Vestis (NYSE:VSTS) Shares Gap Up Following Insider Buying Activity

Vestis Co. (NYSE:VSTS - Get Free Report) gapped up prior to trading on Thursday after an insider bought additional shares in the company. The stock had previously closed at $6.04, but opened at $6.53. Vestis shares last traded at $6.36, with a volume of 221,428 shares changing hands.

Specifically, Director Keith A. Meister bought 314,390 shares of Vestis stock in a transaction that occurred on Wednesday, May 28th. The stock was bought at an average cost of $6.03 per share, with a total value of $1,895,771.70. Following the acquisition, the director now owns 18,803,899 shares of the company's stock, valued at $113,387,510.97. The trade was a 1.70% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Keith A. Meister bought 109,008 shares of the stock in a transaction dated Tuesday, May 27th. The shares were purchased at an average price of $6.05 per share, with a total value of $659,498.40. Following the completion of the transaction, the director now directly owns 18,489,509 shares in the company, valued at approximately $111,861,529.45. The trade was a 0.59% increase in their position. The disclosure for this purchase can be found here. In other news, Director Keith A. Meister bought 377,277 shares of the stock in a transaction dated Friday, May 23rd. The stock was purchased at an average cost of $5.89 per share, for a total transaction of $2,222,161.53. Following the transaction, the director now owns 18,380,501 shares of the company's stock, valued at $108,261,150.89. The trade was a 2.10% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. The Goldman Sachs Group lowered their target price on Vestis from $15.00 to $13.00 and set a "neutral" rating for the company in a research report on Monday, March 17th. Robert W. Baird lowered their target price on Vestis from $17.00 to $13.00 and set a "neutral" rating for the company in a research report on Thursday, March 20th. Finally, Barclays lowered their target price on Vestis from $10.00 to $5.00 and set an "underweight" rating for the company in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $11.75.

Vestis Stock Performance

The company has a market capitalization of $811.78 million, a P/E ratio of 77.01 and a beta of 1.61. The business has a 50-day moving average of $7.68 and a 200-day moving average of $12.07. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.80 and a quick ratio of 1.43.

Vestis (NYSE:VSTS - Get Free Report) last issued its quarterly earnings results 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). The company had revenue of $665.25 million during the quarter, compared to the consensus estimate of $690.81 million. Vestis had a return on equity of 7.91% and a net margin of 0.34%. The business's revenue was down 5.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Vestis Co. will post 0.7 EPS for the current year.

Institutional Trading of Vestis

A number of institutional investors have recently bought and sold shares of VSTS. Spire Wealth Management bought a new stake in Vestis in the fourth quarter worth $29,000. True Wealth Design LLC bought a new stake in shares of Vestis during the fourth quarter worth $29,000. Smartleaf Asset Management LLC lifted its position in shares of Vestis by 548.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,510 shares of the company's stock worth $38,000 after purchasing an additional 2,123 shares during the last quarter. Copeland Capital Management LLC lifted its position in shares of Vestis by 33.0% during the first quarter. Copeland Capital Management LLC now owns 5,428 shares of the company's stock worth $54,000 after purchasing an additional 1,346 shares during the last quarter. Finally, KBC Group NV lifted its position in shares of Vestis by 54.2% during the first quarter. KBC Group NV now owns 7,309 shares of the company's stock worth $72,000 after purchasing an additional 2,568 shares during the last quarter. 97.40% of the stock is currently owned by institutional investors.

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.