Shares of Primo Water Corporation (NYSE:PRMW) traded today at $19.49, eclipsing its 52-week high. This new high was reached on below average trading volume as 106,000 shares traded hands, while the average 30-day volume is approximately 754,000 shares.
Primo Water, formerly Cott, is a pure-play water provider that is the product of the March 2020 acquisition of the legacy Primo business by Cott. The firm’s water solutions ecosystem is anchored by an assortment of water dispensers and its water direct business. In the latter, it receives recurring revenue for delivering large-format (3- and 5-gallon) water bottles to residential and commercial customers for use in the dispensers. Supplementary offerings include water exchange, where consumers can exchange or purchase prefilled containers at retail, and water refill, where consumers have access to the network of self-service refill units that Primo manages. Most sales are generated in North America, with the remainder primarily in Europe and Israel.
Primo Water Corporation share prices have moved between a 52-week high of $19.49 and a 52-week low of $14.20 and are now trading 37% above that low price at $19.48 per share.
Primo Water Corporation has overhead space with shares priced $19.48, or 88.1% below the average consensus analyst price target of $163.84.
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