Millennium Management LLC Boosts Stock Position in Westrock Coffee (NASDAQ:WEST)

Millennium Management LLC increased its position in Westrock Coffee (NASDAQ:WEST - Free Report) by 198.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 589,450 shares of the company's stock after acquiring an additional 392,214 shares during the quarter. Millennium Management LLC owned about 0.63% of Westrock Coffee worth $3,784,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new position in Westrock Coffee during the fourth quarter worth about $37,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Westrock Coffee during the 4th quarter valued at approximately $47,000. Virtu Financial LLC bought a new position in Westrock Coffee in the 4th quarter worth approximately $83,000. Price T Rowe Associates Inc. MD grew its stake in Westrock Coffee by 23.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,418 shares of the company's stock valued at $87,000 after buying an additional 2,588 shares in the last quarter. Finally, Envestnet Asset Management Inc. purchased a new position in Westrock Coffee in the 4th quarter valued at approximately $95,000. Hedge funds and other institutional investors own 45.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on WEST shares. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $9.00 price target on shares of Westrock Coffee in a report on Tuesday, May 6th. Benchmark reissued a "buy" rating and set a $10.00 price objective on shares of Westrock Coffee in a report on Wednesday, April 16th. Finally, Stifel Nicolaus reduced their target price on Westrock Coffee from $12.00 to $10.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $10.40.

Westrock Coffee Stock Performance

Shares of WEST remained flat at $6.70 during mid-day trading on Wednesday. 251,780 shares of the stock were exchanged, compared to its average volume of 301,730. The firm has a market cap of $634.09 million, a P/E ratio of -7.79 and a beta of 0.49. Westrock Coffee has a 12-month low of $5.28 and a 12-month high of $10.58. The business has a 50-day simple moving average of $6.48 and a two-hundred day simple moving average of $6.64. The company has a current ratio of 1.39, a quick ratio of 0.73 and a debt-to-equity ratio of 3.41.

Westrock Coffee (NASDAQ:WEST - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.05). The business had revenue of $213.80 million for the quarter, compared to analysts' expectations of $213.85 million. Westrock Coffee had a negative return on equity of 20.72% and a negative net margin of 9.05%. On average, sell-side analysts anticipate that Westrock Coffee will post -0.3 EPS for the current year.

Insider Activity

In related news, COO William A. Ford purchased 15,000 shares of the business's stock in a transaction on Friday, March 14th. The stock was acquired at an average price of $6.45 per share, with a total value of $96,750.00. Following the purchase, the chief operating officer now directly owns 476,190 shares in the company, valued at approximately $3,071,425.50. This represents a 3.25% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Joe T. Ford acquired 10,000 shares of the stock in a transaction dated Tuesday, May 13th. The shares were bought at an average price of $7.35 per share, for a total transaction of $73,500.00. Following the transaction, the director now owns 276,445 shares in the company, valued at approximately $2,031,870.75. This represents a 3.75% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 120,000 shares of company stock worth $879,150. 42.10% of the stock is currently owned by insiders.

Westrock Coffee Profile

Westrock Coffee Company, LLC operates as an integrated coffee, tea, flavors, extracts, and ingredients solutions provider in the United States and internationally. It operates through two segments, Beverage Solutions, and Sustainable Sourcing & Traceability (SS&T). The Beverage Solutions segment provides various packaging, including branded and private label coffee in bags, fractional packs, and single serve cups, as well as extract solutions for applications in cold brew and ready-to-drink offerings.