Zevia PBC (NYSE:ZVIA) Major Shareholder De Depot Et Placement Caisse Sells 2,971,664 Shares of Stock

Zevia PBC (NYSE:ZVIA) major shareholder De Depot Et Placement Caisse sold 2,971,664 shares of Zevia PBC stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $2.73, for a total transaction of $8,112,642.72. Following the completion of the sale, the insider directly owned 17,050,428 shares in the company, valued at approximately $46,547,668.44. The trade was a 14.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Zevia PBC Stock Down 8.0%

NYSE ZVIA opened at $1.90 on Thursday. The stock has a market capitalization of $142.13 million, a P/E ratio of -8.61 and a beta of 0.87. Zevia PBC has a 52-week low of $1.65 and a 52-week high of $4.51. The firm has a 50-day moving average price of $2.30 and a 200 day moving average price of $2.56.

Zevia PBC (NYSE:ZVIA) last released its earnings results on Wednesday, November 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.02. The company had revenue of $40.84 million for the quarter, compared to analysts’ expectations of $39.33 million. Zevia PBC had a negative return on equity of 30.61% and a negative net margin of 8.83%. On average, equities research analysts expect that Zevia PBC will post -0.32 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ZVIA. Weiss Ratings reiterated a “sell (d-)” rating on shares of Zevia PBC in a report on Wednesday, January 21st. Craig Hallum initiated coverage on shares of Zevia PBC in a research report on Thursday, January 15th. They set a “buy” rating and a $4.00 price target for the company. Telsey Advisory Group reissued an “outperform” rating and set a $6.00 price target on shares of Zevia PBC in a research note on Wednesday, January 14th. Finally, Zacks Research downgraded Zevia PBC from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 5th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $4.68.

Institutional Trading of Zevia PBC

Institutional investors and hedge funds have recently modified their holdings of the business. Emerald Mutual Fund Advisers Trust lifted its position in shares of Zevia PBC by 99.9% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 761,700 shares of the company’s stock valued at $2,453,000 after acquiring an additional 380,693 shares in the last quarter. Divisadero Street Capital Management LP acquired a new position in Zevia PBC in the 2nd quarter valued at about $10,404,000. Hodges Capital Management Inc. purchased a new position in Zevia PBC in the 2nd quarter valued at about $734,000. Bank of Montreal Can acquired a new stake in shares of Zevia PBC during the 2nd quarter worth about $943,000. Finally, Acadian Asset Management LLC grew its holdings in shares of Zevia PBC by 7.1% during the second quarter. Acadian Asset Management LLC now owns 650,621 shares of the company’s stock worth $2,093,000 after buying an additional 43,318 shares in the last quarter. Hedge funds and other institutional investors own 53.21% of the company’s stock.

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.