Zevia PBC (NYSE:ZVIA) Trading Down 0.4% - Here's What Happened

Key Points

• Zevia PBC shares edged down 0.4% in Wednesday trading, briefly touching a low of $1.65 before last trading at $1.7030 on lighter-than-average volume.
• Weiss Ratings downgraded the stock from “sell (d-)” to “sell (e+)” in a recent research note, while overall analyst sentiment remains at Hold with a $4.42 average price target.
• The company’s latest quarterly results were mixed: EPS matched estimates at -$0.03, but revenue topped expectations at $46.09 million versus $40.97 million expected.

Zevia PBC (NYSE:ZVIA - Get Free Report) shares traded down 0.4% during mid-day trading on Wednesday . The stock traded as low as $1.65 and last traded at $1.7030. 632,060 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 1,487,161 shares. The stock had previously closed at $1.71.

Wall Street Analyst Weigh In

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

Zevia PBC Price Performance

The stock has a market cap of $131.10 million, a PE ratio of -17.03 and a beta of 1.00. The firm's 50 day moving average price is $1.47 and its two-hundred day moving average price is $1.55.

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

Insider Transactions at Zevia PBC

In other Zevia PBC news, major shareholder De Depot Et Placement D. Caisse sold 2,150,000 shares of the stock in a transaction on 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 sale, the insider owned 11,400,428 shares in the company, valued at $21,660,813.20. This represents a 15.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 7.70% of the stock is owned by insiders.

Institutional Trading of Zevia PBC

A number of hedge funds and other institutional investors have recently made changes to their positions in ZVIA. Quadrature Capital Ltd purchased a new stake in Zevia PBC during the 4th quarter worth about $26,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in Zevia PBC during the 4th quarter valued at about $27,000. Engineers Gate Manager LP purchased a new position in Zevia PBC during the 4th quarter valued at about $28,000. SG Americas Securities LLC bought a new stake in shares of Zevia PBC during the fourth quarter valued at about $31,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Zevia PBC during the fourth quarter valued at about $38,000. 53.21% of the stock is currently owned by 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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