MGP Ingredients (NASDAQ:MGPI) Reaches New 12-Month Low – Here’s Why

MGP Ingredients, Inc. (NASDAQ:MGPI)’s share price reached a new 52-week low on Monday . The company traded as low as $31.76 and last traded at $33.04, with a volume of 85971 shares traded. The stock had previously closed at $32.19.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MGPI. Roth Mkm dropped their target price on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, December 23rd. Wells Fargo & Company dropped their price target on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. Truist Financial lowered their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, MGP Ingredients has a consensus rating of “Moderate Buy” and an average price target of $71.29.

MGP Ingredients Price Performance

The firm has a 50-day simple moving average of $36.51 and a two-hundred day simple moving average of $57.53. The company has a market capitalization of $730.71 million, a price-to-earnings ratio of 6.92 and a beta of 0.62. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of MGPI. Farther Finance Advisors LLC increased its holdings in shares of MGP Ingredients by 45.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after purchasing an additional 186 shares in the last quarter. GAMMA Investing LLC grew its position in MGP Ingredients by 162.0% during the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after buying an additional 431 shares during the period. Versant Capital Management Inc grew its position in MGP Ingredients by 192.5% during the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock valued at $28,000 after buying an additional 460 shares during the period. First Horizon Advisors Inc. increased its holdings in MGP Ingredients by 73.5% in the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after buying an additional 322 shares in the last quarter. Finally, Point72 DIFC Ltd raised its position in shares of MGP Ingredients by 2,375.6% in the third quarter. Point72 DIFC Ltd now owns 1,015 shares of the company’s stock worth $84,000 after acquiring an additional 974 shares during the period. 77.11% of the stock is owned by institutional investors and hedge funds.

MGP Ingredients Company Profile

MGP Ingredients, Inc, together with its subsidiaries, engages in the production and supply of distilled spirits, branded spirits, and food ingredients in the United States and internationally. The company operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions.