Sendas Distribuidora (NYSE:ASAI) Shares Gap Up – Here’s Why

Sendas Distribuidora S.A. (NYSE:ASAI)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $6.45, but opened at $6.64. Sendas Distribuidora shares last traded at $6.65, with a volume of 44,683 shares traded.

Analysts Set New Price Targets

Several research firms recently commented on ASAI. Hsbc Global Res upgraded shares of Sendas Distribuidora to a “strong-buy” rating in a research report on Tuesday, September 24th. JPMorgan Chase & Co. downgraded shares of Sendas Distribuidora from an “overweight” rating to a “neutral” rating and set a $10.50 target price on the stock. in a research report on Monday, September 9th. Finally, Bank of America downgraded shares of Sendas Distribuidora from a “buy” rating to a “neutral” rating and set a $9.10 target price on the stock. in a research report on Friday, September 13th.

Sendas Distribuidora Stock Down 7.0 %

The stock has a market cap of $1.70 billion, a price-to-earnings ratio of 13.65, a P/E/G ratio of 0.52 and a beta of 1.03. The company has a current ratio of 0.86, a quick ratio of 0.43 and a debt-to-equity ratio of 4.15. The stock’s 50-day moving average price is $6.52 and its 200-day moving average price is $8.79.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ASAI. Vanguard Group Inc. lifted its position in shares of Sendas Distribuidora by 6.0% in the 1st quarter. Vanguard Group Inc. now owns 1,124,903 shares of the company’s stock worth $16,626,000 after purchasing an additional 63,227 shares during the period. Bayesian Capital Management LP bought a new stake in shares of Sendas Distribuidora in the 1st quarter valued at $160,000. Coronation Fund Managers Ltd. increased its stake in shares of Sendas Distribuidora by 35.2% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 8,135,612 shares of the company’s stock valued at $75,661,000 after acquiring an additional 2,116,441 shares in the last quarter. Privium Fund Management B.V. increased its stake in shares of Sendas Distribuidora by 26.3% in the 2nd quarter. Privium Fund Management B.V. now owns 13,928 shares of the company’s stock valued at $122,000 after acquiring an additional 2,900 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in shares of Sendas Distribuidora by 66.7% in the 2nd quarter. Daiwa Securities Group Inc. now owns 35,000 shares of the company’s stock valued at $326,000 after acquiring an additional 14,000 shares in the last quarter. Institutional investors and hedge funds 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.