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

Exchange Traded Concepts LLC acquired a new position in shares of Vestis Corporation (NYSE:VSTS - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 institutional investors and hedge funds have also made changes to their positions in the company. True Wealth Design LLC acquired a new position in shares of Vestis during the fourth quarter worth about $29,000. Smartleaf Asset Management LLC grew its position in shares of Vestis by 548.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,510 shares of the company's stock worth $38,000 after buying an additional 2,123 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Vestis during the fourth quarter worth about $93,000. Sterling Capital Management LLC grew its position in shares of Vestis by 45.9% during the fourth quarter. Sterling Capital Management LLC now owns 7,882 shares of the company's stock worth $120,000 after buying an additional 2,479 shares in the last quarter. Finally, Toronto Dominion Bank acquired a new position in shares of Vestis during the fourth quarter worth about $154,000. 97.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on VSTS shares. Barclays lowered their price target on Vestis from $10.00 to $5.00 and set an "underweight" rating for the company in a report on Friday, May 9th. Robert W. Baird lowered their price target on Vestis from $17.00 to $13.00 and set a "neutral" rating for the company in a report on Thursday, March 20th. Finally, The Goldman Sachs Group lowered their price target on Vestis from $15.00 to $13.00 and set a "neutral" rating for the company in a 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, the company has a consensus rating of "Hold" and a consensus target price of $11.75.

Vestis Stock Performance

Shares of VSTS opened at $5.83 on Friday. The stock has a 50 day moving average price of $6.93 and a 200 day moving average price of $11.27. 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 company has a market capitalization of $768.28 million, a price-to-earnings ratio of -32.39 and a beta of 1.03. Vestis Corporation has a 52-week low of $5.20 and a 52-week high of $17.83.

Vestis (NYSE:VSTS - Get Free Report) last issued its quarterly earnings data 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 negative net margin of 0.89% and a positive return on equity of 5.36%. The firm had revenue of $665.25 million during the quarter, compared to analysts' expectations of $690.81 million. The company's quarterly revenue was down 5.7% compared to the same quarter last year. Research analysts predict that Vestis Corporation will post 0.7 EPS for the current fiscal year.

Insider Buying and Selling at Vestis

In related news, Director Keith A. Meister purchased 377,277 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was acquired at an average price of $5.89 per share, for a total transaction of $2,222,161.53. Following the completion of the purchase, the director now directly owns 18,380,501 shares of the company's stock, valued at $108,261,150.89. This trade represents a 2.10% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO William J. Seward purchased 10,000 shares of the business's stock in a transaction dated Thursday, May 8th. The shares were bought at an average price of $6.23 per share, with a total value of $62,300.00. Following the purchase, the chief operating officer now directly owns 130,862 shares of the company's stock, valued at approximately $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. Over the last quarter, insiders bought 880,675 shares of company stock worth $5,271,632. 13.60% of the stock is owned by insiders.

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.

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