Shares of Fevertree Drinks PLC (LON: FEVR), a maker of premium drink mixers today surged 8.42% despite the company not making any significant announcement.
Today marks the third consecutive daily gain for the company’s stock as buyers continued to snap up its shares since Monday.
The latest rally has been triggered by large share purchases made by company insiders such as Kevin Havelock, a non-Executive board member, who purchased shares worth £333,465 following the release of FeverTree’s interim results on Tuesday.
The company’s fundamentals look very solid given that it continued to win market share in the US, which is a very new market for the company, given that US bar sales grew 39% in H1 22020 to reach £27.4 million.
Fevertree’s US bar sales grew despite the negative impact of the coronavirus pandemic, which led to the closure of bars for several months, shocking the growing popularity of its premium mixers in the country.
The premium drinks mixers company’s future looks quite bright based on its fundamentals and the technical chart setups below. The stock could rally to its all-time highs above 4000p.*
*This is the author’s opinion, and should not be considered as investment advice.
Fevertree share price
Fever-Tree shares today surged 8.42% to hit a high of 2367p having closed Tuesday’s session trading at 2183p.