Boston Beer (NYSE:SAM) Shares Gap Up After Strong Earnings

The Boston Beer Company, Inc. (NYSE:SAM - Get Free Report) shares gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $287.27, but opened at $315.00. Boston Beer shares last traded at $300.83, with a volume of 57,772 shares.

The company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.96. Boston Beer had a return on equity of 8.13% and a net margin of 3.61%. The firm had revenue of $426.05 million during the quarter, compared to the consensus estimate of $414.18 million.

Analysts Set New Price Targets

SAM has been the subject of several analyst reports. Evercore ISI raised their price target on Boston Beer from $310.00 to $325.00 and gave the company an "in-line" rating in a report on Friday. The Goldman Sachs Group reduced their price objective on Boston Beer from $257.00 to $250.00 and set a "sell" rating for the company in a report on Tuesday, April 9th. Citigroup reduced their price objective on Boston Beer from $350.00 to $315.00 and set a "neutral" rating for the company in a report on Tuesday, April 16th. Roth Mkm lifted their price objective on Boston Beer from $406.00 to $422.00 and gave the stock a "buy" rating in a report on Tuesday, January 23rd. Finally, Piper Sandler initiated coverage on Boston Beer in a report on Friday, March 22nd. They issued an "overweight" rating and a $350.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Boston Beer has an average rating of "Hold" and a consensus target price of $335.21.

Insider Activity

In other news, insider Carolyn L. O'boyle sold 101 shares of Boston Beer stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $303.49, for a total transaction of $30,652.49. Following the transaction, the insider now directly owns 7,029 shares of the company's stock, valued at approximately $2,133,231.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Carolyn L. O'boyle sold 102 shares of Boston Beer stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $350.72, for a total transaction of $35,773.44. Following the sale, the insider now owns 2,630 shares of the company's stock, valued at approximately $922,393.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Carolyn L. O'boyle sold 101 shares of Boston Beer stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $303.49, for a total value of $30,652.49. Following the sale, the insider now directly owns 7,029 shares in the company, valued at approximately $2,133,231.21. The disclosure for this sale can be found here. Insiders own 23.30% of the company's stock.

Institutional Trading of Boston Beer

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Covestor Ltd raised its stake in Boston Beer by 88.4% during the 3rd quarter. Covestor Ltd now owns 81 shares of the company's stock valued at $32,000 after purchasing an additional 38 shares during the period. Quarry LP bought a new position in shares of Boston Beer during the 4th quarter valued at approximately $42,000. First Command Advisory Services Inc. bought a new position in shares of Boston Beer during the 3rd quarter valued at approximately $56,000. DekaBank Deutsche Girozentrale bought a new position in shares of Boston Beer during the 3rd quarter valued at approximately $59,000. Finally, CWM LLC boosted its position in shares of Boston Beer by 264.2% during the 3rd quarter. CWM LLC now owns 193 shares of the company's stock valued at $75,000 after acquiring an additional 140 shares during the last quarter. Institutional investors own 81.13% of the company's stock.

Boston Beer Trading Down 1.4 %

The stock has a market capitalization of $3.40 billion, a P/E ratio of 45.68, a P/E/G ratio of 1.20 and a beta of 1.02. The business has a 50-day moving average price of $303.71 and a 200 day moving average price of $333.63.

Boston Beer Company Profile

The Boston Beer Company, Inc produces and sells alcohol beverages primarily in the United States. The company's flagship beer is Samuel Adams Boston Lager. It offers various beers, hard ciders, flavored malt beverages, and hard seltzers under the Samuel Adams, Twisted Tea, Truly, Angry Orchard, Dogfish Head, Angel City, and Coney Island brand names.