Zevia PBC (NYSE:ZVIA) Sees Large Decline in Short Interest

Zevia PBC (NYSE:ZVIA) was the target of a significant drop in short interest during the month of March. As of March 13th, there was short interest totaling 2,611,157 shares, a drop of 13.8% from the February 26th total of 3,030,263 shares. Based on an average trading volume of 547,291 shares, the short-interest ratio is currently 4.8 days. Approximately 3.9% of the shares of the stock are short sold.

Zevia PBC Stock Performance

Shares of NYSE ZVIA traded down $0.03 during mid-day trading on Tuesday, hitting $1.18. The stock had a trading volume of 72,313 shares, compared to its average volume of 843,377. The business has a 50 day moving average price of $1.54 and a two-hundred day moving average price of $2.10. Zevia PBC has a 1 year low of $1.11 and a 1 year high of $3.66. The firm has a market cap of $88.24 million, a P/E ratio of -7.83 and a beta of 0.90.

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

Analysts Set New Price Targets

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

Insider Activity at Zevia PBC

In other news, CFO Girish Satya sold 41,662 shares of the company’s stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $1.18, for a total value of $49,161.16. Following the completion of the sale, the chief financial officer owned 327,909 shares of the company’s stock, valued at approximately $386,932.62. This represents a 11.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder De Depot Et Placement D. Caisse sold 3,500,000 shares of the stock in a transaction on Tuesday, January 27th. The shares were 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 approximately $27,100,856. This represents a 20.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 11.11% of the company’s stock.

Institutional Trading of Zevia PBC

Large investors have recently modified their holdings of the business. Police & Firemen s Retirement System of New Jersey purchased a new position in Zevia PBC during the 2nd quarter valued at about $25,000. TD Waterhouse Canada Inc. lifted its holdings in Zevia PBC by 6.7% in the 4th quarter. TD Waterhouse Canada Inc. now owns 131,042 shares of the company’s stock worth $303,000 after buying an additional 8,237 shares during the period. CreativeOne Wealth LLC lifted its holdings in Zevia PBC by 45.4% in the 3rd quarter. CreativeOne Wealth LLC now owns 28,162 shares of the company’s stock worth $77,000 after buying an additional 8,787 shares during the period. Quadrature Capital Ltd bought a new stake in shares of Zevia PBC in the 4th quarter worth approximately $26,000. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of Zevia PBC during the fourth quarter valued at approximately $27,000. 53.21% of the stock is owned by institutional investors.

Zevia PBC Company 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.