Whole Earth Brands (NASDAQ:FREE) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Whole Earth Brands (NASDAQ:FREE) from a strong sell rating to a hold rating in a research report released on Tuesday morning, Zacks.com reports.

According to Zacks, “Whole Earth Brands expand its branded products platform through investment opportunities in the natural alternatives and clean label categories across consumer product industry. Whole Earth Brands, formerly known as Act II Global Acquisition Corp., is based in Chicago, Illinois. “

FREE has been the subject of several other reports. Jefferies Financial Group assumed coverage on Whole Earth Brands in a report on Thursday, September 30th. They set a buy rating and a $22.00 price target for the company. Roth Capital lifted their price target on Whole Earth Brands from $18.00 to $20.00 and gave the stock a buy rating in a report on Friday, September 24th. Finally, Cowen began coverage on Whole Earth Brands in a report on Wednesday, December 15th. They set an outperform rating and a $16.00 price target for the company. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Buy and an average price target of $18.67.

FREE opened at $10.01 on Tuesday. Whole Earth Brands has a 12-month low of $9.65 and a 12-month high of $14.95. The business has a 50 day moving average of $10.99 and a 200-day moving average of $11.92. The company has a quick ratio of 0.96, a current ratio of 2.43 and a debt-to-equity ratio of 1.22.

Whole Earth Brands (NASDAQ:FREE) last released its quarterly earnings data on Tuesday, November 9th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.03). The business had revenue of $128.94 million during the quarter, compared to analyst estimates of $129.00 million. Whole Earth Brands had a negative net margin of 1.06% and a positive return on equity of 4.92%. During the same period in the previous year, the business earned ($0.07) earnings per share. Analysts forecast that Whole Earth Brands will post 0.95 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in FREE. BlackRock Inc. raised its holdings in Whole Earth Brands by 272.2% in the 2nd quarter. BlackRock Inc. now owns 2,508,302 shares of the company’s stock valued at $36,371,000 after acquiring an additional 1,834,417 shares in the last quarter. Neuberger Berman Group LLC increased its stake in shares of Whole Earth Brands by 141.1% in the 3rd quarter. Neuberger Berman Group LLC now owns 1,702,332 shares of the company’s stock valued at $19,662,000 after purchasing an additional 996,282 shares during the last quarter. Pacific Ridge Capital Partners LLC bought a new position in shares of Whole Earth Brands in the 2nd quarter valued at $9,218,000. State Street Corp increased its stake in shares of Whole Earth Brands by 3,359.4% in the 2nd quarter. State Street Corp now owns 501,365 shares of the company’s stock valued at $7,270,000 after purchasing an additional 486,872 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Whole Earth Brands by 102.6% in the 2nd quarter. Geode Capital Management LLC now owns 576,320 shares of the company’s stock valued at $8,356,000 after purchasing an additional 291,866 shares during the last quarter. 79.08% of the stock is owned by hedge funds and other institutional investors.

About Whole Earth Brands

Act II Global Acquisition Corp. is a blank check company. It intends to focus on the business of following sector: consumer packaged goods, consumables and hospitality including restaurants. The company was founded on August 16, 2018 and is headquartered in New York, NY.

Further Reading: Quiet Period Expirations Explained

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