Westrock Coffee (NASDAQ:WEST) Stock Falls 9.7% After Earnings Miss

Westrock Coffee Company (NASDAQ:WEST) dropped 9.7% on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $9.50 and last traded at $9.3680. 178,135 shares traded hands during trading, a decline of 63% from the average daily volume of 487,874 shares. The stock had previously closed at $10.37.

The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). Westrock Coffee had a negative net margin of 4.88% and a negative return on equity of 2,145.68%. The company had revenue of $300.20 million during the quarter, compared to the consensus estimate of $303.93 million.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on WEST shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Westrock Coffee in a research note on Monday. Stifel Nicolaus set a $9.00 price target on Westrock Coffee in a research report on Friday, August 7th. Benchmark reissued a “buy” rating on shares of Westrock Coffee in a research report on Monday, August 31st. Finally, Telsey Advisory Group set a $13.00 price objective on Westrock Coffee in a research note on Friday. 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $10.67.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in shares of Westrock Coffee in the 2nd quarter valued at $22,500,000. Jupiter Topco LLC bought a new position in Westrock Coffee in the 2nd quarter valued at approximately $1,656,000. Bank of America Corp DE bought a new position in shares of Westrock Coffee during the second quarter valued at $3,049,000. Algert Global LLC acquired a new stake in Westrock Coffee in the second quarter valued at $2,816,000. Finally, Bank of New York Mellon Corp bought a new position in Westrock Coffee during the 2nd quarter worth $674,000. Institutional investors and hedge funds own 45.08% of the company’s stock.

Westrock Coffee Trading Down 9.4%

The firm has a market capitalization of $917.23 million, a P/E ratio of -14.26 and a beta of 0.84. The company has a 50-day moving average of $8.46 and a 200-day moving average of $6.99.

About Westrock Coffee

Westrock Coffee Company is a global provider of integrated coffee, tea, flavors, extracts and ready-to-drink beverage solutions. The company sources raw materials from producing regions, then provides processing, roasting, blending, extraction, packaging and distribution services for beverage brands and other commercial customers.

Its products and services support a range of beverage formats, including roasted and ground coffee, single-serve coffee, tea, liquid coffee and tea extracts, ready-to-drink beverages, and customized flavor systems.