Short Interest in NewAge, Inc. (NASDAQ:NBEV) Declines By 16.3%

NewAge, Inc. (NASDAQ:NBEV) was the recipient of a significant decline in short interest in April. As of April 15th, there was short interest totalling 8,040,000 shares, a decline of 16.3% from the March 31st total of 9,600,000 shares. Based on an average daily volume of 2,720,000 shares, the days-to-cover ratio is presently 3.0 days.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its stake in shares of NewAge by 13.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 244,172 shares of the company’s stock worth $643,000 after acquiring an additional 29,307 shares in the last quarter. Penserra Capital Management LLC boosted its stake in shares of NewAge by 19.4% during the 4th quarter. Penserra Capital Management LLC now owns 126,852 shares of the company’s stock worth $333,000 after acquiring an additional 20,616 shares in the last quarter. BlackRock Inc. boosted its stake in shares of NewAge by 8.3% during the 4th quarter. BlackRock Inc. now owns 6,557,499 shares of the company’s stock worth $17,246,000 after acquiring an additional 505,172 shares in the last quarter. Concorde Asset Management LLC boosted its stake in shares of NewAge by 97.0% during the 4th quarter. Concorde Asset Management LLC now owns 58,500 shares of the company’s stock worth $154,000 after acquiring an additional 28,800 shares in the last quarter. Finally, Squarepoint Ops LLC boosted its stake in shares of NewAge by 70.7% during the 4th quarter. Squarepoint Ops LLC now owns 205,637 shares of the company’s stock worth $541,000 after acquiring an additional 85,191 shares in the last quarter. Institutional investors own 21.35% of the company’s stock.

Separately, Zacks Investment Research downgraded NewAge from a “hold” rating to a “sell” rating in a research note on Tuesday, March 9th.

NASDAQ NBEV traded down $0.04 on Tuesday, reaching $2.10. The stock had a trading volume of 1,813,066 shares, compared to its average volume of 2,514,711. The business has a 50 day moving average price of $2.64 and a 200 day moving average price of $2.89. The company has a current ratio of 1.41, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22. NewAge has a 1 year low of $1.23 and a 1 year high of $4.55. The company has a market capitalization of $284.31 million, a price-to-earnings ratio of -1.73 and a beta of 1.97.

NewAge (NASDAQ:NBEV) last issued its earnings results on Tuesday, March 16th. The company reported ($0.03) EPS for the quarter, meeting analysts’ consensus estimates of ($0.03). The firm had revenue of $90.42 million for the quarter, compared to the consensus estimate of $90.00 million. NewAge had a negative return on equity of 61.13% and a negative net margin of 40.74%. On average, analysts anticipate that NewAge will post -0.41 earnings per share for the current fiscal year.

NewAge Company Profile

NewAge, Inc develops, markets, sells, and distributes healthy products in the United States, Japan, China, and internationally. The company operates in two segments, Direct / Social Selling and Direct Store. It provides health and wellness, energy drink, essential oil and anti-aging skincare, cosmetic, beverage, snacks, water and air filtration, and personal care products, as well as weight management, nutritional supplement, nutraceutical, and slenderiize products; diagnostic products, such as DNA testing and diagnostic kits and products; and CBD products.

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