Vintage Wine Estates (NASDAQ:VWE) Issues Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Vintage Wine Estates (NASDAQ:VWEGet Rating) released its earnings results on Tuesday. The company reported 0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of 0.08 by 0.09, Yahoo Finance reports. Vintage Wine Estates had a return on equity of 5.05% and a net margin of 3.32%. Vintage Wine Estates updated its FY 2023 guidance to EPS.

Vintage Wine Estates Stock Performance

VWE stock traded down 2.24 during trading hours on Wednesday, reaching 3.29. The stock had a trading volume of 81,264 shares, compared to its average volume of 223,802. The stock has a 50-day simple moving average of 6.66 and a 200 day simple moving average of 8.19. Vintage Wine Estates has a fifty-two week low of 3.99 and a fifty-two week high of 12.38. The stock has a market capitalization of $200.51 million, a PE ratio of 60.51 and a beta of 0.84. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.69 and a quick ratio of 0.66.

Institutional Trading of Vintage Wine Estates

Several institutional investors and hedge funds have recently bought and sold shares of VWE. Verition Fund Management LLC acquired a new position in shares of Vintage Wine Estates during the 2nd quarter worth approximately $82,000. Legal & General Group Plc bought a new position in Vintage Wine Estates during the second quarter worth $83,000. PDT Partners LLC acquired a new position in shares of Vintage Wine Estates in the first quarter valued at $103,000. American International Group Inc. bought a new position in shares of Vintage Wine Estates in the second quarter valued at about $119,000. Finally, Mirabella Financial Services LLP lifted its stake in shares of Vintage Wine Estates by 34.9% during the 1st quarter. Mirabella Financial Services LLP now owns 14,048 shares of the company’s stock worth $139,000 after buying an additional 3,637 shares during the last quarter. Institutional investors own 46.63% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on VWE shares. DA Davidson decreased their price objective on Vintage Wine Estates to $14.00 and set a “na” rating for the company in a report on Tuesday, May 17th. Telsey Advisory Group downgraded shares of Vintage Wine Estates from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $12.00 to $6.00 in a report on Wednesday. Citigroup reduced their target price on shares of Vintage Wine Estates from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, August 2nd. Canaccord Genuity Group lowered shares of Vintage Wine Estates from a “buy” rating to a “hold” rating and lowered their price target for the company from $15.00 to $5.50 in a research note on Wednesday. Finally, Canaccord Genuity Group downgraded shares of Vintage Wine Estates from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $15.00 to $5.50 in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Vintage Wine Estates currently has an average rating of “Hold” and an average price target of 9.42.

About Vintage Wine Estates

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Vintage Wine Estates, Inc produces and sells wines and craft spirits in the United States, Canada, and internationally. The company offers its products under the Layer Cake, Firesteed, Bar Dog, Middle Sister, Cherry Pie, Cartlidge & Browne, GAZE Wine Cocktails, Girard, Clos Pegase, Laetitia Vineyard and Winery, Swanson Vineyards, Kunde Family Winery, Viansa, and B.R.

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