Readystate Asset Management LP Lowers Stake in Utz Brands, Inc. (NYSE:UTZ)

Readystate Asset Management LP reduced its holdings in shares of Utz Brands, Inc. (NYSE:UTZ) by 46.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 289,000 shares of the company’s stock after selling 249,766 shares during the period. Readystate Asset Management LP’s holdings in Utz Brands were worth $5,115,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Comerica Bank boosted its holdings in shares of Utz Brands by 5.4% in the first quarter. Comerica Bank now owns 16,491 shares of the company’s stock valued at $304,000 after acquiring an additional 848 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Utz Brands by 11.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 11,838 shares of the company’s stock valued at $197,000 after acquiring an additional 1,228 shares in the last quarter. Diversified Trust Co boosted its holdings in shares of Utz Brands by 4.5% in the second quarter. Diversified Trust Co now owns 44,870 shares of the company’s stock valued at $747,000 after acquiring an additional 1,925 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Utz Brands by 4.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 57,879 shares of the company’s stock valued at $1,068,000 after acquiring an additional 2,540 shares in the last quarter. Finally, Fifth Third Bancorp purchased a new stake in shares of Utz Brands in the second quarter valued at about $44,000. 95.97% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Cary Devore sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $17.32, for a total value of $519,600.00. Following the completion of the transaction, the executive vice president now owns 451,117 shares of the company’s stock, valued at $7,813,346.44. The trade was a 6.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Cc Collier Holdings, Llc sold 2,815,404 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $17.29, for a total transaction of $48,678,335.16. Following the completion of the transaction, the insider now directly owns 496,038 shares of the company’s stock, valued at approximately $8,576,497.02. This represents a 85.02 % decrease in their position. The disclosure for this sale can be found here. 17.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on UTZ shares. Mizuho lowered their target price on shares of Utz Brands from $24.00 to $21.00 and set an “outperform” rating on the stock in a report on Monday, November 4th. Piper Sandler raised their price objective on shares of Utz Brands from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $21.22.

Utz Brands Stock Performance

Shares of UTZ opened at $17.23 on Thursday. The company has a current ratio of 1.21, a quick ratio of 0.85 and a debt-to-equity ratio of 0.56. The stock has a market cap of $2.43 billion, a P/E ratio of -90.68, a PEG ratio of 1.19 and a beta of 1.01. The company has a 50-day moving average of $17.10 and a two-hundred day moving average of $17.03. Utz Brands, Inc. has a 12-month low of $13.20 and a 12-month high of $20.04.

Utz Brands (NYSE:UTZ) last announced its earnings results on Thursday, October 31st. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. The company had revenue of $365.50 million during the quarter, compared to analysts’ expectations of $363.98 million. Utz Brands had a negative net margin of 0.99% and a positive return on equity of 7.25%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.17 earnings per share. As a group, research analysts predict that Utz Brands, Inc. will post 0.73 EPS for the current fiscal year.

Utz Brands Profile

Utz Brands, Inc engages in manufacture, marketing, and distribution of snack foods. It offers a range of salty snacks, including salty snacks, including potato chips, tortilla chips, pretzels, cheese snacks, pork skins, veggie snacks, pub/party mixes, tortilla chips, salsa and dips, ready-to-eat popcorn, and other snacks under the Utz, Zapp’s, ON THE BORDER, Golden Flake, Boulder Canyon, Hawaiian, TORTIYAHS!, etc.