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

Shares of Zevia PBC (NYSE:ZVIA) traded down 0.4% during trading on Wednesday . The company 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 daily volume of 1,487,161 shares. The stock had previously closed at $1.71.

Wall Street Analyst Weigh In

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

Zevia PBC Price Performance

The stock has a market capitalization of $133.10 million, a price-to-earnings ratio of -17.29 and a beta of 1.00. The business’s 50-day simple moving average is $1.48 and its two-hundred day simple moving average is $1.55.

Zevia PBC (NYSE:ZVIA) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). Zevia PBC had a negative net margin of 4.11% and a negative return on equity of 13.43%. The company had revenue of $46.09 million during the quarter, compared to the consensus estimate of $40.97 million. As a group, sell-side analysts expect that Zevia PBC will post -0.1 EPS for the current year.

Insider Buying and Selling

In other Zevia PBC 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 transaction, the insider owned 11,400,428 shares in the company, valued at $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 SEC, which is available through this hyperlink. 7.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Zevia PBC

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Kanen Wealth Management LLC purchased a new position in Zevia PBC in the 1st quarter worth approximately $1,462,000. Stoic Point Capital Management LLC purchased a new stake in shares of Zevia PBC during the first quarter valued at approximately $867,000. Renaissance Technologies LLC raised its stake in shares of Zevia PBC by 33.3% during the first quarter. Renaissance Technologies LLC now owns 811,826 shares of the company’s stock valued at $950,000 after purchasing an additional 203,000 shares during the period. Sei Investments Co. acquired a new position in shares of Zevia PBC during the first quarter worth $86,000. Finally, Bank of New York Mellon Corp lifted its position in shares of Zevia PBC by 12.9% during the first quarter. Bank of New York Mellon Corp now owns 112,370 shares of the company’s stock worth $131,000 after purchasing an additional 12,844 shares in the last quarter. 53.21% of the stock is owned by institutional investors and hedge funds.

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.