New Age Beverages Corp (NASDAQ:NBEV) shares traded up 11.5% during mid-day trading on Tuesday . The stock traded as high as $1.79 and last traded at $1.65. 1,579,885 shares traded hands during mid-day trading, an increase of 175% from the average session volume of 574,485 shares. The stock had previously closed at $1.48.
Several research analysts have recently issued reports on the company. Northland Securities assumed coverage on New Age Beverages in a research note on Tuesday. They issued an “outperform” rating and a $3.00 price objective for the company. Zacks Investment Research downgraded New Age Beverages from a “hold” rating to a “sell” rating in a research note on Saturday, August 18th. Finally, Maxim Group lowered their price objective on New Age Beverages from $5.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, August 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $2.92.
The company has a debt-to-equity ratio of 0.07, a current ratio of 1.48 and a quick ratio of 0.74.
In other news, Director Robert J. Evans bought 100,000 shares of the firm’s stock in a transaction on Friday, August 24th. The stock was acquired at an average price of $1.28 per share, with a total value of $128,000.00. Following the transaction, the director now owns 69,232 shares of the company’s stock, valued at approximately $88,616.96. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Brent D. Willis bought 78,000 shares of the firm’s stock in a transaction on Friday, August 24th. The shares were purchased at an average cost of $1.28 per share, with a total value of $99,840.00. The disclosure for this purchase can be found here. Corporate insiders own 20.90% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC acquired a new stake in New Age Beverages during the 4th quarter valued at approximately $227,000. Deutsche Bank AG acquired a new stake in New Age Beverages during the 4th quarter valued at approximately $227,000. Timpani Capital Management LLC increased its position in New Age Beverages by 56.3% during the 1st quarter. Timpani Capital Management LLC now owns 160,790 shares of the company’s stock valued at $389,000 after purchasing an additional 57,892 shares during the period. Finally, Nepsis Inc. acquired a new stake in New Age Beverages during the 2nd quarter valued at approximately $3,252,000. 11.97% of the stock is owned by institutional investors and hedge funds.
New Age Beverages Company Profile (NASDAQ:NBEV)
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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