Brokerages Set MGP Ingredients, Inc. (NASDAQ:MGPI) Price Target at $71.29

MGP Ingredients, Inc. (NASDAQ:MGPI) has received a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $71.29.

Several equities analysts have recently commented on the stock. Roth Mkm lowered their target price on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, December 23rd. TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Wells Fargo & Company reduced their price objective on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Truist Financial decreased their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st.

MGP Ingredients Stock Performance

NASDAQ MGPI opened at $32.20 on Friday. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. MGP Ingredients has a twelve month low of $31.81 and a twelve month high of $92.90. The business has a 50-day moving average price of $36.77 and a 200-day moving average price of $58.23. The firm has a market cap of $706.78 million, a price-to-earnings ratio of 6.69 and a beta of 0.62.

Institutional Trading of MGP Ingredients

Several institutional investors have recently added to or reduced their stakes in MGPI. PharVision Advisers LLC bought a new position in shares of MGP Ingredients during the fourth quarter valued at approximately $316,000. Voloridge Investment Management LLC bought a new position in MGP Ingredients in the 4th quarter valued at $12,932,000. Two Sigma Advisers LP increased its stake in MGP Ingredients by 4.1% in the fourth quarter. Two Sigma Advisers LP now owns 122,800 shares of the company’s stock worth $4,835,000 after purchasing an additional 4,800 shares during the period. Sherbrooke Park Advisers LLC bought a new stake in shares of MGP Ingredients during the fourth quarter worth $328,000. Finally, Point72 Asia Singapore Pte. Ltd. lifted its position in shares of MGP Ingredients by 58.3% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company’s stock worth $79,000 after purchasing an additional 735 shares during the last quarter. Institutional investors own 77.11% of the company’s stock.

About MGP Ingredients

MGP Ingredients, Inc, together with its subsidiaries, engages in the production and supply of distilled spirits, branded spirits, and food ingredients in the United States and internationally. The company operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions.