Molson Coors Beverage (NYSE:TAP) Shares Gap Down - What's Next?

Molson Coors Beverage (NYSE:TAP - Get Free Report)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $56.52, but opened at $52.55. Molson Coors Beverage shares last traded at $57.96, with a volume of 602,765 shares changing hands.

Analyst Ratings Changes

A number of analysts have recently weighed in on TAP shares. Jefferies Financial Group reduced their target price on shares of Molson Coors Beverage from $61.00 to $57.00 and set a "hold" rating on the stock in a research report on Thursday, July 18th. TD Cowen decreased their target price on shares of Molson Coors Beverage from $58.00 to $56.00 and set a "hold" rating for the company in a research note on Tuesday, October 8th. Wells Fargo & Company lifted their target price on shares of Molson Coors Beverage from $50.00 to $54.00 and gave the company an "underweight" rating in a report on Wednesday, August 7th. Bank of America cut their price target on Molson Coors Beverage from $62.00 to $54.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 10th. Finally, Piper Sandler raised their price objective on Molson Coors Beverage from $57.00 to $59.00 and gave the company a "neutral" rating in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $58.62.

Molson Coors Beverage Stock Performance

The company has a market cap of $11.73 billion, a PE ratio of 10.44, a PEG ratio of 2.43 and a beta of 0.82. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.95 and a quick ratio of 0.75. The business has a 50-day moving average of $55.39 and a 200 day moving average of $54.42.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.24. The firm had revenue of $3.25 billion for the quarter, compared to analysts' expectations of $3.18 billion. Molson Coors Beverage had a net margin of 8.27% and a return on equity of 9.58%. The business's quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.78 EPS. Equities research analysts anticipate that Molson Coors Beverage will post 5.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Molson Coors Beverage

Hedge funds and other institutional investors have recently modified their holdings of the stock. Family Firm Inc. purchased a new stake in Molson Coors Beverage in the second quarter worth about $26,000. Altshuler Shaham Ltd purchased a new stake in Molson Coors Beverage in the 2nd quarter worth approximately $27,000. GPS Wealth Strategies Group LLC increased its holdings in Molson Coors Beverage by 83.8% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company's stock worth $33,000 after acquiring an additional 294 shares in the last quarter. Ashton Thomas Securities LLC bought a new stake in Molson Coors Beverage during the 3rd quarter worth approximately $35,000. Finally, Gladius Capital Management LP purchased a new position in Molson Coors Beverage during the third quarter valued at approximately $42,000. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

About Molson Coors Beverage

Molson Coors Beverage Company manufactures, markets, and sells beer and other malt beverage products under various brands in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers flavored malt beverages including hard seltzers, craft, spirits and energy, and ready to drink beverages.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.