Vestis (NYSE:VSTS) Stock Price Up 0.9% – Here’s What Happened
by Jessica Moore · The Cerbat GemVestis Corporation (NYSE:VSTS – Get Free Report)’s share price traded up 0.9% during trading on Friday. The stock traded as high as $14.16 and last traded at $14.1290. Approximately 849,982 shares traded hands during trading, a decline of 49% from the average daily volume of 1,664,786 shares. The stock had previously closed at $14.00.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on VSTS shares. Barclays boosted their target price on Vestis from $9.00 to $11.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 12th. Zacks Research lowered Vestis from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Vestis in a research report on Friday, August 7th. JPMorgan Chase & Co. increased their price target on shares of Vestis from $11.00 to $13.00 and gave the company an “underweight” rating in a research report on Thursday, August 13th. Finally, Robert W. Baird lifted their price target on shares of Vestis from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 12th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $12.66.
Get Our Latest Stock Analysis on VSTS
Vestis Trading Up 0.9%
The firm’s 50 day moving average is $13.45 and its 200 day moving average is $12.44. The company has a debt-to-equity ratio of 1.38, a current ratio of 2.17 and a quick ratio of 1.75. The company has a market capitalization of $1.87 billion, a PE ratio of -282.52 and a beta of 0.90.
Vestis (NYSE:VSTS – Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.08. The business had revenue of $661.66 million during the quarter, compared to analysts’ expectations of $668.94 million. Vestis had a negative net margin of 0.20% and a positive return on equity of 7.27%. As a group, equities analysts predict that Vestis Corporation will post 0.62 EPS for the current year.
Insider Activity
In other news, CEO James Barber acquired 84,500 shares of the stock in a transaction dated Wednesday, September 2nd. The stock was purchased at an average cost of $12.37 per share, with a total value of $1,045,265.00. Following the completion of the purchase, the chief executive officer owned 867,222 shares in the company, valued at approximately $10,727,536.14. The trade was a 10.80% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 15.70% of the company’s stock.
Institutional Trading of Vestis
Large investors have recently modified their holdings of the business. Weiss Asset Management LP bought a new position in Vestis during the 1st quarter valued at approximately $584,000. Bank of New York Mellon Corp purchased a new stake in Vestis in the 2nd quarter worth approximately $9,368,000. Militia Capital Management LLC bought a new stake in shares of Vestis in the 1st quarter worth approximately $618,000. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Vestis by 69.1% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,072,081 shares of the company’s stock worth $8,427,000 after buying an additional 437,965 shares during the last quarter. Finally, Corvex Management LP grew its position in shares of Vestis by 5.4% in the 4th quarter. Corvex Management LP now owns 19,813,963 shares of the company’s stock worth $132,159,000 after buying an additional 1,010,064 shares during the last quarter. 97.40% of the stock is owned by institutional investors.
About Vestis
Vestis Corporation (NYSE: VSTS) provides uniform and workplace services to businesses and organizations across the United States and Canada. The company supplies, rents, cleans, maintains and delivers workwear and uniforms, helping customers manage employee apparel and related workplace needs.
Its offerings include uniforms and protective workwear, floor mats, towels, linens, restroom supplies, first-aid products and other workplace solutions. Vestis serves customers in a range of industries, including manufacturing, healthcare, hospitality, food service, automotive, education, government and commercial services.
Vestis began operating as an independent publicly traded company in October 2023 following its separation from Aramark.