quarter worth $762,000. Savant Capital LLC raised its position in Vestis by 21.6% during the 2nd quarter. Savant Capital LLC now owns 107,549 shares of the company’s stock valued at $616,000 after purchasing an additional 19,084 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in Vestis in the second quarter valued at approximately $67,000. Finally, ProShare Advisors LLC purchased a new position in Vestis in the second quarter worth $148,000. 97.40% of the stock is currently owned by institutional investors.

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.