New Age Beverages (NASDAQ:NBEV) PT Lowered to $3.50 at Alliance Global Partners
New Age Beverages (NASDAQ:NBEV) had its price target lowered by Alliance Global Partners from $6.00 to $3.50 in a report issued on Friday, Briefing.com Automated Import reports. The brokerage currently has a buy rating on the stock.
Several other brokerages also recently weighed in on NBEV. TheStreet downgraded New Age Beverages from a c- rating to a d+ rating in a report on Thursday, August 22nd. Zacks Investment Research upgraded New Age Beverages from a sell rating to a hold rating in a report on Wednesday, October 30th. Northland Securities restated a hold rating and set a $5.00 price objective on shares of New Age Beverages in a report on Thursday, August 8th. Finally, ValuEngine upgraded New Age Beverages from a hold rating to a buy rating in a report on Friday, September 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $6.35.
New Age Beverages stock traded up $0.05 during midday trading on Friday, reaching $2.26. 1,528,800 shares of the stock traded hands, compared to its average volume of 1,456,306. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.65 and a quick ratio of 1.24. The stock’s fifty day moving average is $2.72 and its 200-day moving average is $3.81. New Age Beverages has a 12 month low of $2.10 and a 12 month high of $7.79.
In other New Age Beverages news, CEO Brent D. Willis sold 25,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $2.73, for a total transaction of $68,250.00. Following the transaction, the chief executive officer now directly owns 1,479,367 shares in the company, valued at approximately $4,038,671.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.90% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in NBEV. Advisor Group Inc. increased its holdings in shares of New Age Beverages by 24.5% in the 2nd quarter. Advisor Group Inc. now owns 24,270 shares of the company’s stock valued at $112,000 after acquiring an additional 4,770 shares during the period. WINTON GROUP Ltd increased its holdings in shares of New Age Beverages by 47.9% in the 2nd quarter. WINTON GROUP Ltd now owns 28,935 shares of the company’s stock valued at $135,000 after acquiring an additional 9,374 shares during the period. Brookstone Capital Management increased its holdings in shares of New Age Beverages by 99.2% in the 2nd quarter. Brookstone Capital Management now owns 22,582 shares of the company’s stock valued at $105,000 after acquiring an additional 11,247 shares during the period. Lindbrook Capital LLC increased its holdings in shares of New Age Beverages by 230.0% in the 3rd quarter. Lindbrook Capital LLC now owns 16,500 shares of the company’s stock valued at $46,000 after acquiring an additional 11,500 shares during the period. Finally, Cetera Advisor Networks LLC purchased a new position in shares of New Age Beverages in the 2nd quarter valued at $61,000. Institutional investors own 21.23% of the company’s stock.
New Age Beverages Company Profile
New Age Beverages Corporation, a healthy functional beverage company, engages in the development, marketing, sales, and distribution of beverages. The company offers ready to drink (RTD) tea, RTD coffee, kombucha, energy drinks, relaxation drinks, coconut waters, functional waters, and rehydration beverages, as well as functional medical beverages.
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