ENCINO, Calif.—Lorna R. Simms, Senior Vice President, General Counsel, and Corporate Secretary at Zevia PBC (NYSE:ZVIA), recently sold shares of the company's Class A common stock. According to a recent SEC filing, Simms sold a total of 3,979 shares on January 21, 2025. The shares were sold at a weighted average price of $4.6831, generating a total of $18,634. The transaction comes as Zevia's stock has shown remarkable strength, with a 471% surge over the past six months. According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt and a current ratio of 2.85x.
This transaction was conducted to satisfy tax withholding obligations related to the settlement of 17,334 restricted stock units (RSUs), as noted in the filing. For investors seeking deeper insights, InvestingPro offers 10+ additional exclusive tips and comprehensive analysis for Zevia, which currently has a market capitalization of $310 million. Following this sale, Simms holds 229,014 shares directly, which includes 175,317 RSUs. These RSUs are scheduled to vest in increments over the coming years.
In other recent news, Zevia PBC has reported mixed results for the fourth quarter. The company announced consolidated revenues of $39.5 million, which aligns with the higher end of its previously issued guidance range of $38-40 million. However, Zevia now expects an adjusted EBITDA loss of $3.9-4.2 million for the fourth quarter, primarily due to increased investments during the holiday season.
These recent developments led Loop Capital Markets to increase their price target for Zevia from $2.00 to $6.00, while maintaining a Buy rating on the stock. The substantial increase reflects the firm's confidence in Zevia's growth trajectory, despite the larger-than-expected adjusted EBITDA loss.
In other news, Zevia held its Q3 2024 earnings call, led by President and CEO Amy Taylor and CFO Girish Satya. The company provided insights into its performance and future expectations, including a projected net sales of around $155 million for the year 2024. However, Zevia also anticipates a wider adjusted EBITDA loss for 2024, estimated to be between $15.2 million and $15.5 million.
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