Piper Sandler Issues Pessimistic Forecast for Boston Beer (NYSE:SAM) Stock Price

Boston Beer (NYSE:SAM - Free Report) had its price target lowered by Piper Sandler from $240.00 to $230.00 in a report published on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other research analysts have also recently issued reports on SAM. Berenberg Bank initiated coverage on shares of Boston Beer in a report on Wednesday, April 2nd. They set a "hold" rating and a $281.10 price objective for the company. Citigroup raised their price objective on Boston Beer from $280.00 to $285.00 and gave the stock a "buy" rating in a research note on Monday, April 14th. UBS Group lowered their price target on Boston Beer from $315.00 to $290.00 and set a "neutral" rating for the company in a report on Thursday, January 16th. Roth Mkm reiterated a "buy" rating and set a $349.00 price objective (down previously from $389.00) on shares of Boston Beer in a report on Wednesday, February 26th. Finally, Morgan Stanley dropped their target price on Boston Beer from $290.00 to $270.00 and set an "equal weight" rating on the stock in a report on Wednesday, February 26th. Ten research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $290.01.

Boston Beer Stock Performance

NYSE:SAM traded up $2.07 during mid-day trading on Thursday, hitting $240.89. The company had a trading volume of 57,640 shares, compared to its average volume of 171,510. Boston Beer has a fifty-two week low of $215.10 and a fifty-two week high of $339.77. The firm has a market cap of $2.71 billion, a P/E ratio of 35.45, a P/E/G ratio of 1.23 and a beta of 1.26. The business's fifty day moving average is $235.66 and its two-hundred day moving average is $269.59.

Hedge Funds Weigh In On Boston Beer

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cardinal Capital Management raised its position in Boston Beer by 30.9% during the first quarter. Cardinal Capital Management now owns 7,841 shares of the company's stock valued at $1,873,000 after purchasing an additional 1,850 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Boston Beer by 34.4% during the 1st quarter. Exchange Traded Concepts LLC now owns 3,535 shares of the company's stock worth $844,000 after buying an additional 905 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Boston Beer in the first quarter valued at about $394,000. Farther Finance Advisors LLC grew its position in Boston Beer by 602.4% in the first quarter. Farther Finance Advisors LLC now owns 295 shares of the company's stock valued at $72,000 after acquiring an additional 253 shares during the last quarter. Finally, Wedge Capital Management L L P NC raised its stake in Boston Beer by 51.8% during the first quarter. Wedge Capital Management L L P NC now owns 8,593 shares of the company's stock worth $2,052,000 after acquiring an additional 2,932 shares in the last quarter. 81.13% of the stock is currently owned by institutional investors and hedge funds.

About Boston Beer

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.