Zevia PBC (NYSE:ZVIA) Stock Price Down 0.4% – Here’s What Happened

Zevia PBC (NYSE:ZVIA)’s stock price dropped 0.4% during trading on Wednesday . The stock traded as low as $1.65 and last traded at $1.7030. Approximately 632,060 shares traded hands during trading, a decline of 57% from the average session volume of 1,487,161 shares. The stock had previously closed at $1.71.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut shares of Zevia PBC from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, June 24th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.42.

Zevia PBC Price Performance

The company has a market cap of $131.10 million, a P/E ratio of -17.03 and a beta of 1.00. The company has a 50 day moving average of $1.47 and a 200-day moving average of $1.55.

Zevia PBC (NYSE:ZVIA) last posted its earnings results on Wednesday, May 6th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). The business had revenue of $46.09 million during the quarter, compared to analysts’ expectations of $40.97 million. Zevia PBC had a negative return on equity of 13.43% and a negative net margin of 4.11%. Research analysts anticipate that Zevia PBC will post -0.1 EPS for the current year.

Insider Activity at Zevia PBC

In other news, major shareholder De Depot Et Placement D. Caisse sold 2,150,000 shares of the business’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $1.90, for a total transaction of $4,085,000.00. Following the completion of the transaction, the insider owned 11,400,428 shares of the company’s stock, valued at approximately $21,660,813.20. The trade was a 15.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 7.70% of the company’s stock.

Institutional Investors Weigh In On Zevia PBC

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Quadrature Capital Ltd bought a new stake in Zevia PBC during the fourth quarter valued at approximately $26,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Zevia PBC in the 4th quarter worth $27,000. Engineers Gate Manager LP bought a new position in shares of Zevia PBC in the 4th quarter worth $28,000. SG Americas Securities LLC purchased a new stake in shares of Zevia PBC during the 4th quarter valued at $31,000. Finally, JPMorgan Chase & Co. raised its position in shares of Zevia PBC by 2,460.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 15,518 shares of the company’s stock valued at $50,000 after buying an additional 14,912 shares in the last quarter. 53.21% of the stock is owned by hedge funds and other institutional investors.

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.