Zevia PBC (NYSE:ZVIA) Short Interest Update

Zevia PBC (NYSE:ZVIA) was the target of a large drop in short interest in the month of June. As of June 30th, there was short interest totaling 777,960 shares, a drop of 63.0% from the June 15th total of 2,101,656 shares. Based on an average daily volume of 2,140,312 shares, the days-to-cover ratio is presently 0.4 days. Currently, 1.1% of the company’s stock are short sold.

Zevia PBC Price Performance

Shares of ZVIA stock traded up $0.03 during trading hours on Wednesday, reaching $1.75. The company had a trading volume of 656,650 shares, compared to its average volume of 923,415. The company has a market cap of $135.10 million, a price-to-earnings ratio of -17.55 and a beta of 1.00. Zevia PBC has a 12 month low of $1.11 and a 12 month high of $3.63. The business has a fifty day simple moving average of $1.51 and a 200-day simple moving average of $1.53.

Zevia PBC (NYSE:ZVIA) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). Zevia PBC had a negative return on equity of 13.43% and a negative net margin of 4.11%.The business had revenue of $46.09 million during the quarter, compared to the consensus estimate of $40.97 million. On average, equities research analysts expect that Zevia PBC will post -0.1 earnings per share for the current year.

Insider Buying and Selling

In other Zevia PBC news, major shareholder De Depot Et Placement D. Caisse sold 2,150,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $1.90, for a total transaction of $4,085,000.00. Following the transaction, the insider owned 11,400,428 shares in the company, valued at approximately $21,660,813.20. This represents a 15.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 7.70% of the company’s stock.

Institutional Trading of Zevia PBC

Several institutional investors and hedge funds have recently made changes to their positions in the company. Quadrature Capital Ltd bought a new position in shares of Zevia PBC during the fourth quarter valued at about $26,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Zevia PBC in the 4th quarter worth about $27,000. Engineers Gate Manager LP purchased a new stake in Zevia PBC in the 4th quarter valued at about $28,000. SG Americas Securities LLC purchased a new stake in Zevia PBC in the 4th quarter valued at about $31,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Zevia PBC by 2,460.7% in the second quarter. JPMorgan Chase & Co. now owns 15,518 shares of the company’s stock valued at $50,000 after acquiring an additional 14,912 shares in the last quarter. Hedge funds and other institutional investors own 53.21% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded shares of Zevia PBC from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, June 24th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $4.42.

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.