Zacks: Analysts Set $6.50 Price Target for New Age Beverages Corp (NBEV)
New Age Beverages Corp (NASDAQ:NBEV) has been given an average broker rating score of 1.00 (Strong Buy) from the three brokers that cover the company, Zacks Investment Research reports. Three investment analysts have rated the stock with a strong buy recommendation.
Brokerages have set a 12-month consensus price target of $6.50 for the company and are anticipating that the company will post $0.01 EPS for the current quarter, according to Zacks. Zacks has also given New Age Beverages an industry rank of 177 out of 265 based on the ratings given to its competitors.
A number of equities research analysts recently weighed in on NBEV shares. Maxim Group lowered their price target on New Age Beverages from $7.50 to $6.00 and set a “buy” rating on the stock in a report on Friday, November 17th. Zacks Investment Research cut New Age Beverages from a “hold” rating to a “sell” rating in a report on Thursday, November 16th. Finally, Aegis restated a “buy” rating on shares of New Age Beverages in a report on Monday, December 4th.
A number of large investors have recently made changes to their positions in NBEV. Pacific Grove Capital LP grew its holdings in New Age Beverages by 78.5% during the 4th quarter. Pacific Grove Capital LP now owns 1,679,272 shares of the company’s stock valued at $3,644,000 after buying an additional 738,251 shares during the last quarter. Vanguard Group Inc. acquired a new stake in New Age Beverages during the 2nd quarter valued at $3,358,000. Cadence Capital Management LLC acquired a new stake in New Age Beverages during the 3rd quarter valued at $981,000. Renaissance Technologies LLC acquired a new stake in New Age Beverages during the 4th quarter valued at $227,000. Finally, Deutsche Bank AG acquired a new stake in New Age Beverages during the 4th quarter valued at $227,000. Hedge funds and other institutional investors own 12.63% of the company’s stock.
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About New Age Beverages
The New Age Beverage Corporation, formerly Bucha, Inc, is a healthy functional beverage company. The Company is the owner of XingTea, XingEnergy, Aspen Pure and the Bucha Live Kombucha brands. The Company’s bucha Live Kombucha is a gluten free, organic certified, sparkling kombucha tea and is distributed in health and grocery chains across North America.
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