247,799 Shares of Mama's Creations, Inc. $MAMA Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 247,799 shares of Mama’s Creations in the second quarter, valued at approximately $4.4 million and representing 0.61% of the company. Institutional investors and hedge funds collectively own 45.18% of MAMA.
• Analyst sentiment remains generally positive, with an average “Moderate Buy” rating and a $20.00 average price target, though several firms recently downgraded the stock to “Hold” or reduced their targets.
• Mama’s Creations exceeded quarterly expectations, reporting $0.06 in EPS versus a $0.05 consensus estimate and $54.58 million in revenue versus $52.85 million expected. CEO Adam Michaels separately sold shares under a pre-arranged plan to cover tax obligations.

Bank of America Corp DE bought a new stake in shares of Mama's Creations, Inc. (NASDAQ:MAMA - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 247,799 shares of the company's stock, valued at approximately $4,423,000. Bank of America Corp DE owned 0.61% of Mama's Creations at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Persistent Asset Partners Ltd acquired a new position in shares of Mama's Creations in the second quarter valued at approximately $59,000. Legal & General Group Plc purchased a new position in Mama's Creations in the 2nd quarter valued at approximately $65,000. Group One Trading LLC purchased a new position in Mama's Creations in the 2nd quarter valued at approximately $81,000. The Manufacturers Life Insurance Company acquired a new position in shares of Mama's Creations in the second quarter worth $180,000. Finally, AXQ Capital LP acquired a new position in shares of Mama's Creations in the fourth quarter worth $185,000. 45.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MAMA. Benchmark started coverage on Mama's Creations in a research note on Tuesday, July 21st. They issued a "buy" rating and a $25.00 price objective on the stock. DA Davidson lowered their target price on Mama's Creations from $25.00 to $22.00 and set a "buy" rating for the company in a research note on Friday, September 4th. Weiss Ratings downgraded Mama's Creations from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, September 17th. Zacks Research lowered Mama's Creations from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 28th. Finally, Wall Street Zen cut Mama's Creations from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Mama's Creations presently has an average rating of "Moderate Buy" and an average target price of $20.00.

Mama's Creations Stock Performance

Shares of MAMA stock opened at $13.15 on Tuesday. The company has a current ratio of 6.93, a quick ratio of 6.48 and a debt-to-equity ratio of 0.03. The firm has a fifty day moving average price of $16.15 and a 200 day moving average price of $15.87. The company has a market cap of $620.02 million, a P/E ratio of 77.35 and a beta of 0.56. Mama's Creations, Inc. has a 12 month low of $9.90 and a 12 month high of $21.00.

Mama's Creations (NASDAQ:MAMA - Get Free Report) last released its quarterly earnings data on Thursday, September 3rd. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.01. Mama's Creations had a return on equity of 10.05% and a net margin of 3.53%.The business had revenue of $54.58 million during the quarter, compared to analysts' expectations of $52.85 million. Sell-side analysts predict that Mama's Creations, Inc. will post 0.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Adam Michaels sold 69,683 shares of the company's stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $13.31, for a total value of $927,480.73. Following the completion of the transaction, the chief executive officer directly owned 722,719 shares of the company's stock, valued at $9,619,389.89. This represents a 8.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 1.03% of the stock is currently owned by insiders.

Mama's Creations Company Profile

Mama's Creations, Inc is a food company that develops, produces and distributes prepared foods, with a focus on convenient, heat-and-eat products inspired by Italian and other comfort-food recipes. The company is best known for its meatballs and related refrigerated and frozen offerings, including products made with beef, turkey, pork, chicken and plant-based ingredients.

Its portfolio also includes stuffed shells, sauces, entrées, soups and side dishes sold under the Mama's Creations and MamaMancini's brands, among others.

Want to see what other hedge funds are holding MAMA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mama's Creations, Inc. (NASDAQ:MAMA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.