Sendas Distribuidora (NYSE:ASAI) Shares Gap Up – Should You Buy?

Shares of Sendas Distribuidora S.A. (NYSE:ASAI) 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.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ASAI shares. JPMorgan Chase & Co. cut Sendas Distribuidora from an “overweight” rating to a “neutral” rating and set a $10.50 price objective for the company. in a research report on Monday, September 9th. Hsbc Global Res raised Sendas Distribuidora to a “strong-buy” rating in a report on Tuesday, September 24th. Finally, Bank of America downgraded shares of Sendas Distribuidora from a “buy” rating to a “neutral” rating and set a $9.10 price objective on the stock. in a report on Friday, September 13th.

Sendas Distribuidora Price Performance

The stock has a 50 day moving average of $6.55 and a 200-day moving average of $8.83. The company has a debt-to-equity ratio of 4.15, a quick ratio of 0.43 and a current ratio of 0.86. The company has a market cap of $1.80 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 0.50 and a beta of 1.03.

Institutional Investors Weigh In On Sendas Distribuidora

A number of institutional investors and hedge funds have recently modified their holdings of ASAI. Vanguard Group Inc. raised its position in Sendas Distribuidora by 6.0% during 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 in the last quarter. Renaissance Technologies LLC purchased a new position in Sendas Distribuidora in the second quarter valued at $810,000. Coronation Fund Managers Ltd. boosted its position in Sendas Distribuidora by 23.6% during the second quarter. Coronation Fund Managers Ltd. now owns 7,441,629 shares of the company’s stock worth $69,207,000 after purchasing an additional 1,422,458 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of Sendas Distribuidora during the 3rd quarter valued at approximately $77,000. Finally, Signaturefd LLC boosted its holdings in Sendas Distribuidora by 186.4% in the 3rd quarter. Signaturefd LLC now owns 10,091 shares of the company’s stock worth $69,000 after buying an additional 6,567 shares during the last quarter. Institutional investors and hedge funds 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.