Vestis (NYSE:VSTS) Shares Gap Down - Here's What Happened

Vestis Corporation (NYSE:VSTS - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $6.14, but opened at $5.95. Vestis shares last traded at $5.89, with a volume of 215,023 shares traded.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Robert W. Baird reduced their price target on shares of Vestis from $17.00 to $13.00 and set a "neutral" rating on the stock in a research report on Thursday, March 20th. JPMorgan Chase & Co. reissued an "underweight" rating and issued a $6.00 price objective (up previously from $5.00) on shares of Vestis in a research note on Monday. Barclays dropped their price objective on shares of Vestis from $10.00 to $5.00 and set an "underweight" rating on the stock in a report on Friday, May 9th. Finally, The Goldman Sachs Group cut their price objective on shares of Vestis from $15.00 to $13.00 and set a "neutral" rating on the stock in a research report on Monday, March 17th. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $9.25.

Vestis Price Performance

The firm's 50 day simple moving average is $6.18 and its two-hundred day simple moving average is $10.04. The firm has a market capitalization of $788.04 million, a P/E ratio of -33.08 and a beta of 0.96. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.87 and a quick ratio of 1.41.

Vestis (NYSE:VSTS - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.15 by ($0.20). Vestis had a negative net margin of 0.89% and a positive return on equity of 5.36%. The firm had revenue of $665.25 million during the quarter, compared to analysts' expectations of $690.81 million. The business's revenue for the quarter was down 5.7% compared to the same quarter last year. As a group, analysts predict that Vestis Corporation will post 0.7 earnings per share for the current year.

Insider Activity at Vestis

In other news, Director Douglas A. Pertz bought 70,000 shares of the company's stock in a transaction dated Thursday, May 8th. The shares were purchased at an average price of $6.17 per share, for a total transaction of $431,900.00. Following the completion of the purchase, the director owned 297,010 shares in the company, valued at approximately $1,832,551.70. This represents a 30.84% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Keith A. Meister bought 377,277 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was purchased at an average price of $5.89 per share, for a total transaction of $2,222,161.53. Following the purchase, the director owned 18,380,501 shares of the company's stock, valued at approximately $108,261,150.89. This represents a 2.10% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 880,675 shares of company stock worth $5,271,632 over the last 90 days. 13.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. True Wealth Design LLC bought a new position in Vestis during the fourth quarter valued at approximately $29,000. Spire Wealth Management increased its holdings in Vestis by 168.2% during the first quarter. Spire Wealth Management now owns 5,110 shares of the company's stock valued at $51,000 after buying an additional 3,205 shares during the last quarter. Copeland Capital Management LLC increased its holdings in Vestis by 33.0% during the first quarter. Copeland Capital Management LLC now owns 5,428 shares of the company's stock valued at $54,000 after buying an additional 1,346 shares during the last quarter. KBC Group NV increased its holdings in Vestis by 54.2% during the first quarter. KBC Group NV now owns 7,309 shares of the company's stock valued at $72,000 after buying an additional 2,568 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in Vestis during the fourth quarter valued at approximately $93,000. Institutional investors own 97.40% of the company's stock.

About Vestis

Vestis Corporation provides uniform rentals and workplace supplies in the United States and Canada. Its products include uniform options, such as shirts, pants, outerwear, gowns, scrubs, high visibility garments, particulate-free garments, and flame-resistant garments, as well as shoes and accessories; and workplace supplies, including managed restroom supply services, first-aid supplies and safety products, floor mats, towels, and linens.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.