Zevia PBC (NYSE:ZVIA) Stock Price Down 1.2% – Here’s What Happened

Zevia PBC (NYSE:ZVIA) shares fell 1.2% during trading on Thursday. The stock traded as low as $1.18 and last traded at $1.1950. Approximately 401,569 shares changed hands during mid-day trading, a decline of 4% from the average session volume of 420,309 shares. The stock had previously closed at $1.21.

Analyst Ratings Changes

Several brokerages have weighed in on ZVIA. Weiss Ratings cut Zevia PBC from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday. Wall Street Zen lowered Zevia PBC from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $4.50.

Zevia PBC Price Performance

The firm has a market cap of $93.28 million, a P/E ratio of -9.28 and a beta of 0.93. The stock’s 50-day simple moving average is $1.35 and its two-hundred day simple moving average is $1.40.

Zevia PBC (NYSE:ZVIA) last released its earnings results on Wednesday, August 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). The firm had revenue of $45.00 million during the quarter, compared to analyst estimates of $44.21 million. Zevia PBC had a negative net margin of 5.34% and a negative return on equity of 16.92%. As a group, sell-side analysts expect that Zevia PBC will post -0.13 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its stake in shares of Zevia PBC by 12.9% during the 1st quarter. Bank of New York Mellon Corp now owns 112,370 shares of the company’s stock worth $131,000 after acquiring an additional 12,844 shares during the last quarter. Tocqueville Asset Management L.P. bought a new position in Zevia PBC in the 2nd quarter valued at $26,000. Ruggaard & Associates LLC bought a new position in Zevia PBC in the 2nd quarter valued at $28,000. Sei Investments Co. purchased a new stake in Zevia PBC in the first quarter worth $86,000. Finally, Renaissance Technologies LLC increased its stake in Zevia PBC by 33.3% in the first quarter. Renaissance Technologies LLC now owns 811,826 shares of the company’s stock worth $950,000 after purchasing an additional 203,000 shares during the period. Hedge funds and other institutional investors own 53.21% of the company’s stock.

Zevia PBC Company Profile

Zevia PBC is a beverage company that develops, markets and sells zero-sugar, naturally sweetened drinks. Its products are designed to provide alternatives to conventional soft drinks and other beverages that contain added sugar or artificial sweeteners.

The company’s portfolio includes Zevia Soda, a line of carbonated soft drinks offered in flavors such as cola, citrus and ginger; Zevia Energy drinks; Zevia Kids beverages; and other sparkling and functional beverage products. Zevia beverages are generally sweetened with stevia leaf extract and are marketed as having zero sugar and zero calories.

Founded in 2007, Zevia sells its products primarily through grocery, mass-market, natural and specialty retailers, as well as e-commerce channels.