New Age Beverages (NBEV) Trading 22.6% Higher
New Age Beverages Corp (NASDAQ:NBEV) shares traded up 22.6% on Tuesday . The company traded as high as $3.03 and last traded at $2.82. 50,000,316 shares traded hands during mid-day trading, an increase of 4,402% from the average session volume of 1,110,635 shares. The stock had previously closed at $2.30.
A number of research analysts have weighed in on the company. Zacks Investment Research raised New Age Beverages from a “sell” rating to a “hold” rating in a report on Wednesday, July 25th. Maxim Group lowered their target price on New Age Beverages from $5.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, August 16th. Finally, Northland Securities assumed coverage on New Age Beverages in a report on Tuesday, September 4th. They issued an “outperform” rating and a $3.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $2.92.
The company has a quick ratio of 0.74, a current ratio of 1.48 and a debt-to-equity ratio of 0.07.
Several hedge funds and other institutional investors have recently bought and sold shares of NBEV. Nepsis Inc. bought a new position in shares of New Age Beverages in the second quarter worth about $3,252,000. Deutsche Bank AG bought a new position in shares of New Age Beverages in the fourth quarter worth about $227,000. Finally, Timpani Capital Management LLC raised its stake in shares of New Age Beverages by 56.3% in the first quarter. Timpani Capital Management LLC now owns 160,790 shares of the company’s stock worth $389,000 after buying an additional 57,892 shares during the period. 9.72% of the stock is currently owned by hedge funds and other institutional investors.
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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