Zevia PBC (NYSE:ZVIA) Short Interest Update

Key Points

• Zevia PBC’s short interest fell sharply in June, dropping 63.0% to 777,960 shares as of June 30. That represents about 1.1% of the float, with a very low days-to-cover ratio of 0.4 days.
• Analyst sentiment remains mixed, with Weiss Ratings downgrading the stock and MarketBeat reporting an overall Hold consensus. The average price target sits at $4.42, while current analyst ratings include three Buys, two Holds, and one Sell.
• The company recently reported revenue ahead of expectations in its latest quarterly results, though earnings were still negative. Zevia also saw a large insider sale in May, and the stock was trading around $1.73, near the lower end of its 52-week range.

Zevia PBC (NYSE:ZVIA - Get Free Report) was the target of a significant decrease in short interest in the month of June. As of June 30th, there was short interest totaling 777,960 shares, a decrease of 63.0% from the June 15th total of 2,101,656 shares. Currently, 1.1% of the shares of the stock are short sold. Based on an average daily volume of 2,140,312 shares, the days-to-cover ratio is presently 0.4 days.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut shares of Zevia PBC from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, June 24th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $4.42.

Zevia PBC Stock Up 0.5%

Shares of Zevia PBC stock opened at $1.73 on Monday. The firm has a market cap of $133.11 million, a price-to-earnings ratio of -17.29 and a beta of 1.00. The business has a fifty day simple moving average of $1.49 and a 200-day simple moving average of $1.54. Zevia PBC has a fifty-two week low of $1.11 and a fifty-two week high of $3.63.

Zevia PBC (NYSE:ZVIA - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.03). Zevia PBC had a negative return on equity of 13.43% and a negative net margin of 4.11%.The business had revenue of $46.09 million for the quarter, compared to analysts' expectations of $40.97 million. Analysts anticipate that Zevia PBC will post -0.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder De Depot Et Placement D. Caisse sold 2,150,000 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $1.90, for a total value of $4,085,000.00. Following the completion of the transaction, the insider owned 11,400,428 shares in the company, valued at $21,660,813.20. This represents a 15.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 7.70% of the stock is owned by insiders.

Institutional Trading of Zevia PBC

A number of hedge funds have recently bought and sold shares of ZVIA. TD Waterhouse Canada Inc. boosted its holdings in shares of Zevia PBC by 6.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 131,042 shares of the company's stock worth $303,000 after buying an additional 8,237 shares during the period. CreativeOne Wealth LLC raised its holdings in shares of Zevia PBC by 45.4% during the third quarter. CreativeOne Wealth LLC now owns 28,162 shares of the company's stock valued at $77,000 after acquiring an additional 8,787 shares during the period. Quadrature Capital Ltd acquired a new stake in shares of Zevia PBC during the fourth quarter valued at approximately $26,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in shares of Zevia PBC in the 4th quarter valued at approximately $27,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of Zevia PBC in the 4th quarter valued at approximately $28,000. 53.21% of the stock is owned by hedge funds and other institutional investors.

About Zevia PBC

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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