How to Buy Sovos Brands Stock
Sovos Brands Inc
Sovos Brands, Inc. , through its subsidiaries, manufactures and distributes consumer food products in the United States. The company operates in two segments, Dinners & Sauces, and Breakfast & Snacks.
Sovos Brands stock last closed at $22.64, down 0.13% from the previous day, and has increased 63.82% in one year. It has overperformed other stocks in the Packaged Foods industry by 0.67 percentage points. Sovos Brands stock is currently +77.71% from its 52-week low of $12.74, and -0.4% from its 52-week high of $22.73.
As of Sep 25, 2023, there are 101.32M SOVO shares outstanding. The market capitalization of SOVO is $2.29B. In the past 24 hours, 930,493 SOVO shares were traded.
How to Buy Sovos Brands Stock
Wondering how to invest in Sovos Brands stock? Here's how.
- Figure out where to buy Sovos Brands stock: You need to decide on a stock brokerage, but don't worry - we've tried dozens of stock brokerages and apps to help you determine where to buy Sovos Brands stock.
- Sign up for your brokerage account: Sign up for 0% commission trading with the highest-rated brokerage we've found.
- Fund your brokerage account: Pick your payment method and add your information.
- Research Sovos Brands stock: The Sovos Brands ticker symbol is SOVO. Is Sovos Brands stock a good investment? Should you buy shares of SOVO? How do SOVO's underlying business fundamentals look? Do top analysts think Sovos Brands is a good buy? Why has SOVO's stock price moved recently? (Hint: Our stock market research tools can help you decide if SOVO is a good stock to buy).
- Execute your SOVO buy order: Decide if you will purchase SOVO shares at the current market price or use a limit order to buy SOVO stock at a specific price.
- Get updates on your SOVO position: Create a watchlist to key updates about your position in Sovos Brands stock.
Step 1: Figure out where to buy Sovos Brands stock
You need a brokerage account in order to access the NASDAQ market and buy SOVO stock.
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Open eToro AccountStep 2: Sign up for your brokerage account
Now that you've chosen the right brokerage, it's time to fill out some personal info so you are able to invest in SOVO stock today.
How to Set Up a New Investment Account on eToro
- Click here to get started.
- Enter your personal info to create your new brokerage account.
- Submit your information by pressing the "Create Account" button.
Step 3: Fund your brokerage account
Now that you've created your account on one of the best stock trading apps, you need to deposit funds:
Watch this video walkthrough for more details depositing funds into your brokerage account.
Step 4: Research Sovos Brands stock
Once you have identified the best place to buy Sovos Brands stock, it's very important to analyze their stock prior to buying, so you actually wrap your head around the risk and opportunity.
Sovos Brands shares at a glance
Sovos Brands Fundamentals
WallStreetZen was built to help part-time investors do more accurate fundamental analysis.
You can see all of the due diligence checks on SOVO's stock page.
How is SOVO stock valued?
You can use many financial metrics, analyses, models, and charts to gauge SOVO's fair value.
Using relative valuations metrics:
- SOVO may be overvalued based on its P/B ratio of 4.57x, relative to Packaged Foods industry P/B ratio of 2.06x
You can do more valuation research on SOVO's stock here.
SOVO Financial Health
Pros:
- There are more short-term assets than short-term liabilities on the SOVO balance sheet.
- SOVO profit margin has gone up from -4.5% to -1.5% in the past year.
Cons:
- SOVO's operating cash flow of $63.70M allows it to safely service it's debt of $498.65M.
- There are more long-term liabilities than short-term assets on the SOVO balance sheet.
- SOVO has a relatively high debt to equity ratio of 1.32.
- SOVO earnings of $20.89M is not sufficient to cover its interest payments.
Is it a good time to buy SOVO stock, according to analysts?
Out of 8 Equities analysts who give forecasts on SOVO, the consensus analyst rating on Sovos Brands is a Buy
It's important to keep in mind that analyst forecasts are not recommendations, nor are they financial advice.
Latest SOVO Analyst Recommendations
Michael Lavery, a top 4% analyst from Piper Sandler downgrades SOVO to a hold rating and raises their SOVO price target from $20.00 to $23.00, on Aug 9, 2023.
