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

Zevia PBC (NYSE:ZVIA) major shareholder De Depot Et Placement Caisse sold 2,971,664 shares of the stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $2.73, for a total value of $8,112,642.72. Following the sale, the insider owned 17,050,428 shares of the company’s stock, valued at $46,547,668.44. This represents a 14.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Zevia PBC Stock Down 8.0%

ZVIA stock traded down $0.17 during midday trading on Wednesday, hitting $1.90. The company’s stock had a trading volume of 983,594 shares, compared to its average volume of 1,386,977. Zevia PBC has a 12 month low of $1.65 and a 12 month high of $4.51. The company has a 50 day moving average of $2.31 and a two-hundred day moving average of $2.56. The firm has a market capitalization of $142.13 million, a price-to-earnings ratio of -8.61 and a beta of 0.87.

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

Analyst Upgrades and Downgrades

ZVIA has been the subject of a number of research reports. Craig Hallum started coverage on Zevia PBC in a report on Thursday, January 15th. They issued a “buy” rating and a $4.00 price target for the company. Telsey Advisory Group reiterated an “outperform” rating and issued a $6.00 target price on shares of Zevia PBC in a report on Wednesday, January 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Zevia PBC in a report on Wednesday, January 21st. Finally, Zacks Research cut shares of Zevia PBC from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 5th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $4.68.

Hedge Funds Weigh In On Zevia PBC

Several hedge funds have recently made changes to their positions in ZVIA. Police & Firemen s Retirement System of New Jersey purchased a new stake in Zevia PBC in the second quarter valued at approximately $25,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of Zevia PBC during the fourth quarter worth $27,000. SG Americas Securities LLC acquired a new position in Zevia PBC during the fourth quarter valued at $31,000. R Squared Ltd acquired a new stake in Zevia PBC during the 3rd quarter worth about $36,000. Finally, Tocqueville Asset Management L.P. acquired a new stake in Zevia PBC during the 3rd quarter worth about $44,000. 53.21% of the stock is owned by institutional investors and hedge funds.

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.