Coca-Cola Europacific Partners PLC (NASDAQ:CCEP) Sees Significant Drop in Short Interest

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

Analysts Set New Price Targets

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

Coca-Cola Europacific Partners Trading Up 0.2 %

Shares of Coca-Cola Europacific Partners stock traded up $0.14 during trading hours on Wednesday, reaching $76.40. The stock had a trading volume of 985,517 shares, compared to its average volume of 1,398,352. The company has a current ratio of 0.85, a quick ratio of 0.63 and a debt-to-equity ratio of 1.12. Coca-Cola Europacific Partners has a 1 year low of $57.48 and a 1 year high of $82.32. The firm has a market capitalization of $34.90 billion, a price-to-earnings ratio of 16.29, a P/E/G ratio of 3.54 and a beta of 0.90. The firm has a 50 day simple moving average of $78.99 and a two-hundred day simple moving average of $75.24.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CCEP. Crewe Advisors LLC purchased a new stake in shares of Coca-Cola Europacific Partners in the first quarter worth about $36,000. New Covenant Trust Company N.A. purchased a new position in Coca-Cola Europacific Partners in the 1st quarter worth approximately $36,000. New Millennium Group LLC acquired a new stake in Coca-Cola Europacific Partners in the second quarter valued at approximately $37,000. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Coca-Cola Europacific Partners by 38.1% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 504 shares of the company's stock valued at $40,000 after purchasing an additional 139 shares during the period. Finally, Mather Group LLC. lifted its position in shares of Coca-Cola Europacific Partners by 142.0% during the second quarter. Mather Group LLC. now owns 668 shares of the company's stock worth $47,000 after purchasing an additional 392 shares in the last quarter. Hedge funds and other institutional investors own 31.35% of the company's stock.

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.