Elevate Capital Advisors LLC Has $1.62 Million Stock Position in Monster Beverage Corporation $MNST

Key Points

• Elevate Capital Advisors LLC reduced its stake in Monster Beverage Corporation by 21.1%, ending up with a stock position valued at approximately $1.62 million.
• Several hedge funds increased their holdings in Monster Beverage, with Assenagon Asset Management S.A. raising its position by 5,095.6% during the first quarter.
• Monster Beverage reported $2.11 billion in revenue for the last quarter, exceeding analysts' expectations, and upgraded its earnings forecast to 1.62 EPS for the current fiscal year.

Elevate Capital Advisors LLC cut its holdings in Monster Beverage Corporation (NASDAQ:MNST - Free Report) by 21.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,930 shares of the company's stock after selling 6,919 shares during the period. Elevate Capital Advisors LLC's holdings in Monster Beverage were worth $1,624,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MNST. Nuveen LLC acquired a new stake in shares of Monster Beverage in the first quarter valued at approximately $497,157,000. Assenagon Asset Management S.A. raised its holdings in shares of Monster Beverage by 5,095.6% in the first quarter. Assenagon Asset Management S.A. now owns 3,063,351 shares of the company's stock valued at $179,267,000 after purchasing an additional 3,004,391 shares during the last quarter. Montrusco Bolton Investments Inc. raised its holdings in shares of Monster Beverage by 54.7% in the first quarter. Montrusco Bolton Investments Inc. now owns 5,366,126 shares of the company's stock valued at $303,728,000 after purchasing an additional 1,897,466 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Monster Beverage by 34.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,278,206 shares of the company's stock valued at $425,921,000 after purchasing an additional 1,872,075 shares during the last quarter. Finally, Amundi raised its holdings in shares of Monster Beverage by 69.8% in the first quarter. Amundi now owns 3,032,591 shares of the company's stock valued at $180,894,000 after purchasing an additional 1,246,114 shares during the last quarter. 72.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Stifel Nicolaus assumed coverage on shares of Monster Beverage in a report on Thursday, June 12th. They issued a "buy" rating and a $72.00 price objective on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Monster Beverage from $64.00 to $68.00 and gave the company a "neutral" rating in a report on Friday, August 8th. Wall Street Zen downgraded shares of Monster Beverage from a "buy" rating to a "hold" rating in a report on Friday, September 5th. Wells Fargo & Company set a $73.00 target price on shares of Monster Beverage and gave the stock an "overweight" rating in a report on Friday, August 8th. Finally, Piper Sandler upgraded shares of Monster Beverage from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $54.00 to $74.00 in a report on Thursday, August 7th. Thirteen equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $65.19.

Insider Buying and Selling

In other Monster Beverage news, Director Mark Vidergauz sold 10,000 shares of Monster Beverage stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $63.73, for a total transaction of $637,300.00. Following the completion of the transaction, the director directly owned 51,191 shares of the company's stock, valued at $3,262,402.43. The trade was a 16.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 8.30% of the stock is currently owned by company insiders.

Monster Beverage Price Performance

MNST stock opened at $67.17 on Friday. The company has a fifty day moving average price of $63.47 and a two-hundred day moving average price of $61.57. Monster Beverage Corporation has a one year low of $45.70 and a one year high of $67.89. The stock has a market cap of $65.59 billion, a price-to-earnings ratio of 41.72, a price-to-earnings-growth ratio of 2.35 and a beta of 0.54.

Monster Beverage (NASDAQ:MNST - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.52 EPS for the quarter, topping analysts' consensus estimates of $0.48 by $0.04. Monster Beverage had a net margin of 20.54% and a return on equity of 27.46%. The firm had revenue of $2.11 billion during the quarter, compared to analysts' expectations of $2.08 billion. During the same period in the previous year, the business posted $0.41 earnings per share. The company's revenue for the quarter was up 11.1% compared to the same quarter last year. Research analysts anticipate that Monster Beverage Corporation will post 1.62 EPS for the current fiscal year.

About Monster Beverage

Monster Beverage Corporation, through its subsidiaries, engages in development, marketing, sale, and distribution of energy drink beverages and concentrates in the United States and internationally. The company operates through three segments: Monster Energy Drinks, Strategic Brands, Alcohol Brands, and Other.

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