Sendas Distribuidora (NYSE:ASAI) Sees Strong Trading Volume – What’s Next?

Shares of Sendas Distribuidora S.A. (NYSE:ASAI) saw strong trading volume on Friday . 5,757,595 shares were traded during mid-day trading, an increase of 1,200% from the previous session’s volume of 443,029 shares.The stock last traded at $4.59 and had previously closed at $4.40.

Analyst Ratings Changes

ASAI has been the topic of several recent research reports. JPMorgan Chase & Co. cut Sendas Distribuidora from an “overweight” rating to a “neutral” rating and set a $10.50 price objective on the stock. in a research report on Monday, September 9th. Hsbc Global Res raised shares of Sendas Distribuidora to a “strong-buy” rating in a research 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 for the company. in a report on Friday, September 13th.

Sendas Distribuidora Price Performance

The company has a fifty day simple moving average of $5.93 and a two-hundred day simple moving average of $7.90. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 10.02, a PEG ratio of 0.44 and a beta of 0.92. The company has a debt-to-equity ratio of 4.15, a quick ratio of 0.43 and a current ratio of 0.86.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ASAI. Coronation Fund Managers Ltd. increased its holdings in Sendas Distribuidora by 23.6% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 7,441,629 shares of the company’s stock valued at $69,207,000 after buying an additional 1,422,458 shares during the period. Ruane Cunniff & Goldfarb L.P. boosted its position in shares of Sendas Distribuidora by 9.4% during the 3rd quarter. Ruane Cunniff & Goldfarb L.P. now owns 151,270 shares of the company’s stock worth $1,041,000 after acquiring an additional 12,988 shares in the last quarter. Renaissance Technologies LLC bought a new position in Sendas Distribuidora in the second quarter valued at approximately $810,000. SPX Gestao de Recursos Ltda raised its position in Sendas Distribuidora by 13.3% during the second quarter. SPX Gestao de Recursos Ltda now owns 81,733 shares of the company’s stock valued at $760,000 after purchasing an additional 9,607 shares in the last quarter. Finally, Walleye Capital LLC bought a new stake in Sendas Distribuidora during the third quarter worth $535,000. 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.