Zevia PBC (NYSE:ZVIA) Short Interest Up 73.3% in July

Key Points

• Zevia PBC experienced a significant increase in short interest, rising by 73.3% in July, with 2,010,000 shares short sold, representing 4.0% of its stock.
• Hedge funds and institutional investors now own 53.21% of Zevia PBC, with notable transactions in the second quarter, including $943,000 invested by the Bank of Montreal.
• Analysts upgraded Zevia PBC's stock rating from "market perform" to "outperform", raising the price target from $3.00 to $5.00.

Zevia PBC (NYSE:ZVIA - Get Free Report) was the target of a significant growth in short interest in July. As of July 15th, there was short interest totaling 2,010,000 shares, agrowthof73.3% from the June 30th total of 1,160,000 shares. Based on an average trading volume of 792,800 shares, the short-interest ratio is currently 2.5 days. Currently,4.0% of the company's stock are short sold. Currently,4.0% of the company's stock are short sold. Based on an average trading volume of 792,800 shares, the short-interest ratio is currently 2.5 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC boosted its position in Zevia PBC by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 539,652 shares of the company's stock worth $2,262,000 after buying an additional 3,177 shares during the period. Russell Investments Group Ltd. bought a new position in shares of Zevia PBC during the fourth quarter valued at $596,000. Renaissance Technologies LLC lifted its holdings in shares of Zevia PBC by 51.6% during the fourth quarter. Renaissance Technologies LLC now owns 150,726 shares of the company's stock worth $632,000 after purchasing an additional 51,300 shares during the period. Marshall Wace LLP bought a new stake in shares of Zevia PBC in the fourth quarter worth $858,000. Finally, Stifel Financial Corp bought a new stake in shares of Zevia PBC in the fourth quarter worth $42,000. Institutional investors and hedge funds own 53.21% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Telsey Advisory Group upgraded shares of Zevia PBC from a "market perform" rating to an "outperform" rating and raised their target price for the company from $3.00 to $5.00 in a research note on Monday, August 4th. BMO Capital Markets lifted their price objective on shares of Zevia PBC from $5.00 to $6.00 and gave the stock an "outperform" rating in a research report on Thursday.

Zevia PBC Stock Performance

Shares of Zevia PBC stock remained flat at $3.31 on Friday. 876,291 shares of the stock were exchanged, compared to its average volume of 742,913. The stock has a market cap of $245.67 million, a price-to-earnings ratio of -15.05 and a beta of 0.90. The firm's 50 day simple moving average is $3.07 and its 200 day simple moving average is $2.83. Zevia PBC has a 12 month low of $0.81 and a 12 month high of $4.99.

Zevia PBC (NYSE:ZVIA - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.04. Zevia PBC had a negative return on equity of 27.86% and a negative net margin of 8.97%. The firm had revenue of $44.52 million during the quarter, compared to the consensus estimate of $41.63 million. As a group, research analysts predict that Zevia PBC will post -0.32 earnings per share for the current fiscal year.

About Zevia PBC

Zevia PBC, a beverage company, develops, markets, sells, and distributes various carbonated beverages in the United States and Canada. It offers soda, energy drinks, organic tea, and kidz drinks. The company offers its products through a network of food, drug, warehouse club, mass, natural, convenience, and e-commerce channels, as well as grocery distributors and natural product stores and specialty outlets.