Zacks Investment Research Upgrades New Age Beverage Corporation (NBEV) to “Buy”
New Age Beverage Corporation (NASDAQ:NBEV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Saturday. The brokerage currently has a $4.50 price objective on the stock. Zacks Investment Research‘s price target suggests a potential upside of 15.09% from the stock’s previous close.
According to Zacks, “New Age Beverages Corporation is a beverage company. The company’s brand portfolio include XingTea (R) , Aspen Pure (R) , Artesian Water, Búcha (R) Live Kombucha, Marley One Drop (R), RTD Coffee and Marley Mellow Mood (TM). New Age Beverages Corporation, formerly known as American Brewing Company Inc., is based in USA. “
Several other equities analysts have also recently weighed in on the stock. Maxim Group lifted their price objective on shares of New Age Beverage Corporation from $6.00 to $7.50 and gave the stock a “buy” rating in a research report on Monday, May 22nd. Roth Capital started coverage on shares of New Age Beverage Corporation in a research report on Thursday, July 27th. They set a “buy” rating and a $7.50 price objective on the stock. Finally, TheStreet cut shares of New Age Beverage Corporation from a “c” rating to a “d+” rating in a research report on Monday, August 7th. Four equities research analysts have rated the stock with a buy rating, The stock currently has an average rating of “Buy” and an average target price of $6.44.
Shares of New Age Beverage Corporation (NASDAQ:NBEV) opened at 3.91 on Friday. The firm has a market cap of $134.23 million, a PE ratio of 230.00 and a beta of 4.74. New Age Beverage Corporation has a 12-month low of $1.28 and a 12-month high of $7.20. The stock’s 50 day moving average price is $4.37 and its 200 day moving average price is $4.58.
In other news, Director Timothy J. Haas acquired 85,000 shares of the stock in a transaction on Friday, August 25th. The shares were purchased at an average cost of $3.49 per share, for a total transaction of $296,650.00. Following the transaction, the director now owns 30,000 shares in the company, valued at approximately $104,700. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Neil Fallon sold 38,881 shares of New Age Beverage Corporation stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $4.53, for a total transaction of $176,130.93. Following the transaction, the director now owns 5,354,858 shares in the company, valued at $24,257,506.74. The disclosure for this sale can be found here. Insiders own 48.59% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. grew its position in New Age Beverage Corporation by 418.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,120,880 shares of the company’s stock worth $5,749,000 after purchasing an additional 904,499 shares in the last quarter. Vanguard Group Inc. purchased a new position in New Age Beverage Corporation during the 2nd quarter worth approximately $3,358,000. Timpani Capital Management LLC grew its position in New Age Beverage Corporation by 43.7% during the 2nd quarter. Timpani Capital Management LLC now owns 308,471 shares of the company’s stock worth $1,582,000 after purchasing an additional 93,817 shares in the last quarter. EAM Investors LLC purchased a new position in New Age Beverage Corporation during the 2nd quarter worth approximately $1,104,000. Finally, Blair William & Co. IL purchased a new position in New Age Beverage Corporation during the 2nd quarter worth approximately $577,000. Hedge funds and other institutional investors own 14.01% of the company’s stock.
About New Age Beverage Corporation
The New Age Beverage Corporation, formerly Bucha, Inc, is a healthy functional beverage company. The Company is the owner of XingTea, XingEnergy, Aspen Pure and the Bucha Live Kombucha brands. The Company’s bucha Live Kombucha is a gluten free, organic certified, sparkling kombucha tea and is distributed in health and grocery chains across North America.
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