The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) Sees Significant Decrease in Short Interest

The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) was the recipient of a large decline in short interest during the month of August. As of August 15th, there was short interest totalling 3,070,000 shares, a decline of 7.3% from the July 31st total of 3,310,000 shares. Currently, 8.9% of the company’s stock are short sold. Based on an average daily volume of 310,600 shares, the days-to-cover ratio is presently 9.9 days.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group increased their target price on Chefs’ Warehouse from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, July 29th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Chefs’ Warehouse currently has an average rating of “Moderate Buy” and a consensus target price of $48.75.

Insider Transactions at Chefs’ Warehouse

In related news, General Counsel Alexandros Aldous sold 10,000 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $42.50, for a total transaction of $425,000.00. Following the sale, the general counsel now directly owns 119,342 shares of the company’s stock, valued at approximately $5,072,035. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 20,000 shares of company stock valued at $825,000 in the last quarter. 11.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CHEF. Nisa Investment Advisors LLC lifted its stake in shares of Chefs’ Warehouse by 1,089.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 690 shares of the company’s stock worth $27,000 after purchasing an additional 632 shares during the period. GAMMA Investing LLC raised its position in Chefs’ Warehouse by 39.6% in the second quarter. GAMMA Investing LLC now owns 909 shares of the company’s stock worth $36,000 after acquiring an additional 258 shares during the period. Quarry LP purchased a new position in shares of Chefs’ Warehouse during the 2nd quarter worth $54,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Chefs’ Warehouse during the 2nd quarter valued at $55,000. Finally, ORG Partners LLC purchased a new stake in shares of Chefs’ Warehouse in the 2nd quarter worth $122,000. 91.55% of the stock is owned by hedge funds and other institutional investors.

Chefs’ Warehouse Stock Performance

Shares of NASDAQ CHEF traded down $0.46 during trading on Tuesday, reaching $42.37. 280,770 shares of the company traded hands, compared to its average volume of 336,396. The company has a quick ratio of 1.08, a current ratio of 1.85 and a debt-to-equity ratio of 1.43. The firm has a 50 day simple moving average of $40.12 and a 200-day simple moving average of $38.09. Chefs’ Warehouse has a 52-week low of $17.29 and a 52-week high of $44.58. The stock has a market capitalization of $1.69 billion, a PE ratio of 49.10 and a beta of 2.30.

Chefs’ Warehouse (NASDAQ:CHEF) last issued its earnings results on Wednesday, July 31st. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.04. The company had revenue of $954.70 million for the quarter, compared to analysts’ expectations of $945.34 million. Chefs’ Warehouse had a net margin of 1.11% and a return on equity of 12.62%. The firm’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the company posted $0.35 earnings per share. Equities research analysts anticipate that Chefs’ Warehouse will post 1.43 earnings per share for the current year.

Chefs’ Warehouse Company Profile

The Chefs' Warehouse, Inc, together with its subsidiaries, distributes specialty food and center-of-the-plate products in the United States, the Middle East, and Canada. The company's product portfolio includes specialty food products, such as artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate, and pastry products; and center-of-the-plate products consisting of custom cut beef, seafood, and hormone-free poultry, as well as broadline food products comprising cooking oils, butter, eggs, milk, and flour.