What's Going On With Celsius Holdings Stock Wednesday?

Celsius Holdings Inc CELH shares are trading higher Wednesday after the beverage company reported strong first-quarter results. Multiple analysts raised price targets on the stock following the report.

What Happened: Celsius said first-quarter revenue increased 95% year-over-year to $260 million, driven by strength in North America. The company’s top-line results came in above average analyst estimates of $217.65 million, per Benzinga Pro. Revenues in North America more than doubled on a year-over-year basis.

First-quarter earnings came in at 40 cents per share, up from 9 cents per share year-over-year. Gross profit was up 111%.

Celsius said it continued to further transition into PepsiCo Inc’s PEP distribution system.

"In the United States, Celsius is now the established #3 Energy Drink Brand in the category, being the key growth driver over the last 52 week period," said John Fieldly, president and CEO of Celsius.

"Looking ahead, we have plans in place and initiatives underway to further leverage our expanding distribution and continue to build our global brand equity."

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Analyst Updates:

• BofA Securities analyst Jonathan Keypour upgraded Celsius from Neutral to Buy and raised the price target from $98 to $125.
• UBS analyst Charles Grom maintained Celsius with a Buy and raised the price target from $120 to $130.
• Piper Sandler analyst Michael Lavery maintained Celsius with an Overweight and raised the price target from $110 to $130.

CELH Price Action: Celsius shares were up 9.95% at $117.78 at the time of writing, per Benzinga Pro.

Photo: Dennis Young from Pixabay.