Simply Good Foods (NASDAQ:SMPL) Shares Break Below Two Hundred Day Moving Average - Here's What Happened

Key Points

• Simply Good Foods shares fell below their 200-day moving average, trading as low as $12.46 versus the $12.76 average and last changing hands at $12.55.
• Analysts have a consensus “Hold” rating and an average price target of $13.36; two rate the stock Buy, nine Hold and two Sell.
• Quarterly results beat estimates, with EPS of $0.44 and revenue of $333.31 million, though revenue was down 9.7% year over year.

The Simply Good Foods Company (NASDAQ:SMPL - Get Free Report) passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $12.76 and traded as low as $12.46. Simply Good Foods shares last traded at $12.55, with a volume of 2,051,104 shares traded.

Analyst Upgrades and Downgrades

SMPL has been the subject of several research analyst reports. TD Cowen cut their price objective on Simply Good Foods from $13.00 to $11.00 and set a "hold" rating for the company in a research report on Wednesday, August 26th. UBS Group reduced their price objective on Simply Good Foods from $12.00 to $11.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 28th. Stifel Nicolaus decreased their target price on Simply Good Foods from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Wednesday, October 28th. Truist Financial set a $11.00 target price on Simply Good Foods in a research note on Wednesday, August 26th. Finally, DA Davidson set a $12.00 target price on Simply Good Foods in a research note on Monday, October 26th. Two research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $13.36.

Simply Good Foods Stock Performance

The stock's 50 day simple moving average is $10.56 and its two-hundred day simple moving average is $12.76. The company has a market capitalization of $1.09 billion, a P/E ratio of -7.34 and a beta of 0.08. The company has a debt-to-equity ratio of 0.24, a current ratio of 5.57 and a quick ratio of 3.87.

Simply Good Foods (NASDAQ:SMPL - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The financial services provider reported $0.44 EPS for the quarter, beating the consensus estimate of $0.40 by $0.04. Simply Good Foods had a negative net margin of 11.49% and a positive return on equity of 9.36%. The business had revenue of $333.31 million for the quarter, compared to analysts' expectations of $327.03 million. During the same period in the prior year, the firm earned $0.46 earnings per share. Simply Good Foods's revenue was down 9.7% compared to the same quarter last year. As a group, research analysts expect that The Simply Good Foods Company will post 1.34 earnings per share for the current year.

Institutional Investors Weigh In On Simply Good Foods

Several hedge funds and other institutional investors have recently made changes to their positions in SMPL. Maryland State Retirement & Pension System grew its stake in shares of Simply Good Foods by 42.2% during the third quarter. Maryland State Retirement & Pension System now owns 17,402 shares of the financial services provider's stock worth $165,000 after purchasing an additional 5,168 shares during the period. Illinois Municipal Retirement Fund increased its holdings in Simply Good Foods by 15.5% in the third quarter. Illinois Municipal Retirement Fund now owns 47,331 shares of the financial services provider's stock valued at $449,000 after purchasing an additional 6,347 shares during the last quarter. Lido Advisors LLC increased its holdings in Simply Good Foods by 43.3% in the third quarter. Lido Advisors LLC now owns 24,311 shares of the financial services provider's stock valued at $231,000 after purchasing an additional 7,346 shares during the last quarter. Fulcrum Asset Management LLP increased its holdings in Simply Good Foods by 281.6% in the third quarter. Fulcrum Asset Management LLP now owns 36,049 shares of the financial services provider's stock valued at $346,000 after purchasing an additional 26,601 shares during the last quarter. Finally, Parallel Advisors LLC lifted its stake in Simply Good Foods by 47.4% in the third quarter. Parallel Advisors LLC now owns 4,266 shares of the financial services provider's stock valued at $40,000 after buying an additional 1,372 shares during the period. 88.45% of the stock is owned by institutional investors and hedge funds.

Simply Good Foods Company Profile

The Simply Good Foods Company NASDAQ: SMPL is a consumer packaged food company focused on convenient, nutrition-focused products. Its portfolio is built around the Atkins and Quest brands, which serve consumers seeking lower-carbohydrate, higher-protein and better-for-you food options.

The company offers a variety of products, including protein bars, snack bars, shakes, cookies, chips, confectionery items, protein powders and frozen foods. Its products are sold through grocery stores, mass merchants, club stores, drugstores, convenience stores, e-commerce platforms and other retail channels.

Simply Good Foods was established in 2017 through the combination of Conyers Park Acquisition Corp.

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