Simply Good Foods (NASDAQ:SMPL) Sets New 52-Week Low - Here's What Happened

Key Points

• Simply Good Foods' stock hit a new 52-week low, trading at $24.35, down from a previous close of $24.71.
• Several analysts have downgraded their target prices for the company's stock, with a consensus rating of "Moderate Buy" and a price target of $39.88.
• The CEO, Geoff E. Tanner, purchased 6,050 shares at around $33.11 each, increasing his holdings by 6.57%.

The Simply Good Foods Company (NASDAQ:SMPL - Get Free Report)'s stock price hit a new 52-week low during trading on Monday . The stock traded as low as $24.35 and last traded at $24.41, with a volume of 26276 shares trading hands. The stock had previously closed at $24.71.

Wall Street Analysts Forecast Growth

SMPL has been the subject of several research analyst reports. DA Davidson dropped their target price on shares of Simply Good Foods from $42.00 to $38.00 and set a "neutral" rating for the company in a research report on Monday, June 9th. Mizuho reduced their price objective on shares of Simply Good Foods from $47.00 to $43.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 15th. Citigroup reduced their target price on shares of Simply Good Foods from $43.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, June 18th. Wall Street Zen downgraded shares of Simply Good Foods from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Finally, Sanford C. Bernstein set a $45.00 target price on shares of Simply Good Foods and gave the stock an "outperform" rating in a research report on Friday, July 11th. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $39.88.

Simply Good Foods Stock Down 0.9%

The company's 50 day moving average price is $28.90 and its two-hundred day moving average price is $32.42. The company has a current ratio of 3.95, a quick ratio of 2.46 and a debt-to-equity ratio of 0.14. The stock has a market cap of $2.46 billion, a P/E ratio of 17.14, a PEG ratio of 2.61 and a beta of 0.59.

Simply Good Foods (NASDAQ:SMPL - Get Free Report) last issued its quarterly earnings data on Thursday, July 10th. The financial services provider reported $0.51 earnings per share for the quarter, hitting the consensus estimate of $0.51. Simply Good Foods had a net margin of 9.97% and a return on equity of 10.29%. The firm had revenue of $380.96 million for the quarter, compared to analysts' expectations of $381.68 million. During the same quarter in the prior year, the business earned $0.50 EPS. The business's quarterly revenue was up 13.8% on a year-over-year basis. Equities analysts forecast that The Simply Good Foods Company will post 1.78 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Geoff E. Tanner bought 6,050 shares of the firm's stock in a transaction on Wednesday, July 23rd. The shares were bought at an average price of $33.11 per share, for a total transaction of $200,315.50. Following the purchase, the chief executive officer owned 98,190 shares in the company, valued at approximately $3,251,070.90. The trade was a 6.57% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 9.35% of the company's stock.

Institutional Investors Weigh In On Simply Good Foods

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. William Blair Investment Management LLC bought a new stake in shares of Simply Good Foods during the second quarter worth $48,841,000. Norges Bank purchased a new stake in Simply Good Foods in the second quarter valued at approximately $36,419,000. Wellington Management Group LLP lifted its position in shares of Simply Good Foods by 18.3% during the 1st quarter. Wellington Management Group LLP now owns 4,195,497 shares of the financial services provider's stock valued at $144,703,000 after buying an additional 649,258 shares in the last quarter. Victory Capital Management Inc. raised its stake in Simply Good Foods by 52.1% in the 1st quarter. Victory Capital Management Inc. now owns 1,539,208 shares of the financial services provider's stock valued at $53,087,000 after purchasing an additional 527,089 shares during the last quarter. Finally, Benchstone Capital Management LP acquired a new position in Simply Good Foods in the 2nd quarter valued at $16,373,000. Institutional investors own 88.45% of the company's stock.

About Simply Good Foods

The Simply Good Foods Company operates as a consumer-packaged food and beverage company in North America and internationally. The company develops, markets, and sells snacks and meal replacements. It offers protein bars, ready-to-drink shakes, sweet and salty snacks, cookies, protein chips, and recipes under the Atkins and Quest brand names.

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