Bank of America Corp DE Grows Holdings in The Simply Good Foods Company $SMPL

Key Points

• Bank of America increased its Simply Good Foods stake by 23.6% in the first quarter, adding 198,294 shares to own 1.04 million shares worth approximately $14.9 million, or 1.15% of the company.
• Simply Good Foods faces pending securities litigation related to allegations that it misrepresented the OWYN acquisition, including operational issues, supplier changes, weaker sales, and a $187 million impairment charge. The allegations have not been proven in court.
• SMPL shares opened at $10.99, near their 52-week low of $9.88, while analysts maintain a consensus “Hold” rating with a $15.20 target price. Recent quarterly results beat expectations on earnings and revenue, but sales declined 6.3% year over year and the company reported a negative net margin.

Bank of America Corp DE lifted its position in shares of The Simply Good Foods Company (NASDAQ:SMPL - Free Report) by 23.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,040,097 shares of the financial services provider's stock after acquiring an additional 198,294 shares during the quarter. Bank of America Corp DE owned 1.15% of Simply Good Foods worth $14,925,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its stake in shares of Simply Good Foods by 125.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 967 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 538 shares in the last quarter. Leonteq Securities AG boosted its position in Simply Good Foods by 96.2% during the first quarter. Leonteq Securities AG now owns 2,309 shares of the financial services provider's stock worth $33,000 after purchasing an additional 1,132 shares in the last quarter. Hantz Financial Services Inc. boosted its position in Simply Good Foods by 82.3% during the fourth quarter. Hantz Financial Services Inc. now owns 1,787 shares of the financial services provider's stock worth $36,000 after purchasing an additional 807 shares in the last quarter. Johnson Financial Group Inc. acquired a new stake in Simply Good Foods in the third quarter valued at approximately $36,000. Finally, Parallel Advisors LLC grew its holdings in Simply Good Foods by 167.4% in the fourth quarter. Parallel Advisors LLC now owns 2,126 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 1,331 shares during the period. 88.45% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Simply Good Foods

Here are the key news stories impacting Simply Good Foods this week:

• Neutral Sentiment: Several firms, including Kirby McInerney, Rosen Law Firm, Levi & Korsinsky, and ClaimsFiler, reminded investors that a securities class action is pending in federal court. Investors who purchased SMPL shares during the principal class period of October 24, 2024, through April 8, 2026, may seek lead-plaintiff status by October 13, 2026. Kirby McInerney shareholder alert
• Negative Sentiment: The complaints allege that Simply Good Foods made misleading statements about its acquisition and integration of OWYN, including projected fiscal 2025 net sales of $135 million to $145 million and double-digit growth. Plaintiffs claim the company failed to disclose management departures, elevated expenses, weak integration and strategic execution, and operational problems affecting OWYN. Bronstein Gewirtz & Grossman lawsuit announcement
• Negative Sentiment: The lawsuits further allege that a change in pea-protein suppliers caused taste, texture, shelf-life, and product-review problems, contributing to distributor losses and an approximately 17% contraction in OWYN sales. The company subsequently recorded a $187 million impairment, while discounting and reduced marketing allegedly pressured margins and weakened the brand. These allegations have not been proven in court. SueWallSt shareholder alert
• Negative Sentiment: The growing number of law-firm solicitations reinforces concerns about potential litigation costs, management distraction, reputational damage, and uncertainty surrounding the OWYN acquisition. Those risks are likely contributing to the stock’s recent decline and depressed valuation.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Simply Good Foods in a research note on Thursday, June 18th. Jefferies Financial Group set a $17.00 price target on shares of Simply Good Foods in a report on Tuesday, June 30th. Mizuho set a $19.00 price objective on shares of Simply Good Foods in a research report on Monday, May 4th. DA Davidson decreased their price objective on shares of Simply Good Foods from $39.00 to $14.00 and set a "neutral" rating on the stock in a report on Friday, July 10th. Finally, Sanford C. Bernstein lowered shares of Simply Good Foods from an "outperform" rating to a "market perform" rating and dropped their target price for the company from $17.00 to $12.00 in a research report on Wednesday, June 3rd. Three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $15.20.

Simply Good Foods Price Performance

NASDAQ:SMPL opened at $10.99 on Friday. The Simply Good Foods Company has a one year low of $9.88 and a one year high of $30.36. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.10 and a current ratio of 4.80. The stock has a market cap of $972.19 million, a PE ratio of -5.06 and a beta of 0.15. The stock has a 50 day moving average price of $11.81 and a 200 day moving average price of $13.16.

Simply Good Foods (NASDAQ:SMPL - Get Free Report) last announced its quarterly earnings data on Thursday, July 9th. The financial services provider reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.35 by $0.07. The firm had revenue of $356.98 million for the quarter, compared to the consensus estimate of $332.99 million. Simply Good Foods had a positive return on equity of 9.34% and a negative net margin of 14.28%.The firm's revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.51 earnings per share. Equities research analysts expect that The Simply Good Foods Company will post 1.54 EPS for the current fiscal year.

Simply Good Foods Profile

Simply Good Foods Co NASDAQ: SMPL is a North American consumer packaged foods company specializing in better-for-you nutrition products. The company’s portfolio centers on two well-established brands, Atkins and Quest, which offer a range of low-carbohydrate, high-protein bars, powders, shakes, and snacks. Simply Good Foods aims to support consumers’ health and wellness goals by delivering convenient, nutrient-dense options without added sugars or artificial sweeteners.

Under the Atkins brand, the company produces meal replacements, snack bars, and ready-to-drink shakes designed for low-carb dieters.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source