Westrock Coffee (NASDAQ:WEST) Shares Gap Down Following Weak Earnings

Westrock Coffee Company (NASDAQ:WEST) gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $8.09, but opened at $7.00. Westrock Coffee shares last traded at $7.1450, with a volume of 154,717 shares changing hands.

The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.03). The firm had revenue of $305.66 million during the quarter, compared to the consensus estimate of $318.80 million. Westrock Coffee had a negative net margin of 5.59% and a negative return on equity of 2,145.68%.

Analyst Ratings Changes

A number of brokerages have weighed in on WEST. Weiss Ratings reissued a “sell (d-)” rating on shares of Westrock Coffee in a research report on Tuesday. Stifel Nicolaus set a $8.00 target price on Westrock Coffee in a research note on Friday, May 8th. Benchmark boosted their target price on Westrock Coffee from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Zacks Research raised Westrock Coffee from a “strong sell” rating to a “hold” rating in a report on Monday, May 11th. Finally, Telsey Advisory Group lifted their price objective on shares of Westrock Coffee from $7.00 to $9.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Westrock Coffee currently has a consensus rating of “Hold” and an average price target of $9.00.

Insider Transactions at Westrock Coffee

In related news, Director Joe T. Ford acquired 15,000 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was purchased at an average cost of $8.50 per share, for a total transaction of $127,500.00. Following the completion of the transaction, the director directly owned 273,000 shares of the company’s stock, valued at approximately $2,320,500. The trade was a 5.81% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have purchased 34,500 shares of company stock worth $290,715 in the last three months. Company insiders own 25.40% of the company’s stock.

Hedge Funds Weigh In On Westrock Coffee

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Westrock Coffee by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 2,984,114 shares of the company’s stock valued at $14,503,000 after purchasing an additional 14,707 shares during the period. Agman Capital LLC bought a new position in Westrock Coffee during the 4th quarter worth $3,007,000. Millennium Management LLC increased its position in Westrock Coffee by 111.2% during the 4th quarter. Millennium Management LLC now owns 676,400 shares of the company’s stock worth $2,753,000 after buying an additional 356,118 shares during the period. CastleKnight Management LP lifted its holdings in shares of Westrock Coffee by 44.8% during the fourth quarter. CastleKnight Management LP now owns 575,000 shares of the company’s stock worth $2,340,000 after buying an additional 178,020 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Westrock Coffee by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 294,987 shares of the company’s stock worth $1,201,000 after buying an additional 6,725 shares in the last quarter. Institutional investors own 45.08% of the company’s stock.

Westrock Coffee Stock Down 10.2%

The company’s 50 day moving average is $8.09 and its 200 day moving average is $6.31. The firm has a market capitalization of $703.74 million, a price-to-earnings ratio of -9.58 and a beta of 0.90.

Westrock Coffee Company Profile

Westrock Coffee Company is a global integrated coffee roaster and manufacturer that delivers end-to-end solutions across the coffee and tea supply chain. The company sources, roasts, blends, packages and distributes a diverse range of products, including hot and cold brew coffee, single-serve pods, instant and soluble coffee, tea, and specialty coffee extracts. Serving retail, convenience, foodservice and industrial customers, Westrock Coffee offers both private-label and co-packed branded products to meet the needs of supermarkets, quick-service restaurants, office coffee services and other channels.

Since its founding in 2008, Westrock Coffee has grown through a combination of organic expansion and strategic acquisitions to establish manufacturing facilities across North America, Latin America and Europe.