Vestis (NYSE:VSTS) Shares Gap Up on Insider Buying Activity

Vestis Corporation (NYSE:VSTS)’s stock price gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $7.14, but opened at $7.37. Vestis shares last traded at $7.08, with a volume of 109,214 shares trading hands.

Specifically, Director Douglas A. Pertz acquired 15,000 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The shares were acquired at an average price of $6.90 per share, with a total value of $103,500.00. Following the completion of the purchase, the director directly owned 322,010 shares in the company, valued at approximately $2,221,869. The trade was a 4.89% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Douglas A. Pertz purchased 10,000 shares of the stock in a transaction that occurred on Thursday, December 18th. The stock was bought at an average price of $6.90 per share, with a total value of $69,000.00. Following the completion of the acquisition, the director owned 307,010 shares in the company, valued at $2,118,369. This represents a 3.37% increase in their position. The SEC filing for this purchase provides additional information. In other news, Director Keith A. Meister purchased 209,842 shares of the stock in a transaction dated Wednesday, December 17th. The stock was acquired at an average price of $6.79 per share, for a total transaction of $1,424,827.18. Following the completion of the transaction, the director owned 19,813,963 shares of the company’s stock, valued at approximately $134,536,808.77. The trade was a 1.07% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

VSTS has been the topic of several recent research reports. JPMorgan Chase & Co. raised their price objective on shares of Vestis from $5.50 to $6.00 and gave the company an “underweight” rating in a research report on Wednesday, December 3rd. Robert W. Baird boosted their price objective on shares of Vestis from $5.00 to $6.50 and gave the stock a “neutral” rating in a research note on Tuesday, December 2nd. The Goldman Sachs Group raised their price objective on Vestis from $5.50 to $6.30 and gave the company a “neutral” rating in a report on Tuesday, December 2nd. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Vestis in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Vestis has an average rating of “Strong Sell” and a consensus target price of $5.95.

Vestis Trading Down 0.8%

The company has a debt-to-equity ratio of 1.49, a current ratio of 2.08 and a quick ratio of 1.64. The firm’s 50 day moving average price is $5.90 and its 200-day moving average price is $5.50. The stock has a market cap of $933.64 million, a P/E ratio of -22.84 and a beta of 0.76.

Vestis (NYSE:VSTS) last issued its earnings results on Monday, December 1st. The company reported $0.03 earnings per share for the quarter, hitting the consensus estimate of $0.03. Vestis had a negative net margin of 1.47% and a positive return on equity of 2.62%. The company had revenue of $712.01 million during the quarter, compared to the consensus estimate of $690.65 million. During the same quarter in the prior year, the firm posted $0.11 EPS. Vestis’s quarterly revenue was up 4.1% compared to the same quarter last year. As a group, equities research analysts forecast that Vestis Corporation will post 0.7 earnings per share for the current year.

Hedge Funds Weigh In On Vestis

Institutional investors and hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its position in shares of Vestis by 471.9% during the second quarter. EverSource Wealth Advisors LLC now owns 5,456 shares of the company’s stock worth $31,000 after purchasing an additional 4,502 shares in the last quarter. Osaic Holdings Inc. lifted its position in Vestis by 703.2% in the second quarter. Osaic Holdings Inc. now owns 5,743 shares of the company’s stock valued at $33,000 after purchasing an additional 5,028 shares during the period. Simplicity Wealth LLC acquired a new position in Vestis during the third quarter worth about $46,000. Sanders Morris Harris LLC purchased a new position in Vestis in the 3rd quarter valued at approximately $47,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of Vestis by 331.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 9,427 shares of the company’s stock worth $54,000 after buying an additional 7,242 shares during the last quarter. 97.40% of the stock is currently 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. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.