New Age Beverage Corporation (NBEV) Short Interest Update
New Age Beverage Corporation (NASDAQ:NBEV) was the target of a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 1,247,221 shares, an increase of 102.0% from the August 31st total of 617,425 shares. Based on an average daily volume of 261,117 shares, the days-to-cover ratio is presently 4.8 days. Approximately 8.7% of the company’s stock are short sold.
In other news, Director Timothy J. Haas acquired 85,000 shares of New Age Beverage Corporation stock in a transaction on Friday, August 25th. The stock was acquired at an average cost of $3.49 per share, with a total value of $296,650.00. Following the transaction, the director now owns 30,000 shares of the company’s stock, valued at approximately $104,700. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Neil Fallon sold 38,881 shares of the company’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $4.53, for a total transaction of $176,130.93. Following the completion of the sale, the director now directly owns 5,354,858 shares of the company’s stock, valued at $24,257,506.74. The disclosure for this sale can be found here. 48.59% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. HighTower Advisors LLC boosted its stake in New Age Beverage Corporation by 18.1% during the 2nd quarter. HighTower Advisors LLC now owns 22,346 shares of the company’s stock valued at $114,000 after purchasing an additional 3,428 shares during the last quarter. Northern Trust Corp bought a new stake in shares of New Age Beverage Corporation in the 2nd quarter worth $151,000. Virtu KCG Holdings LLC increased its holdings in shares of New Age Beverage Corporation by 119.9% in the 2nd quarter. Virtu KCG Holdings LLC now owns 33,353 shares of the company’s stock worth $170,000 after purchasing an additional 18,189 shares in the last quarter. Blair William & Co. IL bought a new stake in shares of New Age Beverage Corporation in the 2nd quarter worth $577,000. Finally, EAM Investors LLC bought a new stake in shares of New Age Beverage Corporation in the 2nd quarter worth $1,104,000. 14.01% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have commented on the stock. Roth Capital initiated coverage on shares of New Age Beverage Corporation in a research report on Thursday, July 27th. They set a “buy” rating and a $7.50 target price on the stock. Zacks Investment Research raised New Age Beverage Corporation from a “hold” rating to a “buy” rating and set a $5.50 target price for the company in a report on Wednesday, August 2nd. Finally, TheStreet lowered New Age Beverage Corporation from a “c” rating to a “d+” rating in a report on Monday, August 7th. One research analyst has rated the stock with a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $6.44.
New Age Beverage Corporation (NASDAQ:NBEV) opened at 3.35 on Wednesday. The company has a market cap of $115.09 million, a P/E ratio of 197.21 and a beta of 4.56. New Age Beverage Corporation has a 52 week low of $1.45 and a 52 week high of $7.20. The firm has a 50-day moving average price of $4.37 and a 200-day moving average price of $4.58.
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About New Age Beverage Corporation
The New Age Beverage Corporation, formerly Bucha, Inc, is a healthy functional beverage company. The Company is the owner of XingTea, XingEnergy, Aspen Pure and the Bucha Live Kombucha brands. The Company’s bucha Live Kombucha is a gluten free, organic certified, sparkling kombucha tea and is distributed in health and grocery chains across North America.
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