Vita Coco (NASDAQ:COCO) Issues Quarterly Earnings Results

Vita Coco (NASDAQ:COCO) released its quarterly earnings data on Wednesday. The company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05, Briefing.com reports. Vita Coco had a return on equity of 26.42% and a net margin of 11.05%. The company had revenue of $133.00 million for the quarter, compared to the consensus estimate of $138.56 million. During the same period last year, the business posted $0.26 EPS. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. Vita Coco updated its FY 2024 guidance to EPS.

Vita Coco Price Performance

COCO traded up $0.32 during trading hours on Thursday, hitting $29.88. 285,283 shares of the stock were exchanged, compared to its average volume of 613,870. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of 32.28, a price-to-earnings-growth ratio of 2.24 and a beta of 0.23. The stock has a 50-day simple moving average of $27.74 and a 200-day simple moving average of $27.03. Vita Coco has a 12 month low of $19.41 and a 12 month high of $31.54.

Insiders Place Their Bets

In other Vita Coco news, COO Jonathan Burth sold 2,244 shares of Vita Coco stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $30.01, for a total value of $67,342.44. Following the completion of the transaction, the chief operating officer now directly owns 124,605 shares in the company, valued at $3,739,396.05. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders have sold 4,949 shares of company stock valued at $148,585. Company insiders own 34.20% of the company’s stock.

Wall Street Analysts Forecast Growth

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

About Vita Coco

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.