Coca-Cola Europacific Partners (NASDAQ:CCEP) Shares Gap Down - Here's What Happened

Key Points

• Coca-Cola Europacific Partners' stock price decreased significantly, gapping down from a previous close of $98.33 to open at $91.01 before trading at $89.06.
• UBS and Barclays raised their price targets for the stock to $105.00 and $104.00 respectively, while Wall Street Zen downgraded its rating to "hold."
• Institutional investors have notably increased their stakes, with Vanguard Group raising its holdings by 462.7% in the first quarter.

Coca-Cola Europacific Partners (NASDAQ:CCEP - Get Free Report)'s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $98.33, but opened at $91.01. Coca-Cola Europacific Partners shares last traded at $89.06, with a volume of 813,270 shares trading hands.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. UBS Group boosted their price target on shares of Coca-Cola Europacific Partners from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Barclays reaffirmed an "overweight" rating and set a $104.00 price objective (up from $101.00) on shares of Coca-Cola Europacific Partners in a research report on Tuesday, July 15th. Finally, Wall Street Zen downgraded shares of Coca-Cola Europacific Partners from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $90.57.

Coca-Cola Europacific Partners Stock Down 7.8%

The firm has a market cap of $41.78 billion, a price-to-earnings ratio of 18.68, a PEG ratio of 2.56 and a beta of 0.75. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.81 and a quick ratio of 0.62. The business has a fifty day simple moving average of $94.64 and a 200 day simple moving average of $88.46.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Invesco Ltd. grew its position in shares of Coca-Cola Europacific Partners by 2.1% in the 1st quarter. Invesco Ltd. now owns 10,335,894 shares of the company's stock valued at $899,533,000 after buying an additional 215,966 shares during the last quarter. Vanguard Group Inc. raised its stake in Coca-Cola Europacific Partners by 462.7% in the 1st quarter. Vanguard Group Inc. now owns 9,883,600 shares of the company's stock valued at $862,167,000 after purchasing an additional 8,126,996 shares during the last quarter. FMR LLC raised its holdings in Coca-Cola Europacific Partners by 3.3% in the 4th quarter. FMR LLC now owns 7,234,642 shares of the company's stock valued at $555,693,000 after acquiring an additional 229,679 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Coca-Cola Europacific Partners by 24.3% during the first quarter. Goldman Sachs Group Inc. now owns 6,205,337 shares of the company's stock worth $540,050,000 after buying an additional 1,214,493 shares during the period. Finally, Amundi boosted its stake in Coca-Cola Europacific Partners by 1.6% in the 1st quarter. Amundi now owns 3,128,598 shares of the company's stock worth $281,009,000 after buying an additional 49,747 shares during the last quarter. Hedge funds and other institutional investors own 31.35% of the company's stock.

About Coca-Cola Europacific Partners

Coca-Cola Europacific Partners PLC, together with its subsidiaries, produces, distributes, and sells a range of non-alcoholic ready to drink beverages. It offers flavours, mixers, and energy drinks; soft drinks, waters, enhanced water, and isotonic drinks; and ready-to-drink tea and coffee, juices, and other drinks.

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