Millennium Management LLC Purchases 392,214 Shares of Westrock Coffee (NASDAQ:WEST)

Millennium Management LLC increased its holdings in Westrock Coffee (NASDAQ:WEST - Free Report) by 198.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 589,450 shares of the company's stock after buying an additional 392,214 shares during the quarter. Millennium Management LLC owned 0.63% of Westrock Coffee worth $3,784,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Deutsche Bank AG raised its stake in Westrock Coffee by 88.3% during the fourth quarter. Deutsche Bank AG now owns 42,294 shares of the company's stock valued at $272,000 after purchasing an additional 19,829 shares in the last quarter. Cresset Asset Management LLC purchased a new position in shares of Westrock Coffee in the 4th quarter valued at approximately $353,000. Bank of America Corp DE increased its holdings in shares of Westrock Coffee by 76.9% during the 4th quarter. Bank of America Corp DE now owns 76,401 shares of the company's stock valued at $490,000 after purchasing an additional 33,212 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in Westrock Coffee in the 4th quarter valued at $37,000. Finally, Northern Trust Corp boosted its stake in Westrock Coffee by 2.3% during the 4th quarter. Northern Trust Corp now owns 300,712 shares of the company's stock worth $1,931,000 after purchasing an additional 6,762 shares during the last quarter. Hedge funds and other institutional investors own 45.08% of the company's stock.

Insider Buying and Selling

In related news, Director Joe T. Ford acquired 10,000 shares of the stock in a transaction dated Tuesday, May 13th. The shares were acquired at an average price of $7.35 per share, with a total value of $73,500.00. Following the acquisition, the director now owns 276,445 shares in the company, valued at approximately $2,031,870.75. The trade was a 3.75% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO William A. Ford bought 15,000 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The shares were 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 owns 476,190 shares in the company, valued at $3,071,425.50. This trade represents a 3.25% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 120,000 shares of company stock valued at $879,150. Corporate insiders own 42.10% of the company's stock.

Wall Street Analyst Weigh In

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

Westrock Coffee Price Performance

Shares of Westrock Coffee stock traded up $0.04 during trading on Tuesday, hitting $6.81. The stock had a trading volume of 113,073 shares, compared to its average volume of 300,252. The company has a debt-to-equity ratio of 3.41, a current ratio of 1.39 and a quick ratio of 0.73. The firm has a market cap of $644.51 million, a P/E ratio of -7.92 and a beta of 0.49. The business has a fifty day moving average of $6.49 and a two-hundred day moving average of $6.64. Westrock Coffee has a fifty-two week low of $5.28 and a fifty-two week high of $10.58.

Westrock Coffee (NASDAQ:WEST - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.05). The business had revenue of $213.80 million during 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 expect that Westrock Coffee will post -0.3 earnings per share for the current fiscal year.

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.