Jefferies Sticks to Its Buy Rating for Vital Farms (VITL) Aug. 5, 2023, 08:45 AM In a report released on August 3, Robert Dickerson from Jefferies reiterated a Buy rating on Vital Farms (VITL – Research Report), with a price target of $21.00. The company’s shares closed yesterday at $12.40.
Vital Farms (VITL) Lake Street analyst Ben Klieve reiterated a Buy rating on Vital Farms today and set a price target of $22.00.
Vital Farms (VITL) Q2 Earnings Beat Estimates, Rise Y/Y August 04, 2023 Vital Farms VITL - Free Report) reported second-quarter 2023 results, wherein the top and bottom lines beat the Zacks Consensus Estimate. Also, both metrics improved from the year-ago period. Better-than-expected results prompted management to hike the full-year net revenues and adjusted EBITDA view. Q2 Performance in Detail Vital Farms posted earnings of 15 cents a share in the second quarter, beating the Zacks Consensus Estimate of 6 cents. This compares favorably with break-even earnings per share a year ago. Net revenues were $106.4 million, up 28.4% year over year. The top line beat the Zacks Consensus Estimate of $105 million. The increase in net revenues was propelled by a combination of higher prices and a notable volume gain of 6%. This volume growth was achieved through expansions in sales to new and existing retail customers. Vital Farms, Inc. Price, Consensus and EPS Surprise The gross profit amounted to $37.8 million in second quarter of 2023, up from $24.9 million, driven by higher sales. Markedly, the gross margin expanded 540 basis points to 35.5%. The metric benefited from higher pricing across the portfolio, partly offset by headwinds that included higher input costs across shell egg and butter businesses, and rising packaging costs. Selling and administrative expenses rose 40.6% to $23.9 million in second quarter of 2023. As a percentage of net revenues, selling and administrative expenses increased 200 basis points to 22.5%.<--- This is why it fell so. Adjusted EBITDA reached $11.3 million in the second quarter of 2023, up from $3.7 million in the second quarter of 2022, driven by higher sales and improved gross profit performance. Also, the adjusted EBITDA margin expanded 630 basis points to 10.7% in the quarter under review. Other Financial Details Vital Farms ended the quarter with cash, cash equivalents and marketable securities of $93.5 million as of Jun 25, 2023. The company has no outstanding debt. Net cash provided by operating activities was $18.9 million for the 26-week period ended Jun 25, 2023, compared with the net cash used in operating activities of $3 million for the 26-week period ended Jun 26, 2022. We know packaging costs are coming down. Other egg inflation I am not sure and pricing I am not sure but everyone is still bitching about food costs. But no debt // expanding margins // If they could get those expenses under control this seems undervalued here-
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