Divisadero Street Capital Management LP Buys 2,928,382 Shares of Zevia PBC $ZVIA

Divisadero Street Capital Management LP grew its stake in shares of Zevia PBC (NYSE:ZVIA) by 90.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,159,362 shares of the company’s stock after buying an additional 2,928,382 shares during the quarter. Divisadero Street Capital Management LP owned 0.08% of Zevia PBC worth $16,753,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ZVIA. Centiva Capital LP bought a new position in Zevia PBC in the third quarter valued at $241,000. Algert Global LLC raised its position in Zevia PBC by 80.6% during the third quarter. Algert Global LLC now owns 67,400 shares of the company’s stock valued at $183,000 after purchasing an additional 30,070 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Zevia PBC by 125.4% during the third quarter. Alliancebernstein L.P. now owns 46,310 shares of the company’s stock worth $126,000 after purchasing an additional 25,760 shares during the last quarter. Two Sigma Investments LP lifted its stake in Zevia PBC by 488.2% during the third quarter. Two Sigma Investments LP now owns 89,596 shares of the company’s stock worth $244,000 after purchasing an additional 74,364 shares during the last quarter. Finally, Ghisallo Capital Management LLC boosted its holdings in shares of Zevia PBC by 265.1% in the 3rd quarter. Ghisallo Capital Management LLC now owns 1,100,000 shares of the company’s stock worth $2,992,000 after purchasing an additional 798,700 shares in the last quarter. 53.21% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Zevia PBC in a report on Wednesday, January 21st. Craig Hallum assumed coverage on Zevia PBC in a research note on Thursday, January 15th. They issued a “buy” rating and a $4.00 target price for the company. Finally, Telsey Advisory Group reduced their price target on shares of Zevia PBC from $6.00 to $5.00 and set an “outperform” rating on the stock in a research report on Thursday, February 26th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.43.

Insiders Place Their Bets

In related news, major shareholder De Depot Et Placement D. Caisse sold 3,500,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $2.00, for a total transaction of $7,000,000.00. Following the transaction, the insider directly owned 13,550,428 shares in the company, valued at $27,100,856. This trade represents a 20.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 11.11% of the stock is owned by corporate insiders.

Zevia PBC Stock Down 0.4%

Zevia PBC stock opened at $1.29 on Monday. The firm has a fifty day simple moving average of $1.68 and a two-hundred day simple moving average of $2.21. Zevia PBC has a twelve month low of $1.11 and a twelve month high of $3.66. The company has a market capitalization of $96.50 million, a PE ratio of -8.57 and a beta of 0.90.

Zevia PBC (NYSE:ZVIA) last announced its quarterly earnings data on Wednesday, February 25th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. The firm had revenue of $37.87 million for the quarter, compared to analysts’ expectations of $39.96 million. Zevia PBC had a negative return on equity of 22.49% and a negative net margin of 6.15%. As a group, equities analysts expect that Zevia PBC will post -0.32 earnings per share for the current fiscal year.

Zevia PBC Profile

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.