Summit Asset Management LLC Purchases New Shares in Westrock Coffee (NASDAQ:WEST)

Summit Asset Management LLC purchased a new stake in shares of Westrock Coffee (NASDAQ:WEST) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 13,271 shares of the company’s stock, valued at approximately $86,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Legacy Capital Wealth Partners LLC increased its holdings in Westrock Coffee by 25.6% during the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 36,454 shares of the company’s stock valued at $237,000 after purchasing an additional 7,422 shares in the last quarter. Stephens Inc. AR increased its stake in shares of Westrock Coffee by 1.7% in the 3rd quarter. Stephens Inc. AR now owns 152,717 shares of the company’s stock valued at $993,000 after buying an additional 2,500 shares during the period. Gilliland Jeter Wealth Management LLC increased its stake in shares of Westrock Coffee by 81.9% in the 3rd quarter. Gilliland Jeter Wealth Management LLC now owns 4,547 shares of the company’s stock valued at $30,000 after buying an additional 2,047 shares during the period. Blue Trust Inc. increased its stake in shares of Westrock Coffee by 637.3% in the 3rd quarter. Blue Trust Inc. now owns 11,126 shares of the company’s stock valued at $72,000 after buying an additional 9,617 shares during the period. Finally, Patriot Investment Management Group Inc. acquired a new stake in shares of Westrock Coffee in the 3rd quarter valued at $78,000. 45.08% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Westrock Coffee news, Director Joe T. Ford bought 5,000 shares of Westrock Coffee stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average cost of $7.64 per share, for a total transaction of $38,200.00. Following the completion of the acquisition, the director now owns 244,445 shares in the company, valued at approximately $1,867,559.80. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Over the last ninety days, insiders have acquired 11,092 shares of company stock worth $81,546. Corporate insiders own 42.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on WEST. Telsey Advisory Group lowered their target price on Westrock Coffee from $14.00 to $10.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. Craig Hallum began coverage on Westrock Coffee in a research report on Monday, September 23rd. They issued a “buy” rating and a $13.00 price target on the stock. Finally, Truist Financial began coverage on Westrock Coffee in a research report on Monday, October 7th. They issued a “buy” rating and a $10.00 price target on the stock. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $11.40.

Westrock Coffee Stock Down 4.7 %

NASDAQ:WEST opened at $6.74 on Thursday. The stock’s fifty day simple moving average is $6.87 and its 200-day simple moving average is $8.82. The company has a quick ratio of 0.73, a current ratio of 1.39 and a debt-to-equity ratio of 3.41. The firm has a market capitalization of $595.61 million, a P/E ratio of -7.94 and a beta of 0.38. Westrock Coffee has a 12-month low of $5.28 and a 12-month high of $11.21.

About Westrock Coffee

Westrock Coffee Company, LLC operates as an integrated coffee, tea, flavors, extracts, and ingredients solutions provider in the United States and internationally. It operates through two segments, Beverage Solutions, and Sustainable Sourcing & Traceability (SS&T). The Beverage Solutions segment provides various packaging, including branded and private label coffee in bags, fractional packs, and single serve cups, as well as extract solutions for applications in cold brew and ready-to-drink offerings.