New Age Beverages (NASDAQ:NBEV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.
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 equities research analysts have also recently commented on NBEV. ValuEngine upgraded New Age Beverages from a “hold” rating to a “buy” rating in a research note on Saturday, April 7th. Maxim Group decreased their price target on New Age Beverages from $6.00 to $5.00 and set a “buy” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $5.38.
Institutional investors have recently added to or reduced their stakes in the business. Pacific Grove Capital LP raised its stake in New Age Beverages by 78.5% in the fourth quarter. Pacific Grove Capital LP now owns 1,679,272 shares of the company’s stock valued at $3,644,000 after buying an additional 738,251 shares during the last quarter. Cadence Capital Management LLC raised its stake in New Age Beverages by 63.4% in the fourth quarter. Cadence Capital Management LLC now owns 470,210 shares of the company’s stock valued at $1,020,000 after buying an additional 182,529 shares during the last quarter. Northern Trust Corp purchased a new stake in New Age Beverages in the second quarter valued at about $151,000. Deutsche Bank AG purchased a new stake in New Age Beverages in the fourth quarter valued at about $227,000. Finally, Renaissance Technologies LLC purchased a new stake in New Age Beverages in the fourth quarter valued at about $227,000. Institutional investors own 12.42% of the company’s stock.
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About New Age Beverages
New Age Beverages Corporation, a healthy functional beverage company, engages in the development, marketing, sales, and distribution of beverages. It offers ready to drink tea, kombucha, energy drinks, and functional waters under XingTea, XingEnergy, Aspen Pure, and Bucha Live Kombucha brand names. The company offers its products directly, as well as through store delivery distribution systems in the United States and internationally.
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