Piper Sandler's Michael Lavery downgraded their rating on Sovos Brands (NASDAQ: SOVO) from Strong Buy to Hold on 2023/08/09. The analyst also raised their price target by 15% from $20 to $23.
The announcement of Sovos Brands' sale to Campbell Soup Company for $23/share was the reason for their updated price target, Lavery reported.
Antitrust approval is not guaranteed, the analyst noted, "but looks likely to us."
Earnings Report
For Q2 2023, Sovos Brands reported:
- EPS of $0.17, which beat the Zacks Consensus Estimate of $0.13 and, by 30.8%, Q2 2022’s $0.13.
- Revenue of $217.64M, which beat the Zacks Consensus Estimate by 2.60% and, by 10.2%, Q2 2022’s $197.43M.
- Gross margin of 32.5%, up 450bps Y/Y.
- EBITDA of $35.2M, up 36.9% Y/Y.
Because of the pending acquisition by Campbell Soup Company, management did not provide financial guidance in its press release or earnings call.
President and CEO Todd Lachman commented: “We are pleased to report another quarter of sector-leading, volume-led 16% organic net sales growth and 37% adjusted EBITDA growth
“Rao’s broad-based momentum drove our growth in the quarter, benefiting most notably from 31% consumption growth in sauce that was driven by continued household penetration gains and distribution growth.”
Jim Salera, a bottom 30% analyst from Stephens & Co. downgrades SOVO to a hold rating and announces their SOVO price target of $23.00, on Aug 8, 2023.
Matthew Smith, a top 25% analyst from Stifel Nicolaus downgrades SOVO to a hold rating and raises their SOVO price target from $21.00 to $23.00, on Aug 8, 2023.
Ken Goldman, a top 7% analyst from JP Morgan downgrades SOVO to a hold rating and raises their SOVO price target from $21.00 to $23.00, on Aug 8, 2023.
Sarang Vora, a bottom 15% analyst from Telsey Advisory Group downgrades SOVO to a hold rating and raises their SOVO price target from $22.00 to $23.00, on Aug 8, 2023.
You can dig deeper into what analysts are projecting on the Sovos Brands stock forecast page.
SOVO Momentum
How is SOVO performing as a company?
Last year, SOVO revenue was $941.43M. During the past 2 year, SOVO's revenue has increased by 20.36% per year. This was faster than the Packaged Foods industry average of 7.62%.
Dig into SOVO's earnings and revenue performance here.
Who is buying/selling SOVO?
In the last 12 months, executives and large shareholders at SOVO have sold more shares than they have bought.
Todd R. Lachman, PRESIDENT AND CEO of SOVO, was the latest SOVO insider to sell. They sold $112,625.00 worth of SOVO shares on Sep 11, 2023.
Get more info about who owns SOVO stock here.
Can I get consistent income from SOVO stock?
No, Sovos Brands doesn't provide an income stream by paying out dividends.
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Step 5: Execute your SOVO buy order
There are two main options:
- Market order: A market order is an order to buy or sell a stock at the best possible price.
Market orders are mostly fine. - Limit order: A limit order lets you buy or sell a stock at a specific price (or better).
If you want to ensure you're buying or selling at a specific dollar amount, use a limit order.
Hit the Open button and your broker will execute your order.
If you want additional info about buying stocks on eToro, watch the how to video below:
Step 6: Get updates on your SOVO position
Now that you own some SOVO shares, you'll want to keep up with your stock purchase.
Make a watchlist to track the most important metrics related to your SOVO stock.
SOVO Feed
How to Buy Stock in Sovos Brands
To reiterate, here are the 6 steps you need to take to buy Sovos Brands stock right now:
- Figure out where to buy Sovos Brands stock
- Sign up for your brokerage account
- Fund your brokerage account
- Research Sovos Brands stock
- Execute your SOVO buy order
- Get updates on your SOVO position
If you need a brokerage, eToro is our favorite venue.
Get Started with eToro TodayIf you would like to keep tabs on your new investment in Sovos Brands, hit the button below to create your watchlist.
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