Zacks Investment Research Upgrades Sendas Distribuidora (NYSE:ASAI) to Buy

Sendas Distribuidora (NYSE:ASAI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday, Zacks.com reports. The brokerage presently has a $19.00 price target on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 9.26% from the stock’s current price.

According to Zacks, “Sendas Distribuidora SA engages in the retail and wholesale of food and other products through its stores. It operates through the Cash and Carry, and Éxito Group segment. The Cash and Carry segment includes its business under the Assai brand. The Éxito Group segment consists of its businesses in Columbia, Argentina, and Uruguay under the Éxito, Surtimax, Super Inter, and Carulla brands. Sendas Distribuidora SA is headquartered in Sao Paulo, Brazil. “

Sendas Distribuidora stock opened at $17.39 on Monday. Sendas Distribuidora has a 1-year low of $11.45 and a 1-year high of $18.26. The company has a quick ratio of 0.71, a current ratio of 1.17 and a debt-to-equity ratio of 3.83. The firm has a 50 day simple moving average of $16.81.

Sendas Distribuidora (NYSE:ASAI) last released its quarterly earnings data on Tuesday, July 27th. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.17. The business had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $366.41 million. Sell-side analysts forecast that Sendas Distribuidora will post 0.17 EPS for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of ASAI. Coronation Fund Managers Ltd. bought a new stake in shares of Sendas Distribuidora during the 1st quarter worth $118,604,000. SPX Equities Gestao de Recursos Ltda lifted its holdings in shares of Sendas Distribuidora by 651.2% during the 2nd quarter. SPX Equities Gestao de Recursos Ltda now owns 1,427,953 shares of the company’s stock worth $24,418,000 after acquiring an additional 1,237,866 shares during the last quarter. Morgan Stanley lifted its stake in Sendas Distribuidora by 403.7% in the second quarter. Morgan Stanley now owns 780,775 shares of the company’s stock worth $13,351,000 after purchasing an additional 625,765 shares during the last quarter. Amundi Asset Management US Inc. bought a new stake in Sendas Distribuidora in the first quarter worth $6,246,000. Finally, Northern Trust Corp bought a new stake in Sendas Distribuidora in the first quarter worth $6,070,000. 5.99% of the stock is owned by institutional investors.

About Sendas Distribuidora

Sendas Distribuidora SA engages in the retail and wholesale sale of food products, bazaar items, and other products in Brazil. As of April 22, 2021, the company operated 185 stores under the Assaí banner, as well as 10 distribution centers. It serves restaurants, pizzerias, snack bars, schools, small businesses, religious institutions, hospitals, hotels, grocery stores, neighborhood supermarkets, and individuals.

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