Zevia PBC (NYSE:ZVIA) Major Shareholder De Depot Et Placement Caisse Sells 2,150,000 Shares of Stock

Zevia PBC (NYSE:ZVIA) major shareholder De Depot Et Placement 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 value of $4,085,000.00. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Zevia PBC Stock Down 7.3%

Zevia PBC stock opened at $1.60 on Friday. Zevia PBC has a 52 week low of $1.11 and a 52 week high of $3.66. The business has a 50-day simple moving average of $1.30 and a 200 day simple moving average of $1.78. The stock has a market cap of $122.78 million, a price-to-earnings ratio of -15.95 and a beta of 0.95.

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). Zevia PBC had a negative return on equity of 13.43% and a negative net margin of 4.11%.The business had revenue of $46.09 million during the quarter, compared to analysts’ expectations of $40.97 million. On average, research analysts anticipate that Zevia PBC will post -0.1 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Telsey Advisory Group dropped their price target on Zevia PBC from $6.00 to $5.00 and set an “outperform” rating for the company in a research note on Thursday, February 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Zevia PBC in a report on Monday, April 20th. Three 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. Based on data from MarketBeat, Zevia PBC has an average rating of “Hold” and a consensus target price of $4.43.

Institutional Investors Weigh In On Zevia PBC

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Divisadero Street Capital Management LP lifted its stake in shares of Zevia PBC by 90.6% in the 3rd quarter. Divisadero Street Capital Management LP now owns 6,159,362 shares of the company’s stock valued at $16,753,000 after acquiring an additional 2,928,382 shares during the last quarter. Jefferies Financial Group Inc. bought a new position in Zevia PBC during the 4th quarter valued at approximately $4,864,000. Vanguard Group Inc. raised its position in Zevia PBC by 4.8% during the 3rd quarter. Vanguard Group Inc. now owns 1,966,289 shares of the company’s stock valued at $5,348,000 after purchasing an additional 89,810 shares during the last quarter. Kanen Wealth Management LLC bought a new position in Zevia PBC during the 1st quarter valued at approximately $1,462,000. Finally, Ghisallo Capital Management LLC raised its position in Zevia PBC by 265.1% during the 3rd quarter. Ghisallo Capital Management LLC now owns 1,100,000 shares of the company’s stock valued at $2,992,000 after purchasing an additional 798,700 shares during the last quarter. Institutional investors own 53.21% of the company’s stock.

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.