Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp (NYSE:SBS) Shares Gap Down - Time to Sell?

Key Points

• Companhia de Saneamento Basico do Estado de Sao Paulo - Sabesp (NYSE:SBS) experienced a significant drop in share price, opening at $21.12 after closing at $21.96 the previous day.
• Wall Street analysts have downgraded Sabesp's rating from "buy" to "hold", although the overall consensus remains a "Strong Buy."
• Institutional ownership of Sabesp is reported at 10.62%, with notable increases in positions from several hedge funds during the second quarter.

Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp (NYSE:SBS - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $21.96, but opened at $21.12. Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp shares last traded at $21.20, with a volume of 172,251 shares traded.

Analysts Set New Price Targets

Separately, Wall Street Zen cut Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, According to MarketBeat, the stock has an average rating of "Strong Buy".

Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp Stock Performance

The business's 50-day moving average price is $20.64 and its 200-day moving average price is $19.32. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.26 and a current ratio of 1.26. The stock has a market cap of $15.01 billion, a P/E ratio of 7.60 and a beta of 0.70.

Institutional Investors Weigh In On Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp

A number of hedge funds have recently modified their holdings of SBS. Deutsche Bank AG grew its position in shares of Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp by 55.1% during the 4th quarter. Deutsche Bank AG now owns 6,234,236 shares of the utilities provider's stock valued at $89,337,000 after acquiring an additional 2,213,846 shares during the period. Strs Ohio bought a new stake in shares of Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp during the 1st quarter valued at $29,142,000. Banco BTG Pactual S.A. bought a new stake in shares of Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp during the 1st quarter valued at $20,094,000. Bank of America Corp DE grew its position in shares of Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp by 54.9% during the 2nd quarter. Bank of America Corp DE now owns 3,152,070 shares of the utilities provider's stock valued at $69,251,000 after acquiring an additional 1,116,681 shares during the period. Finally, Citigroup Inc. boosted its holdings in Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp by 50.6% in the 1st quarter. Citigroup Inc. now owns 2,473,310 shares of the utilities provider's stock worth $44,173,000 after buying an additional 830,937 shares during the period. Institutional investors own 10.62% of the company's stock.

About Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp

Companhia de Saneamento Basico do Estado de Sao Paulo SABESP engages in the provision of water and sewage service. It also offers advisory services on the rational use of water, planning and commercial, and financial and operational management. The company was founded on September 6, 1973 and is headquartered in São Paulo, Brazil.