ZEVIA PBC ZVIA
CL A · Common Stock · CUSIP 98955K104 · ISIN US98955K1043
American zero-calorie soft drinks manufacturer
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($369.7k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $3.22. Options: 5 managers hold calls ($297.4k notional), 5 hold puts ($260.8k).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 47 |
| Q4 2022 | 60 |
| Q1 2023 | 65 |
| Q2 2023 | 70 |
| Q3 2023 | 59 |
| Q4 2023 | 64 |
| Q1 2024 | 51 |
| Q2 2024 | 60 |
| Q3 2024 | 40 |
| Q4 2024 | 66 |
| Q1 2025 | 82 |
| Q2 2025 | 99 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 25 | 33 |
| Q4 2023 | 34 | 21 |
| Q1 2024 | 19 | 35 |
| Q2 2024 | 29 | 31 |
| Q3 2024 | 6 | 41 |
| Q4 2024 | 43 | 14 |
| Q1 2025 | 52 | 28 |
| Q2 2025 | 71 | 43 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $32.1k | $7.1k | 0.22 |
| Q4 2024 | $1.6m | $221.1k | 0.14 |
| Q1 2025 | $407.1k | $252.1k | 0.62 |
| Q2 2025 | $297.4k | $260.8k | 0.88 |
Biggest buyers
| Divisadero Street Capital Management, LP | New | +3.2m |
| BlackRock, Inc. | Added | +1.6m |
| Castle Hook Partners LP | New | +500.0k |
| EMERALD MUTUAL FUND ADVISERS TRUST | Added | +380.7k |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +372.7k |
| Ghisallo Capital Management LLC | New | +301.3k |
| VANGUARD GROUP INC | Added | +300.4k |
| BANK OF MONTREAL /CAN/ | New | +292.8k |
| STATE STREET CORP | Added | +244.0k |
| Hodges Capital Management Inc. | New | +228.0k |
Biggest sellers
| Caisse de depot et placement du Quebec | Reduced | -2.0m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | -445.5k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -410.1k |
| MARSHALL WACE, LLP | Sold out | -216.0k |
| OMERS ADMINISTRATION Corp | Sold out | -157.3k |
| Qube Research & Technologies Ltd | Sold out | -125.6k |
| JACOBS LEVY EQUITY MANAGEMENT, INC | Reduced | -104.2k |
| GOLDMAN SACHS GROUP INC | Reduced | -99.9k |
| Cubist Systematic Strategies, LLC | Sold out | -79.3k |
| HRT FINANCIAL LP | Sold out | -58.2k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $149.7k46.5k shares |
| JANE STREET GROUP, LLC | Added | $68.3k21.2k shares |
| SIMPLEX TRADING, LLC | Reduced | $52.0k16.2k shares |
| GROUP ONE TRADING LLC | Added | $27.4k8.5k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $138.1k42.9k shares |
| SIMPLEX TRADING, LLC | Reduced | $65.0k20.3k shares |
| CITADEL ADVISORS LLC | Added | $38.6k12.0k shares |
| GROUP ONE TRADING LLC | Added | $19.0k5.9k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| CAISSE DE DEPOT ET PLACEMENT DU QUEBEC 13D · may seek influence -4.2 pts · filed 2026-05-28 | 15.9% |
| Topline Capital Management, LLC 13G · institution new · filed 2026-02-13 | 8.8% |
Fell to 5% or below in the last year: Tallwoods Investments, LLC (1.0%, 2026-02-17), Divisadero Street Capital Management, LP (4.8%, 2026-02-13)
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2023 | 0 | — | 2 | $309.2k | — |
| Q4 2023 | 2 | $74.9k | 2 | $195.6k | — |
| Q1 2024 | 0 | — | 5 | $195.1k | — |
| Q2 2024 | 1 | $49.0k | 0 | — | — |
| Q3 2024 | 4 | $50.4k | 0 | — | — |
| Q4 2024 | 0 | — | 1 | $4.9m | — |
| Q1 2025 | 0 | — | 3 | $321.7k | — |
| Q2 2025 | 0 | — | 1 | $203.2k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-06-30 | CAISSE DE DEPOT ET PLACEMENT DU QUEBEC +1 10% owner | Sold | $6.0m2.0m shares |
| 2025-05-12 | Spence Padraic L. Director | Sold | $203.2k75.0k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| Caisse de depot et placement du Quebec 0.14% of their portfolio | 20.0m $64.5m | Reduced -2.0m |
| Divisadero Street Capital Management, LP 0.70% of their portfolio | 3.2m $10.4m | New |
| BlackRock, Inc. 0.00% of their portfolio | 2.0m $6.4m | Added +1.6m |
| VANGUARD GROUP INC 0.00% of their portfolio | 1.9m $6.0m | Added +300.4k |
