Insider Selling: Zevia PBC (NYSE:ZVIA) Major Shareholder Sells 3,500,000 Shares of Stock

Zevia PBC (NYSE:ZVIA) major shareholder De Depot Et Placement Caisse sold 3,500,000 shares of the company’s stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $2.00, for a total transaction of $7,000,000.00. Following the sale, the insider owned 13,550,428 shares of the company’s stock, valued at approximately $27,100,856. The trade was a 20.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Zevia PBC Price Performance

ZVIA traded down $0.17 during midday trading on Wednesday, reaching $1.90. 983,594 shares of the company’s stock traded hands, compared to its average volume of 1,386,977. Zevia PBC has a 52 week low of $1.65 and a 52 week high of $4.51. The firm has a fifty day moving average of $2.31 and a two-hundred day moving average of $2.56. The stock has a market capitalization of $142.13 million, a price-to-earnings ratio of -8.61 and a beta of 0.87.

Zevia PBC (NYSE:ZVIA) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. Zevia PBC had a negative net margin of 8.83% and a negative return on equity of 30.61%. The business had revenue of $40.84 million for the quarter, compared to the consensus estimate of $39.33 million. Sell-side analysts forecast that Zevia PBC will post -0.32 EPS for the current year.

Analyst Upgrades and Downgrades

ZVIA has been the topic of a number of recent research reports. Craig Hallum began coverage on Zevia PBC in a research note on Thursday, January 15th. They issued a “buy” rating and a $4.00 target price on the stock. Zacks Research cut Zevia PBC from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 5th. Telsey Advisory Group reiterated an “outperform” rating and issued a $6.00 price target on shares of Zevia PBC in a research note on Wednesday, January 14th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Zevia PBC in a research report on Wednesday, January 21st. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Zevia PBC currently has a consensus rating of “Hold” and a consensus price target of $4.68.

Hedge Funds Weigh In On Zevia PBC

Institutional investors have recently bought and sold shares of the stock. Divisadero Street Capital Management LP bought a new stake in Zevia PBC during the second quarter valued at about $10,404,000. Ghisallo Capital Management LLC grew its stake in shares of Zevia PBC by 265.1% during the 3rd quarter. Ghisallo Capital Management LLC now owns 1,100,000 shares of the company’s stock valued at $2,992,000 after acquiring an additional 798,700 shares during the period. Emerald Mutual Fund Advisers Trust increased its holdings in Zevia PBC by 99.9% in the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 761,700 shares of the company’s stock worth $2,453,000 after acquiring an additional 380,693 shares in the last quarter. Geode Capital Management LLC raised its stake in Zevia PBC by 66.5% during the 2nd quarter. Geode Capital Management LLC now owns 933,407 shares of the company’s stock worth $3,006,000 after acquiring an additional 372,665 shares during the period. Finally, Bank of Montreal Can purchased a new position in Zevia PBC during the second quarter valued at approximately $943,000. 53.21% of the stock is owned by institutional investors.

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.