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Summary
- Carrols Restaurant Group, a quick-service restaurant operator, saw a weekly stock price increase of 23.28% at the close of trade on August 10, 2023.
- Sterling Infrastructure Inc., a construction company, saw a stock price increase of 29.15% over the previous week.
- Sovos Brands Inc., a US based food company, saw a stock price growth of 27.51% for the week ending on August 9, 2023.
The performance of the S&P 500 index has varied throughout the past week. As the index reported temporary inclines fueled by upbeat Q2 financial performances, it also saw slumps caused by broker downgrades.
Meanwhile, the S&P 500 ended the week lower by 0.57%, with the Dow Jones Industrial Average (DJIA) showing a similar downward trend and falling 0.05% in the week ending on August 10, 2023.
Despite the fall in the indexes, both the S&P 500 and DJIA ended trade on Thursday on a slightly higher note on an intraday basis.
Additionally, three stocks have seen a rise in stock price of over 20% during the past week. Here is a closer look at these three stocks:
Carrols Restaurant Group Inc. (NASDAQ:TAST)
Carrols Restaurant Group is the owner and operator of the popular quick service restaurant Burger King.
TAST saw a weekly stock price increase of 23.28% as at the close of trade on August 10, 2023. The stock price has been rising steadily, with YTD gains of 406.52%. For the month ending on August 10, 2023, the stock price grew 37.87%.
For Q2 2023, Carrols reported total sales of US$485.2 million, which marked an increase of 9.85 over Q2 2022. The adjusted EBITDA for the firm was US$44.3 million, as against US$15.1 million in Q1 2022.
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The restaurant operator also reported a net income of US$17 million, which represented an EPS of US$0.27 per diluted share. The company’s cash flow also saw a major increase from negative US$ 5.7 million in Q2 2022 to US$37.9 million in Q2 2023.
Sterling Infrastructure Inc. (NASDAQ:STRL)
Sterling Infrastructure focuses on the construction of heavy civil infrastructure and residential projects. The company derives most of its revenue through its Transportation Solutions segments, which includes highways, railways, roads and bridges.
STRL stock price grew by 29.15% over the previous week, and by 123.09% on a YTD basis as at the end of trade on August 10, 2023. Based on Thursday’s closing price of US$79.89, STRL has a P/E ratio of 23.27x.
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Sterling reported revenues of US$522.3 million during Q2 2023, which was an increase of over 13% from the same period in the previous year. The company’s net income in Q2 2023 was US$39.5 million, which represented an EPS of 1.27 per diluted share. The net income grew by 40% and the EPS grew by 37% in Q2 2023, as compared to Q2 2022.
Sovos Brands Inc. (NASDAQ:SOVO)
Sovos is another food-related brand on the list that produces homemade pasta sauces, pizza sauces and dry pasta.
The company reported net sales of US$217.6 million, which marked a 10.2% year-on-year increase. The company’s gross profit for the period was US$70.7 million, which was 28% higher than the previous year period.
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Over the previous week, SOVO stock price grew by 27.51% and on a YTD basis it rose by 57.63% as at the close of trade on August 10, 2023. The stock price has consistently risen throughout the previous year, with an annual gain of 18.31% as on August 9, 2023.
