Vestis (NYSE:VSTS) Shares Down 8.3% – Here’s Why

Vestis Corporation (NYSE:VSTS)’s stock price dropped 8.3% during trading on Wednesday . The stock traded as low as $11.35 and last traded at $11.0080. Approximately 784,725 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 1,719,581 shares. The stock had previously closed at $12.00.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on VSTS. Barclays reaffirmed an “underweight” rating on shares of Vestis in a report on Friday. The Goldman Sachs Group restated a “sell” rating and set a $7.50 target price on shares of Vestis in a research report on Wednesday. Robert W. Baird raised their price target on Vestis from $10.00 to $14.00 and gave the company a “neutral” rating in a report on Wednesday. William Blair upgraded Vestis from a “market perform” rating to an “outperform” rating in a research report on Tuesday. Finally, Stifel Nicolaus upped their price objective on shares of Vestis from $8.50 to $11.00 and gave the stock a “hold” rating in a research report on Wednesday. One analyst has rated the stock with a Buy rating, two have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $9.63.

Vestis Stock Performance

The company has a debt-to-equity ratio of 1.44, a current ratio of 2.13 and a quick ratio of 1.74. The company has a 50 day simple moving average of $8.69 and a 200-day simple moving average of $7.36. The stock has a market cap of $1.60 billion, a P/E ratio of -86.34 and a beta of 0.85.

Vestis (NYSE:VSTS) last announced its quarterly earnings data on Tuesday, May 12th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.07. Vestis had a negative net margin of 0.63% and a positive return on equity of 5.27%. The company had revenue of $659.44 million during the quarter, compared to analysts’ expectations of $655.32 million. During the same quarter in the prior year, the company earned ($0.05) EPS. The firm’s revenue was down .9% on a year-over-year basis. On average, equities analysts expect that Vestis Corporation will post 0.43 earnings per share for the current fiscal year.

Institutional Trading of Vestis

Institutional investors have recently modified their holdings of the company. State of Wyoming raised its position in Vestis by 10.4% during the 4th quarter. State of Wyoming now owns 15,145 shares of the company’s stock valued at $101,000 after purchasing an additional 1,428 shares during the last quarter. Captrust Financial Advisors grew its position in shares of Vestis by 15.6% in the 2nd quarter. Captrust Financial Advisors now owns 20,599 shares of the company’s stock worth $118,000 after buying an additional 2,787 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Vestis by 147.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 5,175 shares of the company’s stock valued at $35,000 after buying an additional 3,082 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of Vestis by 176.1% during the fourth quarter. Farther Finance Advisors LLC now owns 5,193 shares of the company’s stock valued at $35,000 after acquiring an additional 3,312 shares in the last quarter. Finally, Mariner LLC raised its holdings in shares of Vestis by 3.2% during the third quarter. Mariner LLC now owns 123,981 shares of the company’s stock valued at $562,000 after acquiring an additional 3,798 shares in the last quarter. 97.40% of the stock is currently owned by hedge funds and other institutional investors.

Vestis Company Profile

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.