Seneca Foods (NASDAQ:SENEA) Stock Passes Above Two Hundred Day Moving Average - What's Next?

Key Points

• Seneca Foods' share price recently crossed above its 200-day moving average of $95.64, trading as high as $109.34 before closing at $107.21.
• Wall Street analysts downgraded Seneca Foods from a "buy" to a "hold" rating, indicating a cautious outlook for the stock's future performance.
• The company reported $0.86 earnings per share in its latest quarterly results, with revenues of $297.46 million and a net margin of 2.76%.

Seneca Foods Corp. (NASDAQ:SENEA - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $95.64 and traded as high as $109.34. Seneca Foods shares last traded at $107.21, with a volume of 48,958 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered Seneca Foods from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th.

Seneca Foods Stock Performance

The company has a quick ratio of 0.66, a current ratio of 4.11 and a debt-to-equity ratio of 0.44. The company has a 50 day moving average of $106.33 and a 200 day moving average of $96.08. The firm has a market cap of $706.92 million, a price-to-earnings ratio of 16.54 and a beta of 0.31.

Seneca Foods (NASDAQ:SENEA - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.86 EPS for the quarter. The business had revenue of $297.46 million during the quarter. Seneca Foods had a return on equity of 10.07% and a net margin of 2.76%.

Hedge Funds Weigh In On Seneca Foods

A number of hedge funds have recently bought and sold shares of the company. State of Wyoming grew its stake in Seneca Foods by 102.3% in the second quarter. State of Wyoming now owns 3,718 shares of the company's stock worth $377,000 after purchasing an additional 1,880 shares in the last quarter. Tidal Investments LLC boosted its stake in Seneca Foods by 29.7% in the second quarter. Tidal Investments LLC now owns 4,225 shares of the company's stock valued at $429,000 after acquiring an additional 967 shares during the period. Oxford Asset Management LLP acquired a new position in Seneca Foods in the second quarter valued at approximately $226,000. Man Group plc acquired a new position in Seneca Foods in the second quarter valued at approximately $817,000. Finally, Lazard Asset Management LLC boosted its stake in Seneca Foods by 16.6% in the second quarter. Lazard Asset Management LLC now owns 14,074 shares of the company's stock valued at $1,427,000 after acquiring an additional 2,005 shares during the period. 42.51% of the stock is currently owned by institutional investors and hedge funds.

About Seneca Foods

Seneca Foods Corporation provides packaged fruits and vegetables in the United States and internationally. The company offers canned, frozen, and jarred produce; jarred fruit; and snack chips and other food products under the private label, as well as under various national and regional brands that the company owns or licenses, including Seneca, Libby's, Aunt Nellie's, Cherryman, Green Valley, and READ.