Utz Brands (NYSE:UTZ) Price Target Cut to $21.00 by Analysts at Mizuho

Utz Brands (NYSE:UTZ) had its target price reduced by equities researchers at Mizuho from $24.00 to $21.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Mizuho’s target price indicates a potential upside of 21.88% from the stock’s previous close.

Several other research analysts have also recently issued reports on UTZ. Piper Sandler increased their target price on shares of Utz Brands from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, November 1st. Needham & Company LLC reiterated a “buy” rating and set a $22.00 price objective on shares of Utz Brands in a research note on Friday, August 2nd. Finally, Barclays reduced their price objective on shares of Utz Brands from $23.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, July 19th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Utz Brands has a consensus rating of “Moderate Buy” and an average price target of $20.80.

Utz Brands Stock Performance

Utz Brands stock opened at $17.23 on Monday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.85 and a current ratio of 1.21. The company has a market capitalization of $2.43 billion, a PE ratio of -90.68, a P/E/G ratio of 1.19 and a beta of 1.01. The company has a 50 day moving average price of $17.31 and a 200-day moving average price of $17.24. Utz Brands has a fifty-two week low of $11.67 and a fifty-two week high of $20.04.

Utz Brands (NYSE:UTZ) last issued its earnings results on Thursday, October 31st. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01. Utz Brands had a positive return on equity of 7.25% and a negative net margin of 0.99%. The business had revenue of $365.50 million during the quarter, compared to analyst estimates of $363.98 million. During the same period in the previous year, the company posted $0.17 EPS. Utz Brands’s revenue was down 1.7% on a year-over-year basis. As a group, equities analysts forecast that Utz Brands will post 0.74 earnings per share for the current year.

Insider Activity at Utz Brands

In other Utz Brands news, EVP Cary Devore sold 30,000 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $17.32, for a total value of $519,600.00. Following the completion of the sale, the executive vice president now owns 451,117 shares of the company’s stock, valued at approximately $7,813,346.44. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 17.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Utz Brands

Hedge funds and other institutional investors have recently modified their holdings of the stock. Picton Mahoney Asset Management acquired a new position in Utz Brands during the 2nd quarter valued at approximately $5,422,000. Victory Capital Management Inc. increased its position in shares of Utz Brands by 19.0% in the 3rd quarter. Victory Capital Management Inc. now owns 1,474,047 shares of the company’s stock valued at $26,091,000 after acquiring an additional 235,622 shares during the period. Jennison Associates LLC raised its stake in Utz Brands by 15.2% in the 1st quarter. Jennison Associates LLC now owns 1,331,581 shares of the company’s stock worth $24,554,000 after acquiring an additional 175,956 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in Utz Brands in the 2nd quarter worth $1,981,000. Finally, GSA Capital Partners LLP lifted its position in Utz Brands by 100.0% during the 3rd quarter. GSA Capital Partners LLP now owns 165,896 shares of the company’s stock worth $2,936,000 after acquiring an additional 82,935 shares during the period. 95.97% of the stock is owned by hedge funds and other institutional investors.

About Utz Brands

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.