Exchange Traded Concepts LLC Takes $895,000 Position in Vestis Corporation (NYSE:VSTS)

Exchange Traded Concepts LLC acquired a new stake in shares of Vestis Corporation (NYSE:VSTS - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 90,421 shares of the company's stock, valued at approximately $895,000. Exchange Traded Concepts LLC owned approximately 0.07% of Vestis as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. True Wealth Design LLC bought a new position in shares of Vestis in the fourth quarter valued at approximately $29,000. Smartleaf Asset Management LLC raised its position in shares of Vestis by 548.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,510 shares of the company's stock valued at $38,000 after purchasing an additional 2,123 shares during the period. Quantbot Technologies LP bought a new position in shares of Vestis in the fourth quarter valued at approximately $93,000. Sterling Capital Management LLC raised its position in shares of Vestis by 45.9% in the fourth quarter. Sterling Capital Management LLC now owns 7,882 shares of the company's stock valued at $120,000 after purchasing an additional 2,479 shares during the period. Finally, Toronto Dominion Bank bought a new position in shares of Vestis in the fourth quarter valued at approximately $154,000. Institutional investors own 97.40% of the company's stock.

Analysts Set New Price Targets

VSTS has been the topic of a number of recent analyst reports. Barclays dropped their price target on shares of Vestis from $10.00 to $5.00 and set an "underweight" rating on the stock in a research report on Friday, May 9th. Robert W. Baird dropped their target price on shares of Vestis from $17.00 to $13.00 and set a "neutral" rating on the stock in a research report on Thursday, March 20th. Finally, The Goldman Sachs Group dropped their target price on shares of Vestis from $15.00 to $13.00 and set a "neutral" rating on the stock in a research report on Monday, March 17th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company's stock. According to MarketBeat, Vestis currently has an average rating of "Hold" and a consensus price target of $11.75.

Insider Activity

In related news, Director Douglas A. Pertz bought 70,000 shares of the company's stock in a transaction on Thursday, May 8th. The stock was bought at an average cost of $6.17 per share, with a total value of $431,900.00. Following the completion of the purchase, the director now owns 297,010 shares in the company, valued at approximately $1,832,551.70. The trade was a 30.84% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO William J. Seward purchased 10,000 shares of the firm's stock in a transaction dated Thursday, May 8th. The shares were bought at an average cost of $6.23 per share, for a total transaction of $62,300.00. Following the completion of the purchase, the chief operating officer now directly owns 130,862 shares of the company's stock, valued at $815,270.26. The trade was a 8.27% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 880,675 shares of company stock worth $5,271,632. Corporate insiders own 13.60% of the company's stock.

Vestis Stock Performance

VSTS traded up $0.09 during trading on Monday, reaching $5.81. 1,956,903 shares of the company's stock were exchanged, compared to its average volume of 2,166,032. Vestis Corporation has a fifty-two week low of $5.20 and a fifty-two week high of $17.83. The company has a quick ratio of 1.41, a current ratio of 1.87 and a debt-to-equity ratio of 1.46. The business has a 50 day moving average price of $6.85 and a 200 day moving average price of $11.05. The company has a market capitalization of $764.98 million, a P/E ratio of -32.25 and a beta of 1.05.

Vestis (NYSE:VSTS - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of $0.15 by ($0.20). Vestis had a positive return on equity of 5.36% and a negative net margin of 0.89%. The business had revenue of $665.25 million for the quarter, compared to analyst estimates of $690.81 million. The company's quarterly revenue was down 5.7% compared to the same quarter last year. As a group, analysts predict that Vestis Corporation will post 0.7 earnings per share for the current fiscal year.

Vestis 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.