Boston Beer (NYSE:SAM) Trading Up 3% – Still a Buy?

The Boston Beer Company, Inc. (NYSE:SAM)’s stock price shot up 3% during mid-day trading on Friday . The stock traded as high as $249.59 and last traded at $250.69. 84,030 shares changed hands during trading, a decline of 60% from the average session volume of 212,626 shares. The stock had previously closed at $243.29.

Analyst Ratings Changes

Several brokerages have recently commented on SAM. Morgan Stanley decreased their target price on Boston Beer from $290.00 to $270.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 26th. Citigroup raised Boston Beer from a “neutral” rating to a “buy” rating and lifted their target price for the company from $265.00 to $280.00 in a research note on Thursday, March 20th. Berenberg Bank initiated coverage on shares of Boston Beer in a research report on Wednesday. They issued a “hold” rating and a $281.10 price target for the company. Piper Sandler lowered their price objective on shares of Boston Beer from $275.00 to $240.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Finally, StockNews.com downgraded shares of Boston Beer from a “buy” rating to a “hold” rating in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $291.37.

Boston Beer Stock Performance

The company has a 50-day simple moving average of $237.08 and a 200 day simple moving average of $273.25. The company has a market capitalization of $2.76 billion, a P/E ratio of 36.13, a P/E/G ratio of 1.23 and a beta of 1.26.

Hedge Funds Weigh In On Boston Beer

Several institutional investors have recently added to or reduced their stakes in SAM. Blue Trust Inc. raised its position in shares of Boston Beer by 405.6% during the fourth quarter. Blue Trust Inc. now owns 91 shares of the company’s stock worth $26,000 after acquiring an additional 73 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Boston Beer by 2,225.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 93 shares of the company’s stock worth $28,000 after purchasing an additional 89 shares in the last quarter. GeoWealth Management LLC acquired a new position in shares of Boston Beer during the fourth quarter worth about $35,000. GAMMA Investing LLC lifted its position in shares of Boston Beer by 59.3% in the fourth 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. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Boston Beer in the 3rd quarter valued at about $49,000. 81.13% of the stock is owned by institutional investors.

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.