Alliance Global Partners Cuts New Age Beverages (NASDAQ:NBEV) Price Target to $3.50

New Age Beverages (NASDAQ:NBEV) had its price objective dropped by Alliance Global Partners from $6.00 to $3.50 in a research report issued to clients and investors on Friday, Briefing.com Automated Import reports. The brokerage presently has a “buy” rating on the stock. Alliance Global Partners’ price target indicates a potential upside of 54.87% from the company’s current price.

A number of other research analysts also recently weighed in on NBEV. TheStreet downgraded shares of New Age Beverages from a “c-” rating to a “d+” rating in a research report on Thursday, August 22nd. Zacks Investment Research raised shares of New Age Beverages from a “sell” rating to a “hold” rating in a research report on Wednesday, October 30th. Northland Securities reissued a “hold” rating and set a $5.00 target price on shares of New Age Beverages in a research report on Thursday, August 8th. Finally, ValuEngine raised shares of New Age Beverages from a “hold” rating to a “buy” rating in a research report on Friday, September 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $6.35.

NASDAQ:NBEV traded up $0.05 during mid-day trading on Friday, hitting $2.26. The stock had a trading volume of 1,528,800 shares, compared to its average volume of 1,395,149. New Age Beverages has a twelve month low of $2.10 and a twelve month high of $7.79. The company has a current ratio of 1.65, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28. The company’s 50 day simple moving average is $2.72 and its 200 day simple moving average is $3.81.

New Age Beverages (NASDAQ:NBEV) last issued its quarterly earnings data on Thursday, November 14th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.05) by ($0.09). New Age Beverages had a negative return on equity of 20.40% and a negative net margin of 12.76%. The firm had revenue of $69.80 million during the quarter, compared to the consensus estimate of $69.95 million. The firm’s revenue for the quarter was up 428.8% on a year-over-year basis. Sell-side analysts forecast that New Age Beverages will post -0.34 earnings per share for the current year.

In other news, CEO Brent D. Willis sold 25,000 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $3.24, for a total transaction of $81,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,504,367 shares of the company’s stock, valued at approximately $4,874,149.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.90% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the stock. Lindbrook Capital LLC lifted its stake in shares of New Age Beverages by 230.0% during the 3rd quarter. Lindbrook Capital LLC now owns 16,500 shares of the company’s stock valued at $46,000 after buying an additional 11,500 shares in the last quarter. Creative Planning purchased a new stake in shares of New Age Beverages during the 3rd quarter valued at approximately $57,000. Cetera Advisor Networks LLC purchased a new stake in shares of New Age Beverages during the 2nd quarter valued at approximately $61,000. South Texas Money Management Ltd. purchased a new stake in shares of New Age Beverages during the 2nd quarter valued at approximately $67,000. Finally, United Asset Strategies Inc. purchased a new stake in shares of New Age Beverages during the 2nd quarter valued at approximately $78,000. Institutional investors own 21.23% of the company’s stock.

New Age Beverages Company Profile

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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