Vita Coco (NASDAQ:COCO) Shares Up 5.1% – Here’s What Happened

The Vita Coco Company, Inc. (NASDAQ:COCO) shares traded up 5.1% on Monday . The company traded as high as $34.35 and last traded at $33.60. 223,289 shares were traded during mid-day trading, a decline of 64% from the average session volume of 617,779 shares. The stock had previously closed at $31.97.

Analyst Upgrades and Downgrades

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

Vita Coco Price Performance

The company has a market cap of $1.99 billion, a price-to-earnings ratio of 34.44, a PEG ratio of 2.46 and a beta of 0.22. The business’s 50-day simple moving average is $27.98 and its 200-day simple moving average is $27.15.

Vita Coco (NASDAQ:COCO) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.06. The business had revenue of $133.00 million during the quarter, compared to analyst estimates of $138.56 million. Vita Coco had a net margin of 11.99% and a return on equity of 26.49%. The company’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.26 earnings per share. As a group, sell-side analysts forecast that The Vita Coco Company, Inc. will post 1 EPS for the current year.

Insider Activity

In related news, COO Jonathan Burth sold 905 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $30.04, for a total value of $27,186.20. Following the completion of the sale, the chief operating officer now directly owns 123,300 shares in the company, valued at approximately $3,703,932. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 4,949 shares of company stock valued at $148,585 over the last 90 days. Insiders own 34.20% of the company’s stock.

Hedge Funds Weigh In On Vita Coco

Hedge funds and other institutional investors have recently made changes to their positions in the business. GSA Capital Partners LLP acquired a new position in Vita Coco during the 1st quarter worth approximately $1,028,000. Raymond James & Associates acquired a new stake in shares of Vita Coco during the 3rd quarter valued at approximately $3,990,000. Harbor Capital Advisors Inc. raised its position in shares of Vita Coco by 143.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 341,506 shares of the company’s stock valued at $9,668,000 after acquiring an additional 200,940 shares in the last quarter. American Century Companies Inc. raised its position in shares of Vita Coco by 42.2% during the 2nd quarter. American Century Companies Inc. now owns 80,129 shares of the company’s stock valued at $2,232,000 after acquiring an additional 23,761 shares in the last quarter. Finally, Pier Capital LLC raised its position in shares of Vita Coco by 37.7% during the 2nd quarter. Pier Capital LLC now owns 292,073 shares of the company’s stock valued at $8,134,000 after acquiring an additional 79,957 shares in the last quarter. Institutional investors and hedge funds own 88.49% of the company’s stock.

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.