Bank of America Lowers Sendas Distribuidora (NYSE:ASAI) to Neutral

Bank of America downgraded shares of Sendas Distribuidora (NYSE:ASAI) from a buy rating to a neutral rating in a research report released on Friday, MarketBeat Ratings reports. Bank of America currently has $9.10 price target on the stock.

Separately, JPMorgan Chase & Co. downgraded shares of Sendas Distribuidora from an overweight rating to a neutral rating and set a $10.50 price objective for the company. in a report on Monday, September 9th.

Sendas Distribuidora Price Performance

ASAI stock opened at $7.86 on Friday. The firm has a market cap of $2.13 billion, a P/E ratio of 14.83, a price-to-earnings-growth ratio of 0.58 and a beta of 1.04. The company has a debt-to-equity ratio of 4.18, a quick ratio of 0.45 and a current ratio of 0.84. Sendas Distribuidora has a 1 year low of $7.72 and a 1 year high of $15.25. The stock has a 50-day simple moving average of $9.10 and a 200-day simple moving average of $11.46.

Sendas Distribuidora (NYSE:ASAI) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.07 by $0.02. The business had revenue of $3.43 billion for the quarter, compared to analysts’ expectations of $3.60 billion. Sendas Distribuidora had a return on equity of 14.49% and a net margin of 0.95%. On average, equities analysts predict that Sendas Distribuidora will post 0.44 earnings per share for the current fiscal year.

Institutional Trading of Sendas Distribuidora

Large investors have recently made changes to their positions in the stock. Coronation Fund Managers Ltd. lifted its position in shares of Sendas Distribuidora by 35.2% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 8,135,612 shares of the company’s stock worth $75,661,000 after purchasing an additional 2,116,441 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Sendas Distribuidora by 6.0% in the first quarter. Vanguard Group Inc. now owns 1,124,903 shares of the company’s stock valued at $16,626,000 after acquiring an additional 63,227 shares during the period. Breakout Capital Partners LP bought a new position in Sendas Distribuidora during the fourth quarter worth $13,347,000. Renaissance Group LLC grew its position in Sendas Distribuidora by 6.8% in the 1st quarter. Renaissance Group LLC now owns 531,101 shares of the company’s stock worth $7,876,000 after purchasing an additional 33,937 shares during the last quarter. Finally, Barings LLC increased its holdings in shares of Sendas Distribuidora by 28.9% during the 1st quarter. Barings LLC now owns 403,015 shares of the company’s stock worth $5,957,000 after purchasing an additional 90,256 shares during the period. Institutional investors own 8.76% of the company’s stock.

Sendas Distribuidora Company Profile

Sendas Distribuidora SA engages in the retail and wholesale sale of food products, bazaar items, and other products in Brazil. The company serves restaurants, pizzerias, snack bars, schools, small businesses, religious institutions, hospitals, hotels, grocery stores, neighborhood supermarkets, and individuals.