Boston Beer (NYSE:SAM) Shares Gap Down – Here’s What Happened

The Boston Beer Company, Inc. (NYSE:SAM) gapped down prior to trading on Friday . The stock had previously closed at $301.26, but opened at $294.05. Boston Beer shares last traded at $282.56, with a volume of 14,523 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $318.00 target price on shares of Boston Beer in a research report on Friday, October 25th. UBS Group lifted their price target on Boston Beer from $300.00 to $309.00 in a research report on Thursday, October 24th. Needham & Company LLC assumed coverage on shares of Boston Beer in a research report on Friday, December 6th. They set a “hold” rating on the stock. Piper Sandler upped their price target on shares of Boston Beer from $325.00 to $330.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Boston Beer from $281.00 to $277.00 and set a “hold” rating on the stock in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Boston Beer has an average rating of “Hold” and a consensus target price of $314.82.

Boston Beer Price Performance

The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 42.61, a price-to-earnings-growth ratio of 1.21 and a beta of 1.07. The business’s 50 day moving average price is $308.00 and its 200-day moving average price is $291.15.

Hedge Funds Weigh In On Boston Beer

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Horizon Advisors Inc. boosted its stake in shares of Boston Beer by 105.1% in the third quarter. First Horizon Advisors Inc. now owns 121 shares of the company’s stock valued at $35,000 after buying an additional 62 shares in the last quarter. Covestor Ltd lifted its holdings in Boston Beer by 36.6% in the third quarter. Covestor Ltd now owns 127 shares of the company’s stock valued at $37,000 after acquiring an additional 34 shares during the period. GAMMA Investing LLC boosted its position in shares of Boston Beer by 59.3% during the 4th quarter. GAMMA Investing LLC now owns 129 shares of the company’s stock worth $39,000 after purchasing an additional 48 shares in the last quarter. True Wealth Design LLC purchased a new stake in shares of Boston Beer during the 3rd quarter worth $47,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Boston Beer during the 3rd quarter worth $49,000. Institutional investors and hedge funds own 81.13% of the company’s stock.

About Boston Beer

The Boston Beer Company, Inc produces and sells alcohol beverages primarily in the United States. The company's flagship beer is Samuel Adams Boston Lager. It offers various beers, hard ciders, flavored malt beverages, and hard seltzers under the Samuel Adams, Twisted Tea, Truly, Angry Orchard, Dogfish Head, Angel City, and Coney Island brand names.