New Age Beverages (NBEV) Shares Gap Up to $2.76
New Age Beverages Corp (NASDAQ:NBEV) shares gapped up before the market opened on Friday . The stock had previously closed at $2.27, but opened at $2.76. New Age Beverages shares last traded at $3.20, with a volume of 3384800 shares traded.
Several brokerages have weighed in on NBEV. Zacks Investment Research raised shares of New Age Beverages from a “sell” rating to a “hold” rating in a research note on Saturday, December 2nd. Aegis reaffirmed a “buy” rating on shares of New Age Beverages in a research note on Monday, December 4th. Finally, Maxim Group lowered their target price on shares of New Age Beverages from $7.50 to $6.00 and set a “buy” rating for the company in a research note on Friday, November 17th. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $5.63.
The company has a quick ratio of 1.26, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The company has a market cap of $135.69, a P/E ratio of -106.67 and a beta of 3.54.
Institutional investors and hedge funds have recently modified their holdings of the company. HighTower Advisors LLC lifted its position in shares of New Age Beverages by 18.1% during the second quarter. HighTower Advisors LLC now owns 22,346 shares of the company’s stock worth $114,000 after purchasing an additional 3,428 shares in the last quarter. Northern Trust Corp acquired a new stake in shares of New Age Beverages during the second quarter worth about $151,000. Virtu KCG Holdings LLC lifted its position in shares of New Age Beverages by 119.9% during the second 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. Cadence Capital Management LLC acquired a new stake in shares of New Age Beverages during the third quarter worth about $981,000. Finally, EAM Investors LLC acquired a new stake in shares of New Age Beverages during the second quarter worth about $1,104,000. 12.78% of the stock is currently owned by institutional investors and hedge funds.
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About New Age Beverages
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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