New Age Beverage Corporation (NBEV) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of New Age Beverage Corporation (NASDAQ:NBEV) from a hold rating to a buy rating in a report published on Saturday. The brokerage currently has $4.50 price target on the stock.

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. “

Other analysts have also recently issued research reports about the stock. Maxim Group boosted their price objective on shares of New Age Beverage Corporation from $6.00 to $7.50 and gave the stock a buy rating in a research note on Monday, May 22nd. TheStreet cut shares of New Age Beverage Corporation from a c rating to a d+ rating in a research note on Monday, August 7th. Finally, Roth Capital assumed coverage on shares of New Age Beverage Corporation in a research note on Thursday, July 27th. They issued a buy rating and a $7.50 price objective on the stock. Four investment analysts have rated the stock with a buy rating, The stock has a consensus rating of Buy and an average price target of $6.44.

New Age Beverage Corporation (NASDAQ:NBEV) opened at 3.71 on Friday. The firm has a market cap of $127.36 million, a P/E ratio of 218.24 and a beta of 4.74. The stock has a 50 day moving average price of $4.37 and a 200-day moving average price of $4.58. New Age Beverage Corporation has a 1-year low of $1.28 and a 1-year high of $7.20.

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In other news, Director Neil Fallon sold 38,881 shares of the company’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $4.53, for a total transaction of $176,130.93. Following the transaction, the director now owns 5,354,858 shares in the company, valued at $24,257,506.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Timothy J. Haas acquired 85,000 shares of the company’s stock in a transaction dated Friday, August 25th. The shares were bought at an average price of $3.49 per share, for a total transaction of $296,650.00. Following the acquisition, the director now directly owns 30,000 shares of the company’s stock, valued at approximately $104,700. The disclosure for this purchase can be found here. 48.59% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. raised its holdings in shares of New Age Beverage Corporation by 418.0% during the second quarter. Russell Investments Group Ltd. now owns 1,120,880 shares of the company’s stock valued at $5,749,000 after purchasing an additional 904,499 shares during the period. Vanguard Group Inc. acquired a new position in shares of New Age Beverage Corporation during the second quarter valued at about $3,358,000. Timpani Capital Management LLC raised its holdings in shares of New Age Beverage Corporation by 43.7% during the second quarter. Timpani Capital Management LLC now owns 308,471 shares of the company’s stock valued at $1,582,000 after purchasing an additional 93,817 shares during the period. EAM Investors LLC acquired a new position in shares of New Age Beverage Corporation during the second quarter valued at about $1,104,000. Finally, Blair William & Co. IL acquired a new position in shares of New Age Beverage Corporation during the second quarter valued at about $577,000. Hedge funds and other institutional investors own 14.01% of the company’s stock.

About New Age Beverage Corporation

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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