The Vanguard Group, Inc. recently announced the acquisition of new stake in New Age Beverages Corporation (NASDAQ:NBEV). The institutional investor has increased its shareholding in the Consumer Defensive company by 6.20% to 3.89 million shares with purchase of 0.23 million shares. This fresh investment now brings its stake to 4.20% valued currently at $5.95 million. In addition, SSgA Funds Management, Inc. raised its holdings by 23047.0 to 1.45 million shares. And Geode Capital Management LLC has lifted its position by 8.54% or 89370.0 shares – to 1.14 million shares.
With over 2.25 million New Age Beverages Corporation (NBEV) shares trading Wednesday and a closing price of $2.31 on the day, the dollar volume was approximately $5.2 million. The shares have shown a negative weekly performance of -8.94% and its price on 07/28/20 gained nearly 3.12%. Currently, there are 85.37M common shares owned by the public and among those 83.24M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for NBEV have a consensus price objective of $6.00. The analysts have set the share’s price value over the next 12 months at a high of $7.00 and a low of $5.00 should the stock experience a downside. Incidentally, analysts’ outlook for the New Age Beverages Corporation stock is 2.30 for the next 12 months. But an upside of 67.0% will see the stock hit the forecast high price target while mean target price for the stock is $6.00.
Insiders at the company have transacted a total of 16 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 11 of these insider trades were purchases, accounting for 901,109 shares. Insider sales of the common stock occurred on 5 occasions, with total insider shares sold totaling 870,000 shares.
The top 3 mutual fund holders in New Age Beverages Corporation are Vanguard Total Stock Market Index, iShares Russell 2000 ETF, and Vanguard Extended Market Index Fu. Vanguard Total Stock Market Index owns 3.1 million shares of the company’s stock, all valued at over $4.74 million. The company bought an additional 1.27 million shares recently to bring their total holdings to about 3.34% of the shares outstanding. iShares Russell 2000 ETF sold 44892.0 shares to see its total holdings shrink to 1.77 million shares valued at over $2.71 million and representing 1.91% of the shares outstanding. Vanguard Extended Market Index Fu now owns shares totaling to 1.23% of the shares outstanding.
Shares of New Age Beverages Corporation (NASDAQ: NBEV) opened at $2.24, unchanged from a prior closing price of $2.24. However, the script later closed the day at $2.31, up 3.12%. The company’s stock has a 5-day price change of -8.94% and 50.34% over the past three months. NBEV shares are trading 23.08% year to date (YTD), with the 12-month market performance down to -39.46% lower. It has a 12-month low price of $0.98 and touched a high of $3.98 over the same period. Currently, 2.25 million shares have been traded, compared to an average intraday trading volume of 3.25 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 31.36%, 39.01%, and 25.48% respectively.
Institutional ownership of New Age Beverages Corporation (NASDAQ: NBEV) shares accounts for 21.80% of the company’s 85.37M shares outstanding. Mutual fund holders own 12.87%, while other institutional holders and individual stakeholders account for 8.59% and 12.15% respectively.
It has a market capitalization of $197.50M and a beta (3y monthly) value of 1.84. The earnings-per-share (ttm) stands at -$1.26. Price movements for the stock have been influenced by the stock’s volatility, which stands at 11.36% over the week and 9.02% over the month.
Analysts forecast that New Age Beverages Corporation (NBEV) will achieve an EPS of -$0.09 for the current quarter, -$0.06 for the next quarter and -$0.03 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.1 while analysts give the company a high EPS estimate of -$0.08. Comparatively, EPS for the current quarter was -$0.15 a year ago. Earnings per share for the fiscal year are expected to decrease by -345.10%, and 90.90% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate New Age Beverages Corporation (NBEV) as a “Moderate Buy” at a consensus score of 2.30. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 1 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the NBEV, a number of firms have released research notes about the stock. Alliance Global Partners stated their Buy rating for the stock in a research note on November 15, 2019, with the firm’s price target at $6-$3.50. Northland Capital coverage for the New Age Beverages Corporation (NBEV) stock in a research note released on July 22, 2019 offered a Market Perform rating with a price target of. Alliance Global Partners was of a view on March 26, 2019 that the stock is Buy, while Maxim Group gave the stock Hold rating on September 21, 2018, issuing a price target of. Northland Capital on their part issued Outperform rating on September 04, 2018.