Zevia PBC (NYSE:ZVIA) Short Interest Down 13.8% in March

Zevia PBC (NYSE:ZVIA) was the recipient of a large drop in short interest during the month of March. As of March 13th, there was short interest totaling 2,611,157 shares, a drop of 13.8% from the February 26th total of 3,030,263 shares. Approximately 3.9% of the company’s shares are sold short. Based on an average trading volume of 547,291 shares, the days-to-cover ratio is currently 4.8 days.

Insider Activity

In related news, major shareholder De Depot Et Placement D. Caisse sold 3,500,000 shares of Zevia PBC stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $2.00, for a total transaction of $7,000,000.00. Following the completion of the transaction, the insider directly owned 13,550,428 shares of the company’s stock, valued at approximately $27,100,856. The trade was a 20.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Girish Satya sold 41,662 shares of the company’s stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of $1.18, for a total transaction of $49,161.16. Following the transaction, the chief financial officer owned 327,909 shares in the company, valued at $386,932.62. The trade was a 11.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 11.11% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Zevia PBC during the 2nd quarter worth $25,000. Quadrature Capital Ltd purchased a new position in Zevia PBC in the fourth quarter valued at about $26,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Zevia PBC in the fourth quarter worth about $27,000. Engineers Gate Manager LP bought a new position in Zevia PBC in the fourth quarter worth about $28,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Zevia PBC during the fourth quarter valued at about $31,000. 53.21% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Craig Hallum initiated coverage on Zevia PBC in a research note on Thursday, January 15th. They set a “buy” rating and a $4.00 target price on the stock. Telsey Advisory Group cut their price objective on Zevia PBC from $6.00 to $5.00 and set an “outperform” rating on the stock in a research report on Thursday, February 26th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Zevia PBC in a research note on Wednesday, January 21st. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Zevia PBC currently has an average rating of “Hold” and an average price target of $4.43.

Zevia PBC Stock Performance

NYSE:ZVIA opened at $1.17 on Thursday. The firm has a 50-day simple moving average of $1.51 and a 200-day simple moving average of $2.08. Zevia PBC has a one year low of $1.11 and a one year high of $3.66. The firm has a market cap of $87.49 million, a P/E ratio of -7.77 and a beta of 0.93.

Zevia PBC (NYSE:ZVIA) last released its quarterly earnings data on Wednesday, February 25th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. The firm had revenue of $37.87 million for the quarter, compared to the consensus estimate of $39.96 million. Zevia PBC had a negative net margin of 6.15% and a negative return on equity of 22.49%. On average, research analysts predict that Zevia PBC will post -0.32 EPS for the current fiscal year.

About Zevia PBC

Zevia PBC, headquartered in Los Angeles, is a Public Benefit Corporation that produces zero-calorie, naturally sweetened beverages. Founded in 2007, the company went public through a merger with a special purpose acquisition company in March 2021. Zevia’s mission centers on offering healthier drink alternatives by using stevia leaf extract and other plant-based ingredients rather than sugar or artificial sweeteners.

The company’s product portfolio spans multiple categories, including carbonated sodas, sparkling water, energy drinks, mixers and flavored teas.