Companhia de Saneamento Básico do Estado de São Paulo – SABESP (NYSE:SBS) Shares Gap Down – Here’s Why

Companhia de Saneamento Básico do Estado de São Paulo – SABESP (NYSE:SBS) shares gapped down before the market opened on Friday . The stock had previously closed at $16.41, but opened at $15.02. Companhia de Saneamento Básico do Estado de São Paulo – SABESP shares last traded at $15.27, with a volume of 220,786 shares trading hands.

Analysts Set New Price Targets

A number of analysts recently weighed in on SBS shares. StockNews.com cut shares of Companhia de Saneamento Básico do Estado de São Paulo – SABESP from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. The Goldman Sachs Group upgraded shares of Companhia de Saneamento Básico do Estado de São Paulo – SABESP to a “strong-buy” rating in a research note on Sunday, October 6th.

Companhia de Saneamento Básico do Estado de São Paulo – SABESP Stock Down 6.5 %

The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.13 and a current ratio of 1.14. The firm has a 50 day simple moving average of $16.33 and a two-hundred day simple moving average of $15.86. The stock has a market cap of $10.49 billion, a P/E ratio of 5.91 and a beta of 1.16.

Hedge Funds Weigh In On Companhia de Saneamento Básico do Estado de São Paulo – SABESP

A number of institutional investors and hedge funds have recently bought and sold shares of SBS. O Shaughnessy Asset Management LLC acquired a new stake in shares of Companhia de Saneamento Básico do Estado de São Paulo – SABESP in the 1st quarter worth approximately $198,000. Jane Street Group LLC lifted its position in Companhia de Saneamento Básico do Estado de São Paulo – SABESP by 129.9% in the first quarter. Jane Street Group LLC now owns 332,201 shares of the utilities provider’s stock worth $5,591,000 after purchasing an additional 187,706 shares during the period. First Affirmative Financial Network boosted its stake in Companhia de Saneamento Básico do Estado de São Paulo – SABESP by 10.6% during the 2nd quarter. First Affirmative Financial Network now owns 11,165 shares of the utilities provider’s stock valued at $150,000 after purchasing an additional 1,069 shares in the last quarter. Simplicity Wealth LLC increased its position in shares of Companhia de Saneamento Básico do Estado de São Paulo – SABESP by 17.2% during the 2nd quarter. Simplicity Wealth LLC now owns 19,581 shares of the utilities provider’s stock valued at $263,000 after purchasing an additional 2,869 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of Companhia de Saneamento Básico do Estado de São Paulo – SABESP by 32.1% in the 2nd quarter. Blue Trust Inc. now owns 15,890 shares of the utilities provider’s stock worth $214,000 after buying an additional 3,861 shares in the last quarter. Institutional investors own 10.62% of the company’s stock.

About Companhia de Saneamento Básico do Estado de São Paulo – SABESP

Companhia de Saneamento Básico do Estado de São Paulo SABESP provides basic and environmental sanitation services in the São Paulo State, Brazil. The company supplies treated water and sewage services to residential, commercial, and industrial private customers, as well as public. As of December 31, 2022, it provided water services through 10.1 million water connections; and sewage services through 8.6 million sewage connections in 375 municipalities of the São Paulo State.