Short Interest in Coca-Cola Europacific Partners PLC (NASDAQ:CCEP) Drops By 7.2%

Coca-Cola Europacific Partners PLC (NASDAQ:CCEP - Get Free Report) was the recipient of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 2,320,000 shares, a decrease of 7.2% from the September 30th total of 2,500,000 shares. Based on an average daily trading volume, of 1,430,000 shares, the days-to-cover ratio is presently 1.6 days. Currently, 1.1% of the company's stock are short sold.

Coca-Cola Europacific Partners Stock Performance

NASDAQ:CCEP traded up $0.17 during mid-day trading on Wednesday, reaching $76.43. The stock had a trading volume of 385,237 shares, compared to its average volume of 1,395,691. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.63 and a current ratio of 0.85. The firm has a market capitalization of $34.91 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 3.54 and a beta of 0.90. Coca-Cola Europacific Partners has a twelve month low of $57.48 and a twelve month high of $82.32. The business has a 50 day simple moving average of $79.02 and a 200 day simple moving average of $75.23.

Institutional Investors Weigh In On Coca-Cola Europacific Partners

A number of hedge funds have recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. lifted its position in shares of Coca-Cola Europacific Partners by 21.4% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 12,206 shares of the company's stock valued at $854,000 after acquiring an additional 2,150 shares during the period. Norden Group LLC acquired a new position in shares of Coca-Cola Europacific Partners in the first quarter valued at approximately $483,000. Legacy Wealth Asset Management LLC lifted its stake in shares of Coca-Cola Europacific Partners by 2.7% during the first quarter. Legacy Wealth Asset Management LLC now owns 29,627 shares of the company's stock valued at $2,072,000 after buying an additional 787 shares during the period. FCG Investment Co boosted its position in Coca-Cola Europacific Partners by 57.9% during the first quarter. FCG Investment Co now owns 17,309 shares of the company's stock worth $1,211,000 after acquiring an additional 6,345 shares during the last quarter. Finally, Mission Wealth Management LP purchased a new stake in Coca-Cola Europacific Partners in the 1st quarter worth approximately $202,000. Institutional investors and hedge funds own 31.35% of the company's stock.

Analyst Ratings Changes

CCEP has been the topic of several research reports. BNP Paribas lowered Coca-Cola Europacific Partners from an "outperform" rating to a "neutral" rating and set a $81.00 price objective on the stock. in a report on Tuesday, September 10th. Barclays dropped their price objective on Coca-Cola Europacific Partners from $85.00 to $84.00 and set an "overweight" rating on the stock in a report on Friday, October 11th. Deutsche Bank Aktiengesellschaft raised their price objective on Coca-Cola Europacific Partners from $78.00 to $90.00 and gave the stock a "buy" rating in a report on Monday, September 9th. Bank of America raised their price objective on Coca-Cola Europacific Partners from $80.00 to $82.00 and gave the stock a "buy" rating in a report on Wednesday, July 10th. Finally, Citigroup raised Coca-Cola Europacific Partners to a "strong-buy" rating in a report on Thursday, October 3rd. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Coca-Cola Europacific Partners has an average rating of "Moderate Buy" and an average price target of $80.88.

About Coca-Cola Europacific Partners

Coca-Cola Europacific Partners PLC, together with its subsidiaries, produces, distributes, and sells a range of non-alcoholic ready to drink beverages. It offers flavours, mixers, and energy drinks; soft drinks, waters, enhanced water, and isotonic drinks; and ready-to-drink tea and coffee, juices, and other drinks.

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