Zevia PBC (NYSE: ZVIA) experienced a notable increase in short interest in December 2023, with a total of 1,404,257 shares shorted as of December 31. This represents a significant rise of 29.8% compared to the prior total of 1,082,026 shares on December 15. With an average trading volume of 1,330,140 shares, the days-to-cover ratio currently stands at 1.1 days, indicating a growing interest in short selling the company’s stock. Approximately 2.1% of Zevia’s shares are now sold short.
Institutional Investors Adjust Holdings
In recent months, several institutional investors have made alterations to their positions in Zevia PBC. SG Americas Securities LLC entered a new stake in the company during the fourth quarter, valued at approximately $31,000. Meanwhile, CIBC Bancorp USA Inc. acquired shares worth around $491,000 in the third quarter. In a similar move, Qube Research & Technologies Ltd purchased shares valued at about $323,000 during the same period.
Focus Partners Wealth significantly increased its stake in Zevia PBC, doubling its holdings by 100% in the third quarter. The firm now owns 285,892 shares, valued at $778,000, after acquiring an additional 142,958 shares. Additionally, Divisadero Street Capital Management LP raised its position by 90.6%, resulting in ownership of 6,159,362 shares valued at $16,753,000 after a purchase of 2,928,382 shares in the last quarter. Currently, institutional investors and hedge funds collectively hold 53.21% of Zevia PBC’s stock.
Zevia PBC Stock Performance and Analyst Insights
On the trading front, Zevia PBC’s shares rose by 1.1% on Friday, reaching $1.92. During the session, 2,444,323 shares changed hands, surpassing the average volume of 1,239,525. The company holds a market capitalization of $144.01 million, with a price-to-earnings (P/E) ratio of -8.73 and a beta of 0.87. The stock has a 50-day moving average price of $2.40 and a 200-day moving average price of $2.62. Over the past year, shares have fluctuated between a low of $1.66 and a high of $4.99.
Several analysts have recently provided their evaluations of Zevia PBC’s stock. Zacks Research downgraded the rating from “strong-buy” to “hold” on November 5. The Telsey Advisory Group reaffirmed an “outperform” rating, setting a price target of $6.00 for the stock. Craig Hallum initiated coverage with a “buy” rating and a target price of $4.00. Weiss Ratings issued a “sell (D-)” rating on October 8. Currently, three analysts have assigned a Buy rating, two have rated it as Hold, and one has given a Sell rating. According to MarketBeat.com, the consensus rating for Zevia PBC is “Hold,” with an average price target of $4.68.
About Zevia PBC
Zevia PBC, based in Los Angeles, operates as a Public Benefit Corporation specializing in zero-calorie, naturally sweetened beverages. Founded in 2007, the company went public in March 2021 through a merger with a special purpose acquisition company. Zevia’s mission focuses on providing healthier alternatives to traditional sugary drinks by utilizing stevia leaf extract and other plant-based ingredients. Its diverse product lineup includes carbonated sodas, sparkling water, energy drinks, mixers, and flavored teas.
For individuals interested in receiving ongoing updates and analyst evaluations, MarketBeat.com offers a daily email newsletter summarizing the latest news and ratings for Zevia PBC and related companies.
