The Vita Coco Company, Inc. (NASDAQ:COCO) Short Interest Update

The Vita Coco Company, Inc. (NASDAQ:COCO) was the target of a significant drop in short interest in October. As of October 15th, there was short interest totalling 5,640,000 shares, a drop of 6.3% from the September 30th total of 6,020,000 shares. Based on an average trading volume of 484,700 shares, the short-interest ratio is presently 11.6 days. Approximately 14.7% of the company’s shares are short sold.

Vita Coco Price Performance

Shares of COCO stock traded up $0.46 on Thursday, hitting $30.02. The company’s stock had a trading volume of 87,952 shares, compared to its average volume of 612,934. The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of 32.28, a P/E/G ratio of 2.24 and a beta of 0.23. Vita Coco has a fifty-two week low of $19.41 and a fifty-two week high of $31.54. The firm’s fifty day moving average price is $27.74 and its 200-day moving average price is $27.03.

Vita Coco (NASDAQ:COCO) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. The company had revenue of $133.00 million during the quarter, compared to the consensus estimate of $138.56 million. Vita Coco had a return on equity of 26.42% and a net margin of 11.05%. The firm’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.26 EPS. Analysts predict that Vita Coco will post 1.05 EPS for the current fiscal year.

Insider Transactions at Vita Coco

In other Vita Coco news, COO Jonathan Burth sold 905 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $30.04, for a total transaction of $27,186.20. Following the sale, the chief operating officer now directly owns 123,300 shares of the company’s stock, valued at $3,703,932. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 4,949 shares of company stock valued at $148,585 over the last ninety days. Corporate insiders own 34.20% of the company’s stock.

Hedge Funds Weigh In On Vita Coco

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CWM LLC lifted its stake in shares of Vita Coco by 40.7% in the second quarter. CWM LLC now owns 2,720 shares of the company’s stock worth $76,000 after buying an additional 787 shares during the last quarter. Ameritas Investment Partners Inc. lifted its position in Vita Coco by 32.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 3,760 shares of the company’s stock worth $92,000 after acquiring an additional 919 shares during the last quarter. Arizona State Retirement System boosted its holdings in Vita Coco by 9.5% during the second quarter. Arizona State Retirement System now owns 11,107 shares of the company’s stock valued at $309,000 after acquiring an additional 960 shares during the period. US Bancorp DE boosted its holdings in Vita Coco by 8.5% during the third quarter. US Bancorp DE now owns 14,968 shares of the company’s stock valued at $424,000 after acquiring an additional 1,178 shares during the period. Finally, nVerses Capital LLC grew its position in shares of Vita Coco by 271.4% in the second quarter. nVerses Capital LLC now owns 2,600 shares of the company’s stock valued at $72,000 after purchasing an additional 1,900 shares during the last quarter. Institutional investors and hedge funds own 88.49% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on COCO shares. Craig Hallum increased their price target on shares of Vita Coco from $33.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday. Bank of America increased their target price on shares of Vita Coco from $27.00 to $30.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 10th. Piper Sandler lowered shares of Vita Coco from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $29.00 to $28.00 in a research note on Friday, July 12th. Wells Fargo & Company upped their price target on shares of Vita Coco from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Finally, Jefferies Financial Group reduced their price objective on Vita Coco from $35.00 to $31.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.00.

Vita Coco Company Profile

The Vita Coco Company, Inc develops, markets, and distributes coconut water products under the Vita Coco brand name in the United States, Canada, Europe, the Middle East, Africa, and the Asia Pacific. The company offers coconut oil and coconut milk; juice; Runa, a plant-based energy drink; packaged water under the Ever & Ever brand name; and PWR LIFT, a protein-infused fitness drink.