Short Interest in Zevia PBC (NYSE:ZVIA) Decreases By 63.0%

Zevia PBC (NYSE:ZVIA) was the target of a large decrease in short interest during 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. Approximately 1.1% of the company’s shares are short sold. Based on an average daily volume of 2,140,312 shares, the short-interest ratio is presently 0.4 days.

Analysts Set New Price Targets

Separately, Weiss Ratings cut shares of Zevia PBC from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, June 24th. Three research 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. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $4.42.

Insider Activity at Zevia PBC

In related news, major shareholder De Depot Et Placement D. Caisse sold 2,150,000 shares of the company’s stock in a transaction that occurred 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 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 7.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Kanen Wealth Management LLC purchased a new position in Zevia PBC during the 1st quarter valued at about $1,462,000. Stoic Point Capital Management LLC purchased a new stake in Zevia PBC in the first quarter worth about $867,000. Renaissance Technologies LLC grew its holdings in Zevia PBC by 33.3% in the first quarter. Renaissance Technologies LLC now owns 811,826 shares of the company’s stock worth $950,000 after purchasing an additional 203,000 shares during the period. Sei Investments Co. purchased a new stake in Zevia PBC in the first quarter worth about $86,000. Finally, Bank of New York Mellon Corp increased its stake in shares of Zevia PBC by 12.9% during the first quarter. Bank of New York Mellon Corp now owns 112,370 shares of the company’s stock valued at $131,000 after purchasing an additional 12,844 shares in the last quarter. 53.21% of the stock is currently owned by institutional investors.

Zevia PBC Stock Performance

Shares of ZVIA traded up $0.01 on Tuesday, reaching $1.74. The stock had a trading volume of 790,719 shares, compared to its average volume of 925,437. The firm has a market capitalization of $133.56 million, a price-to-earnings ratio of -17.35 and a beta of 1.00. The company has a 50-day simple moving average of $1.50 and a 200-day simple moving average of $1.54. Zevia PBC has a 12-month low of $1.11 and a 12-month high of $3.63.

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

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.