Divisadero Street Capital Management LP Acquires 2,928,382 Shares of Zevia PBC $ZVIA

Divisadero Street Capital Management LP boosted its holdings in Zevia PBC (NYSE:ZVIA) by 90.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,159,362 shares of the company’s stock after buying an additional 2,928,382 shares during the period. Divisadero Street Capital Management LP owned approximately 8.21% of Zevia PBC worth $16,753,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Centiva Capital LP purchased a new stake in shares of Zevia PBC during the third quarter worth $241,000. Algert Global LLC grew its position in shares of Zevia PBC by 80.6% in the third quarter. Algert Global LLC now owns 67,400 shares of the company’s stock valued at $183,000 after purchasing an additional 30,070 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Zevia PBC by 125.4% during the 3rd quarter. Alliancebernstein L.P. now owns 46,310 shares of the company’s stock valued at $126,000 after purchasing an additional 25,760 shares during the period. Two Sigma Investments LP raised its stake in shares of Zevia PBC by 488.2% during the 3rd quarter. Two Sigma Investments LP now owns 89,596 shares of the company’s stock valued at $244,000 after purchasing an additional 74,364 shares during the period. Finally, Ghisallo Capital Management LLC lifted its holdings in Zevia PBC by 265.1% during the 3rd quarter. Ghisallo Capital Management LLC now owns 1,100,000 shares of the company’s stock worth $2,992,000 after purchasing an additional 798,700 shares in the last quarter. Institutional investors own 53.21% of the company’s stock.

Zevia PBC Stock Performance

Shares of ZVIA stock opened at $1.29 on Monday. The company has a market capitalization of $96.50 million, a PE ratio of -8.57 and a beta of 0.90. Zevia PBC has a 52-week low of $1.11 and a 52-week high of $3.66. The business’s fifty day moving average is $1.68 and its 200 day moving average is $2.21.

Zevia PBC (NYSE:ZVIA) last posted its earnings results on Wednesday, February 25th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.03) by $0.01. The business had revenue of $37.87 million during the quarter, compared to analysts’ expectations of $39.96 million. Zevia PBC had a negative return on equity of 22.49% and a negative net margin of 6.15%. On average, sell-side analysts forecast that Zevia PBC will post -0.32 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder De Depot Et Placement D. Caisse sold 3,500,000 shares of the business’s stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $2.00, for a total transaction of $7,000,000.00. Following the completion of the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 11.11% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on ZVIA. Telsey Advisory Group cut their target price on Zevia PBC from $6.00 to $5.00 and set an “outperform” rating for the company in a research note on Thursday, February 26th. Craig Hallum started coverage on shares of Zevia PBC in a report on Thursday, January 15th. They issued a “buy” rating and a $4.00 price target on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Zevia PBC in a research report on Wednesday, January 21st. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $4.43.

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.