New Age Beverage Corporation (NASDAQ:NBEV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, October 19th.
According to Zacks, “New Age Beverages Corporation is a beverage company. The company’s brand portfolio include XingTea (R) , Aspen Pure (R) , Artesian Water, Búcha (R) Live Kombucha, Marley One Drop (R), RTD Coffee and Marley Mellow Mood (TM). New Age Beverages Corporation, formerly known as American Brewing Company Inc., is based in USA. “
A number of other research firms also recently commented on NBEV. TheStreet downgraded shares of New Age Beverage Corporation from a “c” rating to a “d+” rating in a research report on Monday, August 7th. 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 price target on the stock. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. New Age Beverage Corporation has an average rating of “Buy” and a consensus target price of $6.00.
Shares of New Age Beverage Corporation (NBEV) opened at 2.33 on Thursday. The stock’s 50 day moving average price is $4.37 and its 200-day moving average price is $4.58. New Age Beverage Corporation has a 52-week low of $1.28 and a 52-week high of $7.20. The firm has a market capitalization of $79.99 million, a PE ratio of 137.06 and a beta of 4.53.
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In related news, Director Neil Fallon sold 38,881 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $4.53, for a total value of $176,130.93. Following the sale, the director now directly owns 5,354,858 shares in the company, valued at approximately $24,257,506.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Timothy J. Haas bought 85,000 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The stock was acquired at an average price of $3.49 per share, for a total transaction of $296,650.00. Following the completion of the acquisition, the director now directly owns 30,000 shares in the company, valued at $104,700. The disclosure for this purchase can be found here. 48.59% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Timpani Capital Management LLC raised its holdings in shares of New Age Beverage Corporation by 43.7% in the 2nd quarter. Timpani Capital Management LLC now owns 308,471 shares of the company’s stock worth $1,582,000 after purchasing an additional 93,817 shares in the last quarter. EAM Investors LLC purchased a new position in shares of New Age Beverage Corporation in the second quarter worth approximately $1,104,000. Russell Investments Group Ltd. increased its position in shares of New Age Beverage Corporation by 418.0% in the second quarter. Russell Investments Group Ltd. now owns 1,120,880 shares of the company’s stock worth $5,749,000 after acquiring an additional 904,499 shares in the last quarter. HighTower Advisors LLC increased its position in shares of New Age Beverage Corporation by 18.1% in the second quarter. HighTower Advisors LLC now owns 22,346 shares of the company’s stock worth $114,000 after acquiring an additional 3,428 shares in the last quarter. Finally, Virtu KCG Holdings LLC increased its position in shares of New Age Beverage Corporation by 119.9% in the second quarter. Virtu KCG Holdings LLC now owns 33,353 shares of the company’s stock worth $170,000 after acquiring an additional 18,189 shares in the last quarter. Institutional investors and hedge funds own 14.03% of the company’s stock.
New Age Beverage Corporation Company Profile
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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