Craft Brew Alliance Inc (NASDAQ:BREW) Sees Significant Drop in Short Interest

Craft Brew Alliance Inc (NASDAQ:BREW) was the recipient of a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 603,900 shares, a drop of 10.9% from the July 31st total of 677,600 shares. Approximately 5.4% of the shares of the company are short sold. Based on an average daily volume of 132,800 shares, the days-to-cover ratio is currently 4.5 days.

BREW has been the topic of several research analyst reports. BidaskClub cut Craft Brew Alliance from a “hold” rating to a “sell” rating in a research note on Thursday, August 15th. BMO Capital Markets reduced their price objective on Craft Brew Alliance from $12.00 to $10.00 and set a “market perform” rating on the stock in a research note on Friday, September 6th. Cowen reduced their price objective on Craft Brew Alliance from $23.00 to $14.00 in a research note on Thursday, September 5th. Maxim Group reduced their price objective on Craft Brew Alliance from $21.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Finally, ValuEngine cut Craft Brew Alliance from a “hold” rating to a “sell” rating in a research note on Tuesday. Three analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. Craft Brew Alliance presently has an average rating of “Hold” and a consensus target price of $26.55.

NASDAQ BREW traded up $0.12 during trading hours on Friday, hitting $9.25. The company had a trading volume of 23,689 shares, compared to its average volume of 236,683. Craft Brew Alliance has a fifty-two week low of $8.75 and a fifty-two week high of $18.71. The company has a quick ratio of 0.83, a current ratio of 1.32 and a debt-to-equity ratio of 0.54. The business has a fifty day simple moving average of $12.66 and a 200-day simple moving average of $14.26. The firm has a market cap of $180.44 million, a P/E ratio of 43.29 and a beta of 0.51.

Craft Brew Alliance (NASDAQ:BREW) last issued its earnings results on Wednesday, August 7th. The company reported $0.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($0.03). Craft Brew Alliance had a negative return on equity of 1.13% and a negative net margin of 2.42%. The company had revenue of $60.60 million during the quarter, compared to analyst estimates of $65.36 million. During the same period in the prior year, the business earned $0.23 earnings per share. Craft Brew Alliance’s quarterly revenue was down 1.9% on a year-over-year basis. Equities analysts forecast that Craft Brew Alliance will post -0.28 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the business. GSA Capital Partners LLP increased its position in Craft Brew Alliance by 34.9% in the second quarter. GSA Capital Partners LLP now owns 37,991 shares of the company’s stock worth $531,000 after buying an additional 9,836 shares during the period. Aperio Group LLC acquired a new stake in Craft Brew Alliance in the second quarter worth $27,000. Bank of America Corp DE increased its position in Craft Brew Alliance by 28.8% in the fourth quarter. Bank of America Corp DE now owns 22,316 shares of the company’s stock worth $320,000 after buying an additional 4,993 shares during the period. Raymond James & Associates increased its position in Craft Brew Alliance by 0.8% in the first quarter. Raymond James & Associates now owns 157,197 shares of the company’s stock worth $2,198,000 after buying an additional 1,246 shares during the period. Finally, BNP Paribas Arbitrage SA increased its position in Craft Brew Alliance by 53,180.0% in the first quarter. BNP Paribas Arbitrage SA now owns 2,664 shares of the company’s stock worth $37,000 after buying an additional 2,659 shares during the period. 35.20% of the stock is currently owned by hedge funds and other institutional investors.

About Craft Brew Alliance

Craft Brew Alliance, Inc brews and sells craft beers and ciders in the United States and internationally. It operates through two segments, Beer Related Operations and Brewpubs Operations. It offers beers under the Kona, Omission, Appalachian Mountain, Cisco, Redhook, Widmer Brothers, and Wynwood brands; and ciders under the Square Mile brand name.

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