JPMorgan Chase & Co. Has Lowered Expectations for Vestis (NYSE:VSTS) Stock Price

Key Points

• JPMorgan Chase & Co. has lowered its price target on Vestis (NYSE:VSTS) from $6.00 to $5.50, maintaining an "underweight" rating, indicating a potential upside of only 6.08% from the current stock price.
• Barclays has also reduced its price target for Vestis significantly, from $10.00 to $5.00, contributing to a bearish outlook on the stock with two analysts rating it as a sell.
• Vestis stock has seen a decline of 8.1%, trading at $5.19, while analysts predict it will post earnings of $0.7 EPS for the current year after revenues decreased by 3.5% year-over-year.

Vestis (NYSE:VSTS - Get Free Report) had its price target reduced by equities researchers at JPMorgan Chase & Co. from $6.00 to $5.50 in a report released on Thursday,Benzinga reports. The firm currently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 18.92% from the stock's current price.

Separately, Barclays decreased their price objective on shares of Vestis from $10.00 to $5.00 and set an "underweight" rating for the company in a report on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $9.13.

Vestis Trading Down 4.2%

Shares of VSTS traded down $0.21 during midday trading on Thursday, hitting $4.63. The stock had a trading volume of 421,000 shares, compared to its average volume of 2,352,187. The company has a current ratio of 1.84, a quick ratio of 1.42 and a debt-to-equity ratio of 1.45. The firm has a market cap of $609.76 million, a P/E ratio of -20.24 and a beta of 0.96. Vestis has a fifty-two week low of $4.67 and a fifty-two week high of $17.83. The business has a 50-day simple moving average of $6.05 and a two-hundred day simple moving average of $8.61.

Vestis (NYSE:VSTS - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.05. Vestis had a positive return on equity of 3.76% and a negative net margin of 1.11%. The firm had revenue of $673.80 million for the quarter, compared to the consensus estimate of $673.65 million. During the same quarter last year, the business posted $0.16 EPS. The company's revenue for the quarter was down 3.5% on a year-over-year basis. As a group, equities analysts forecast that Vestis will post 0.7 EPS for the current year.

Insider Activity at Vestis

In other Vestis news, Director Keith A. Meister bought 314,390 shares of Vestis stock in a transaction on Wednesday, May 28th. The shares were purchased at an average price of $6.03 per share, with a total value of $1,895,771.70. Following the acquisition, the director owned 18,803,899 shares in the company, valued at $113,387,510.97. This trade represents a 1.70% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders acquired 800,675 shares of company stock valued at $4,777,432. 13.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. True Wealth Design LLC purchased a new position in shares of Vestis during the fourth quarter worth about $29,000. Spire Wealth Management lifted its position in shares of Vestis by 168.2% in the first quarter. Spire Wealth Management now owns 5,110 shares of the company's stock worth $51,000 after purchasing an additional 3,205 shares in the last quarter. Copeland Capital Management LLC increased its stake in Vestis by 33.0% during the first quarter. Copeland Capital Management LLC now owns 5,428 shares of the company's stock valued at $54,000 after acquiring an additional 1,346 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Vestis by 331.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 9,427 shares of the company's stock valued at $54,000 after buying an additional 7,242 shares during the period. Finally, Ascent Group LLC bought a new stake in shares of Vestis during the second quarter worth $59,000. Institutional investors own 97.40% of the company's stock.

About Vestis

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.