Westrock Coffee (NASDAQ:WEST) Hits New 52-Week High – Here’s What Happened

Shares of Westrock Coffee Company (NASDAQ:WEST) hit a new 52-week high during mid-day trading on Friday. The company traded as high as $10.19 and last traded at $9.9650, with a volume of 48,891 shares changing hands. The stock had previously closed at $9.67.

Analysts Set New Price Targets

WEST has been the subject of a number of analyst reports. Stifel Nicolaus set a $9.00 price objective on Westrock Coffee in a research note on Friday, August 7th. Telsey Advisory Group boosted their price objective on shares of Westrock Coffee from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Wednesday, August 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Westrock Coffee in a research note on Tuesday, August 4th. Finally, Benchmark reissued a “buy” rating on shares of Westrock Coffee in a report on Monday, August 31st. Three research 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. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $10.00.

Westrock Coffee Stock Performance

The stock’s 50-day moving average is $8.29 and its two-hundred day moving average is $6.85. The stock has a market cap of $972.36 million, a PE ratio of -15.09 and a beta of 0.88.

Westrock Coffee (NASDAQ:WEST) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.03). The company had revenue of $305.66 million for the quarter, compared to analyst estimates of $318.80 million. Westrock Coffee had a negative return on equity of 2,145.68% and a negative net margin of 4.88%. Analysts forecast that Westrock Coffee Company will post -0.22 EPS for the current year.

Institutional Trading of Westrock Coffee

Several large investors have recently modified their holdings of the business. BlackRock Inc. bought a new position in Westrock Coffee during the 2nd quarter worth $22,500,000. State Street Corp grew its position in Westrock Coffee by 3.7% during the second quarter. State Street Corp now owns 793,823 shares of the company’s stock valued at $6,438,000 after purchasing an additional 28,318 shares in the last quarter. Bank of America Corp DE purchased a new stake in shares of Westrock Coffee during the 2nd quarter worth about $3,049,000. Algert Global LLC acquired a new stake in shares of Westrock Coffee in the 2nd quarter valued at $2,816,000. Finally, Lee Danner & Bass Inc. acquired a new stake in shares of Westrock Coffee in the first quarter worth $1,203,000. 45.08% of the stock is currently owned by institutional investors and hedge funds.

About Westrock Coffee

Westrock Coffee Company is a global provider of integrated coffee, tea, flavors, extracts and ready-to-drink beverage solutions. The company sources raw materials from producing regions, then provides processing, roasting, blending, extraction, packaging and distribution services for beverage brands and other commercial customers.

Its products and services support a range of beverage formats, including roasted and ground coffee, single-serve coffee, tea, liquid coffee and tea extracts, ready-to-drink beverages, and customized flavor systems.