| SILVERCREST ASSET MANAGEMENT GROUP LLC 0.03% of their portfolio | 1.3m $4.2m | Unchanged |
| ArrowMark Colorado Holdings LLC 0.07% of their portfolio | 1.2m $3.9m | Unchanged |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 933.4k $3.0m | Added +372.7k |
| EMERALD MUTUAL FUND ADVISERS TRUST 0.15% of their portfolio | 761.7k $2.5m | Added +380.7k |
| ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio | 650.6k $2.1m | Added +43.3k |
| Castle Hook Partners LP 0.02% of their portfolio | 500.0k $1.6m | New |
| STATE STREET CORP 0.00% of their portfolio | 458.1k $1.5m | Added +244.0k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.01% of their portfolio | 439.9k $1.4m | Reduced -104.2k |
| RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio | 304.1k $979.3k | Added +47.4k |
| Ghisallo Capital Management LLC 0.03% of their portfolio | 301.3k $970.2k | New |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 299.0k $962.9k | Reduced -410.1k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 295.2k $950.7k | Added +175.8k |
| BANK OF MONTREAL /CAN/ 0.00% of their portfolio | 292.8k $942.8k | New |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 284.2k $917.5k | Added +159.2k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 266.4k $857.9k | Added +133.0k |
| Hodges Capital Management Inc. 0.07% of their portfolio | 228.0k $734.2k | New |
| Squarepoint Ops LLC 0.00% of their portfolio | 167.1k $538.0k | Reduced -9.6k |
| GILDER GAGNON HOWE & CO LLC 0.01% of their portfolio | 156.1k $502.8k | Added +50.0k |
| MOORE CAPITAL MANAGEMENT, LP 0.01% of their portfolio | 150.0k $483.0k | New |
| Kapitalo Investimentos Ltda 0.10% of their portfolio | 145.1k $467.2k | New |
| Focus Partners Wealth 0.00% of their portfolio | 142.9k $460.2k | Unchanged |
| MORGAN STANLEY 0.00% of their portfolio | 137.6k $443.0k | Added +103.5k |
| EMERALD ADVISERS, LLC 0.02% of their portfolio | 129.9k $418.1k | Added +39.0k |
| Calamos Advisors LLC 0.00% of their portfolio | 125.6k $404.3k | Added +82.1k |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 110.6k $356.1k | Unchanged |
| STRS OHIO 0.00% of their portfolio | 99.5k $320.4k | New |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 99.4k $320.0k | Added +79.4k |
| TECTONIC ADVISORS LLC 0.02% of their portfolio | 97.8k $314.8k | New |
| Verition Fund Management LLC 0.00% of their portfolio | 75.4k $242.9k | New |
| Wilmington Savings Fund Society, FSB 0.00% of their portfolio | 74.6k $240.3k | Unchanged |
| State of Wyoming 0.03% of their portfolio | 73.4k $236.5k | New |
| Bank of New York Mellon Corp 0.00% of their portfolio | 71.4k $230.1k | New |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 69.0k $222.3k | Reduced -445.5k |
| TD Waterhouse Canada Inc. 0.00% of their portfolio | 59.8k $183.7k | Reduced -31.5k |
| WEXFORD CAPITAL LP 0.05% of their portfolio | 56.7k $182.6k | New |
| BARCLAYS PLC 0.00% of their portfolio | 55.7k $179.5k | New |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 52.2k $168.1k | Reduced -99.9k |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio | 50.3k $162.1k | Unchanged |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 49.7k $159.9k | Reduced -27.1k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 45.2k $145.5k | New |
| GSA CAPITAL PARTNERS LLP 0.01% of their portfolio | 44.7k $144.0k | Added +9.9k |
| UBS Group AG 0.00% of their portfolio | 42.4k $136.7k | Added +42.0k |
| Nuveen, LLC 0.00% of their portfolio | 41.1k $132.4k | New |
| ALGERT GLOBAL LLC 0.00% of their portfolio | 37.3k $120.2k | New |
| NWAM LLC 0.01% of their portfolio | 36.6k $117.9k | Added +775 |
| LPL Financial LLC 0.00% of their portfolio | 32.5k $104.7k | New |
| Dynamic Technology Lab Private Ltd 0.01% of their portfolio | 29.8k $96.0k | Reduced -57.2k |
