Celsius Holdings, Inc. (CELH) saw its stock price plummet 5.61% during intraday trading on Wednesday, continuing a downward trend for the energy drink maker.

The decline comes despite the company reporting strong first-quarter results, including adjusted earnings per share of $0.41 that beat consensus estimates and revenue growth of 137.6% year-over-year. Market participants appear concerned about broader headwinds facing the energy drink industry, including potential consumer fatigue and intensifying competition that could limit future growth. Additionally, Rothschild & Co Redburn's initiation of coverage with a neutral rating has reinforced institutional caution regarding the stock's valuation at current levels.

The broader soft drinks sector has shown weakness, with several major competitors also trading lower, contributing to the negative sentiment surrounding Celsius Holdings' stock performance.