Telsey Advisory Group Reaffirms “Market Perform” Rating for Zevia PBC (NYSE:ZVIA)

Zevia PBC (NYSE:ZVIA)‘s stock had its “market perform” rating restated by equities researchers at Telsey Advisory Group in a report released on Tuesday,Benzinga reports. They presently have a $4.00 price objective on the stock. Telsey Advisory Group’s price objective suggests a potential downside of 9.30% from the company’s previous close.

Zevia PBC Price Performance

Shares of ZVIA opened at $4.41 on Tuesday. The firm has a 50-day moving average of $3.01 and a 200-day moving average of $1.70. Zevia PBC has a one year low of $0.62 and a one year high of $4.78.

Zevia PBC (NYSE:ZVIA) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.07. The business had revenue of $36.37 million during the quarter, compared to analysts’ expectations of $38.53 million. Zevia PBC had a negative return on equity of 38.02% and a negative net margin of 14.02%. During the same quarter last year, the company posted ($0.16) earnings per share. As a group, analysts expect that Zevia PBC will post -0.3 EPS for the current year.

Insider Buying and Selling at Zevia PBC

In related news, Director Rosemary L. Ripley sold 2,567,006 shares of the company’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $1.90, for a total value of $4,877,311.40. Following the transaction, the director now owns 2,719,258 shares in the company, valued at approximately $5,166,590.20. This represents a 48.56 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.55% of the company’s stock.

Institutional Investors Weigh In On Zevia PBC

Several hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC grew its position in shares of Zevia PBC by 128.7% in the second quarter. Renaissance Technologies LLC now owns 69,300 shares of the company’s stock valued at $47,000 after purchasing an additional 39,000 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Zevia PBC in the 2nd quarter valued at $26,000. Nwam LLC acquired a new position in Zevia PBC in the 3rd quarter valued at $39,000. XTX Topco Ltd bought a new position in Zevia PBC during the 3rd quarter worth $50,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Zevia PBC during the third quarter worth $108,000. 53.21% of the stock is currently owned by institutional investors and hedge funds.

About Zevia PBC

Zevia PBC, a beverage company, develops, markets, sells, and distributes various carbonated beverages in the United States and Canada. It offers soda, energy drinks, organic tea, and kidz drinks. The company offers its products through a network of food, drug, warehouse club, mass, natural, convenience, and e-commerce channels, as well as grocery distributors and natural product stores and specialty outlets.