| MACKENZIE FINANCIAL CORP 0.00% of their portfolio | 29.7k $95.7k | New |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 28.5k $91.8k | New |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 28.5k $91.8k | Reduced -2.7k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 28.4k $91.3k | New |
| MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio | 26.2k $84.5k | New |
| Invesco Ltd. 0.00% of their portfolio | 23.1k $74.4k | New |
| SHELTON CAPITAL MANAGEMENT 0.00% of their portfolio | 22.5k $72.5k | New |
| FIRST MANHATTAN CO. LLC. 0.00% of their portfolio | 22.0k $70.8k | Unchanged |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 20.6k $66.2k | New |
| CreativeOne Wealth, LLC 0.00% of their portfolio | 19.4k $62.4k | New |
| Mariner, LLC 0.00% of their portfolio | 18.7k $60.3k | Added +1.9k |
| Engineers Gate Manager LP 0.00% of their portfolio | 18.0k $58.0k | New |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 17.3k $55.7k | Added +16.3k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 17.2k $55.5k | New |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 15.9k $52.0k | New |
| INTECH INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 15.9k $51.3k | New |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 15.5k $50.0k | Added +14.9k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 15.4k $49.7k | Reduced -53.1k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 15.2k $49.0k | Reduced -30.1k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 14.3k $45.9k | Added +2.0k |
| DKM Wealth Management, Inc. 0.04% of their portfolio | 13.0k $41.9k | New |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 11.9k $38.3k | New |
| CITIGROUP INC 0.00% of their portfolio | 11.2k $36.1k | Added +11.2k |
| Modera Wealth Management, LLC 0.00% of their portfolio | 10.0k $32.3k | Unchanged |
| Catalina Capital Group, LLC 0.02% of their portfolio | 10.0k $32.2k | Unchanged |
| Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio | 7.9k $25.5k | New |
| Tower Research Capital LLC (TRC) 0.00% of their portfolio | 5.6k $18.1k | Added +1.6k |
| GROUP ONE TRADING LLC 0.00% of their portfolio | 5.0k $16.1k | Added +600 |
| Spire Wealth Management 0.00% of their portfolio | 4.3k $14.0k | Reduced -12.4k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 4.3k $14.0k | New |
| Legal & General Group Plc 0.00% of their portfolio | 3.5k $11.3k | New |
| Ameritas Investment Partners, Inc. 0.00% of their portfolio | 3.2k $10.4k | New |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 3.0k $9.5k | Added +2.7k |
| FMR LLC 0.00% of their portfolio | 2.0k $6.5k | Unchanged |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 2.0k $6.3k | New |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 1.5k $4.8k | New |
| AMALGAMATED BANK 0.00% of their portfolio | 1.1k $3.0k | New |
| Vermillion & White Wealth Management Group, LLC 0.00% of their portfolio | 673 $2.2k | New |
| Federation des caisses Desjardins du Quebec 0.00% of their portfolio | 478 $1.5k | Unchanged |
| Global Retirement Partners, LLC 0.00% of their portfolio | 450 $1.4k | First filing |
| ELEVATION POINT WEALTH PARTNERS, LLC 0.00% of their portfolio | 400 $1.3k | New |
| SBI Securities Co., Ltd. 0.00% of their portfolio | 301 $969 | Reduced -152 |
| Parallel Advisors, LLC 0.00% of their portfolio | 150 $483 | New |
| St. Johns Investment Management Company, LLC 0.00% of their portfolio | 90 $290 | New |
| Sterling Capital Management LLC 0.00% of their portfolio | 76 $245 | New |
| Larson Financial Group LLC 0.00% of their portfolio | 20 $64 | Unchanged |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio | 0 $0 | Unchanged |
| SWAN Capital LLC 0.00% of their portfolio | 0 $0 | New |