New Age Beverages (NASDAQ:NBEV) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of New Age Beverages (NASDAQ:NBEV) from a sell rating to a hold rating in a report issued on Wednesday, Zacks.com reports.

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 analysts also recently commented on the company. ValuEngine raised New Age Beverages from a hold rating to a buy rating in a research note on Friday, September 20th. Compass Point started coverage on New Age Beverages in a research note on Monday, June 10th. They set a buy rating and a $9.00 target price for the company. BidaskClub downgraded New Age Beverages from a sell rating to a strong sell rating in a research note on Thursday, July 11th. Northland Securities reissued a hold rating and set a $5.00 target price on shares of New Age Beverages in a research note on Thursday, August 8th. Finally, TheStreet downgraded New Age Beverages from a c- rating to a d+ rating in a research note on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $7.55.

NBEV stock traded down $0.01 during midday trading on Wednesday, reaching $2.86. The company had a trading volume of 867,700 shares, compared to its average volume of 5,182,460. The stock has a 50 day moving average price of $3.14 and a 200-day moving average price of $4.36. New Age Beverages has a 1-year low of $2.57 and a 1-year high of $9.30. The company has a quick ratio of 1.24, a current ratio of 1.65 and a debt-to-equity ratio of 0.28.

New Age Beverages (NASDAQ:NBEV) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.15) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.01) by ($0.14). The company had revenue of $66.35 million during the quarter, compared to analyst estimates of $64.43 million. New Age Beverages had a negative net margin of 12.78% and a negative return on equity of 17.70%. The firm’s revenue for the quarter was up 396.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.09) EPS. Sell-side analysts anticipate that New Age Beverages will post -0.34 EPS for the current fiscal year.

In other New Age Beverages news, CEO Brent D. Willis sold 25,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $3.24, for a total transaction of $81,000.00. Following the completion of the transaction, the chief executive officer now owns 1,504,367 shares of the company’s stock, valued at $4,874,149.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders have sold 75,000 shares of company stock valued at $262,750. Insiders own 4.90% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. grew its holdings in shares of New Age Beverages by 279.0% during the second quarter. BlackRock Inc. now owns 4,746,407 shares of the company’s stock worth $22,119,000 after purchasing an additional 3,494,062 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of New Age Beverages by 34.2% during the second quarter. Vanguard Group Inc. now owns 3,645,591 shares of the company’s stock worth $16,989,000 after purchasing an additional 928,126 shares during the last quarter. Morgan Stanley grew its holdings in shares of New Age Beverages by 164.0% during the second quarter. Morgan Stanley now owns 584,155 shares of the company’s stock worth $2,722,000 after purchasing an additional 362,903 shares during the last quarter. River & Mercantile Asset Management LLP bought a new stake in shares of New Age Beverages during the second quarter worth about $1,724,000. Finally, Crosspoint Capital Strategies LLC bought a new stake in shares of New Age Beverages during the first quarter worth about $1,173,000. 22.22% of the stock is owned by hedge funds and other institutional investors.

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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