Kanen Wealth Management LLC Purchases New Position in Zevia PBC $ZVIA

Key Points

• Kanen Wealth Management acquired 1.25 million Zevia PBC shares in the first quarter, worth approximately $1.46 million, giving it a 1.62% stake. Institutional investors collectively own 53.21% of the company.
• A major shareholder sold 2.15 million shares at an average price of $1.90, reducing its ownership by 15.87%; company insiders own 7.70% of Zevia.
• Zevia’s shares opened at $1.59, while analysts maintain a consensus “Hold” rating with a $4.42 target price. The company matched quarterly EPS expectations at a loss of $0.03 but exceeded revenue estimates with $46.09 million.

Kanen Wealth Management LLC acquired a new stake in Zevia PBC (NYSE:ZVIA - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,250,000 shares of the company's stock, valued at approximately $1,462,000. Zevia PBC makes up about 0.5% of Kanen Wealth Management LLC's portfolio, making the stock its 25th largest position. Kanen Wealth Management LLC owned 1.62% of Zevia PBC as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Quadrature Capital Ltd acquired a new stake in shares of Zevia PBC during the fourth quarter worth about $26,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of Zevia PBC in the 4th quarter valued at about $27,000. Engineers Gate Manager LP acquired a new stake in shares of Zevia PBC in the 4th quarter valued at about $28,000. SG Americas Securities LLC acquired a new stake in shares of Zevia PBC in the 4th quarter valued at about $31,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Zevia PBC during the 4th quarter worth approximately $38,000. Hedge funds and other institutional investors own 53.21% of the company's stock.

Insider Buying and Selling at Zevia PBC

In related news, major shareholder De Depot Et Placement D. Caisse sold 2,150,000 shares of the firm'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 of the company's stock, valued at $21,660,813.20. This trade represents a 15.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 7.70% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised Zevia PBC from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, July 17th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $4.42.

Zevia PBC Price Performance

Shares of NYSE:ZVIA opened at $1.59 on Wednesday. The stock has a market cap of $122.78 million, a P/E ratio of -15.95 and a beta of 1.00. The firm has a fifty day moving average price of $1.57 and a 200 day moving average price of $1.50. Zevia PBC has a 1-year low of $1.11 and a 1-year high of $3.63.

Zevia PBC (NYSE:ZVIA - Get Free Report) last issued 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 for the quarter, compared to the consensus estimate of $40.97 million. Sell-side analysts expect that Zevia PBC will post -0.1 EPS for the current fiscal year.

Zevia PBC Profile

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.

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