Simply Good Foods (NASDAQ:SMPL) Stock Price Crosses Below 200 Day Moving Average - Here's What Happened

Key Points

• Simply Good Foods shares fell below their 200-day moving average of $11.60, reaching $11.10 before closing at $11.19 on significant trading volume.
• Analyst sentiment remains cautious: the stock has a consensus “Hold” rating and a $14.45 average price target, with recent targets ranging from $11 to $15.
• Institutional ownership is high at 88.45%, while several hedge funds increased or initiated positions, including Assenagon Asset Management, which boosted its stake by more than 1,195%.

Shares of The Simply Good Foods Company (NASDAQ:SMPL - Get Free Report) passed below its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $11.60 and traded as low as $11.10. Simply Good Foods shares last traded at $11.19, with a volume of 1,844,033 shares trading hands.

Analysts Set New Price Targets

SMPL has been the topic of several research reports. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $14.00 price target on shares of Simply Good Foods in a report on Friday, July 10th. TD Cowen dropped their price objective on shares of Simply Good Foods from $13.00 to $11.00 and set a "hold" rating for the company in a report on Wednesday, August 26th. Weiss Ratings lowered shares of Simply Good Foods from a "sell (d)" rating to a "sell (d-)" rating in a report on Monday. Jefferies Financial Group set a $15.00 target price on shares of Simply Good Foods in a report on Wednesday, August 26th. Finally, Truist Financial set a $11.00 price target on shares of Simply Good Foods in a research report on Wednesday, August 26th. Three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $14.45.

Simply Good Foods Price Performance

The stock has a market cap of $989.87 million, a P/E ratio of -5.16 and a beta of 0.19. The business has a 50-day simple moving average of $10.50 and a 200 day simple moving average of $11.60. The company has a current ratio of 4.80, a quick ratio of 3.10 and a debt-to-equity ratio of 0.28.

Hedge Funds Weigh In On Simply Good Foods

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. lifted its position in shares of Simply Good Foods by 1,195.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,112,684 shares of the financial services provider's stock worth $10,559,000 after purchasing an additional 1,026,775 shares during the period. Sequoia Financial Advisors LLC acquired a new stake in shares of Simply Good Foods during the second quarter worth $167,000. Tidal Investments LLC acquired a new stake in shares of Simply Good Foods during the second quarter worth $609,000. Integrated Wealth Concepts LLC bought a new position in Simply Good Foods during the second quarter worth $213,000. Finally, Allworth Financial LP raised its stake in Simply Good Foods by 358.8% during the second quarter. Allworth Financial LP now owns 5,437 shares of the financial services provider's stock worth $72,000 after buying an additional 4,252 shares during the last quarter. 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 nutritious and convenient foods and beverages. Its portfolio is built around products that support lower-sugar, higher-protein, and other health-conscious eating preferences.

The company's principal brands include Atkins, which offers nutrition products such as bars, shakes, snacks, frozen foods, and other items associated with low-carbohydrate lifestyles, and Quest, which markets protein bars, cookies, chips, pizza, shakes, and other high-protein snacks.

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