Zevia PBC (NYSE:ZVIA) Stock Falls 1.2% – Here’s Why

Zevia PBC (NYSE:ZVIA)’s share price fell 1.2% during trading on Thursday. The company traded as low as $1.18 and last traded at $1.1950. Approximately 401,569 shares were traded during trading, a decline of 4% from the average daily volume of 420,309 shares. The stock had previously closed at $1.21.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ZVIA shares. Weiss Ratings upgraded Zevia PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, September 22nd. Wall Street Zen downgraded Zevia PBC from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Zevia PBC presently has a consensus rating of “Hold” and an average target price of $4.50.

Zevia PBC Price Performance

The company’s 50 day moving average price is $1.36 and its two-hundred day moving average price is $1.40. The stock has a market capitalization of $92.43 million, a PE ratio of -9.19 and a beta of 0.93.

Zevia PBC (NYSE:ZVIA) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). Zevia PBC had a negative net margin of 5.34% and a negative return on equity of 16.92%. The company had revenue of $45.00 million during the quarter, compared to analysts’ expectations of $44.21 million. Analysts forecast that Zevia PBC will post -0.13 earnings per share for the current year.

Institutional Investors Weigh In On Zevia PBC

Several hedge funds and other institutional investors have recently made changes to their positions in ZVIA. Bank of New York Mellon Corp grew its holdings in Zevia PBC by 12.9% in the 1st quarter. Bank of New York Mellon Corp now owns 112,370 shares of the company’s stock valued at $131,000 after buying an additional 12,844 shares in the last quarter. Tocqueville Asset Management L.P. purchased a new position in shares of Zevia PBC during the 2nd quarter worth $26,000. Ruggaard & Associates LLC purchased a new position in shares of Zevia PBC during the 2nd quarter worth $28,000. Sei Investments Co. acquired a new position in shares of Zevia PBC during the 1st quarter valued at about $86,000. Finally, Renaissance Technologies LLC boosted its position in shares of Zevia PBC by 33.3% during the 1st quarter. Renaissance Technologies LLC now owns 811,826 shares of the company’s stock valued at $950,000 after acquiring an additional 203,000 shares during the last quarter. Institutional investors and hedge funds own 53.21% of the company’s stock.

Zevia PBC Company Profile

Zevia PBC is a beverage company that develops, markets and sells zero-sugar, naturally sweetened drinks. Its products are designed to provide alternatives to conventional soft drinks and other beverages that contain added sugar or artificial sweeteners.

The company’s portfolio includes Zevia Soda, a line of carbonated soft drinks offered in flavors such as cola, citrus and ginger; Zevia Energy drinks; Zevia Kids beverages; and other sparkling and functional beverage products. Zevia beverages are generally sweetened with stevia leaf extract and are marketed as having zero sugar and zero calories.

Founded in 2007, Zevia sells its products primarily through grocery, mass-market, natural and specialty retailers, as well as e-commerce channels.