Bank of America Downgrades 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 note published on Friday morning, Marketbeat 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 target for the company. in a research report on Monday, September 9th.

Sendas Distribuidora Stock Performance

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

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

Hedge Funds Weigh In On Sendas Distribuidora

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Breakout Capital Partners LP bought a new position in shares of Sendas Distribuidora during the 4th quarter valued at $13,347,000. Brandes Investment Partners LP grew its stake in shares of Sendas Distribuidora by 146.1% during the fourth quarter. Brandes Investment Partners LP now owns 176,981 shares of the company’s stock valued at $2,446,000 after buying an additional 105,073 shares during the last quarter. Vanguard Group Inc. increased its holdings 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 worth $16,626,000 after buying an additional 63,227 shares during the period. Royal London Asset Management Ltd. lifted its stake in shares of Sendas Distribuidora by 888.9% in the 4th quarter. Royal London Asset Management Ltd. now owns 307,970 shares of the company’s stock valued at $4,256,000 after acquiring an additional 276,826 shares during the last quarter. Finally, Jump Financial LLC purchased a new stake in Sendas Distribuidora during the 4th quarter valued at about $143,000. Hedge funds and other institutional investors own 8.76% of the company’s stock.

About Sendas Distribuidora

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.