Innovation Beverage Group (NASDAQ:IBG) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Innovation Beverage Group (NASDAQ:IBG) from a hold rating to a sell rating in a report published on Sunday.

Innovation Beverage Group Stock Down 7.0%

NASDAQ:IBG opened at $3.87 on Friday. The stock’s fifty day moving average price is $8.61 and its two-hundred day moving average price is $12.26. Innovation Beverage Group has a 52-week low of $3.26 and a 52-week high of $49.25.

Innovation Beverage Group (NASDAQ:IBG) last released its earnings results on Monday, December 29th. The company reported ($2.86) earnings per share for the quarter. The firm had revenue of $1.22 million during the quarter. Analysts forecast that Innovation Beverage Group will post -0.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Innovation Beverage Group stock. Bank of America Corp DE purchased a new position in shares of Innovation Beverage Group Limited (NASDAQ:IBG) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,630 shares of the company’s stock, valued at approximately $38,000. Bank of America Corp DE owned about 0.52% of Innovation Beverage Group at the end of the most recent reporting period.

About Innovation Beverage Group

Innovation Beverage Group is a publicly traded beverage holding company that acquires, revitalizes and grows non-alcoholic drink brands. Through its wholly owned subsidiaries, the company focuses on sourcing high-quality ingredients, contract manufacturing, packaging and distribution for a diversified portfolio of products that span fruit juices, flavored waters, functional and nutritional beverages.

The company’s operations encompass product development, supply chain management and go-to-market support.