Barclays Trims Vestis (NYSE:VSTS) Target Price to $10.00

Vestis (NYSE:VSTS) had its target price dropped by equities researchers at Barclays from $19.00 to $10.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Barclays‘s price objective points to a potential upside of 8.81% from the company’s current price.

A number of other brokerages have also commented on VSTS. JPMorgan Chase & Co. lowered shares of Vestis from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $22.00 to $11.00 in a report on Friday. Robert W. Baird cut their price objective on shares of Vestis from $24.00 to $13.00 and set an “outperform” rating on the stock in a research report on Friday. The Goldman Sachs Group initiated coverage on shares of Vestis in a research note on Thursday, January 25th. They set a “neutral” rating and a $22.00 price objective on the stock. Finally, Wolfe Research initiated coverage on shares of Vestis in a research report on Thursday, January 11th. They issued an “outperform” rating and a $24.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Vestis has an average rating of “Hold” and an average price target of $19.33.

Vestis Stock Performance

Shares of VSTS traded down $0.97 during trading hours on Friday, hitting $9.19. The company had a trading volume of 7,190,623 shares, compared to its average volume of 1,942,766. The company has a current ratio of 2.61, a quick ratio of 2.23 and a debt-to-equity ratio of 1.73. Vestis has a one year low of $8.92 and a one year high of $22.37. The company’s fifty day moving average price is $18.60 and its two-hundred day moving average price is $18.71.

Vestis (NYSE:VSTS) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.09). The firm had revenue of $705.37 million for the quarter, compared to analysts’ expectations of $722.54 million. The business’s revenue was up .9% on a year-over-year basis. Equities research analysts expect that Vestis will post 1.03 EPS for the current fiscal year.

Insider Buying and Selling

In other Vestis news, CEO Kim Scott purchased 15,000 shares of the company’s stock in a transaction on Friday, February 9th. The stock was acquired at an average cost of $19.14 per share, for a total transaction of $287,100.00. Following the purchase, the chief executive officer now directly owns 183,131 shares of the company’s stock, valued at approximately $3,505,127.34. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Hedge Funds Weigh In On Vestis

Large investors have recently made changes to their positions in the business. Parkside Financial Bank & Trust acquired a new stake in Vestis during the 4th quarter worth $25,000. Sound Income Strategies LLC acquired a new position in shares of Vestis during the 4th quarter worth about $25,000. CI Investments Inc. acquired a new stake in Vestis during the 3rd quarter worth $28,000. Daiwa Securities Group Inc. acquired a new stake in shares of Vestis in the 4th quarter worth $34,000. Finally, Wahed Invest LLC purchased a new position in shares of Vestis in the 4th quarter valued at about $42,000. 97.40% of the stock is owned by institutional investors and hedge funds.

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.