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)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $17.11, but opened at $16.59. Companhia de Saneamento Básico do Estado de São Paulo – SABESP shares last traded at $16.61, with a volume of 95,025 shares.

Wall Street Analysts Forecast Growth

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

Companhia de Saneamento Básico do Estado de São Paulo – SABESP Stock Performance

The company has a market capitalization of $11.55 billion, a PE ratio of 6.58 and a beta of 1.16. The company has a quick ratio of 1.35, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. The business has a 50 day simple moving average of $16.41 and a 200 day simple moving average of $15.82.

Institutional Trading of Companhia de Saneamento Básico do Estado de São Paulo – SABESP

Institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC purchased a new position in shares of Companhia de Saneamento Básico do Estado de São Paulo – SABESP in the third quarter worth $45,000. Advisors Asset Management Inc. raised its stake in Companhia de Saneamento Básico do Estado de São Paulo – SABESP by 33.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,613 shares of the utilities provider’s stock worth $60,000 after acquiring an additional 911 shares during the last quarter. Summit Securities Group LLC purchased a new position in Companhia de Saneamento Básico do Estado de São Paulo – SABESP in the 2nd quarter worth $95,000. Point72 Asia Singapore Pte. Ltd. lifted its position in Companhia de Saneamento Básico do Estado de São Paulo – SABESP by 55.6% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 9,305 shares of the utilities provider’s stock worth $125,000 after acquiring an additional 3,324 shares during the period. Finally, First Affirmative Financial Network grew 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 during the last quarter. 10.62% of the stock is currently owned by institutional investors and hedge funds.

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.