Vita Coco (NASDAQ:COCO) Hits New 1-Year High – Here’s Why

The Vita Coco Company, Inc. (NASDAQ:COCO)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $36.84 and last traded at $36.80, with a volume of 951389 shares traded. The stock had previously closed at $35.48.

Analysts Set New Price Targets

Separately, Craig Hallum boosted their price target on shares of Vita Coco from $33.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. 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, Vita Coco currently has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Vita Coco Stock Down 1.4 %

The firm has a market capitalization of $2.05 billion, a PE ratio of 37.03, a PEG ratio of 2.32 and a beta of 0.22. The company has a 50-day moving average of $30.67 and a 200 day moving average of $28.15.

Vita Coco (NASDAQ:COCO) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.26 by $0.06. The company had revenue of $133.00 million during the quarter, compared to analyst estimates of $138.56 million. Vita Coco had a return on equity of 26.49% and a net margin of 11.99%. Vita Coco’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.26 earnings per share. As a group, equities analysts anticipate that The Vita Coco Company, Inc. will post 1.07 EPS for the current fiscal year.

Insider Activity

In other news, Director Ira Liran sold 27,176 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $36.04, for a total value of $979,423.04. Following the completion of the sale, the director now directly owns 883,729 shares in the company, valued at approximately $31,849,593.16. The trade was a 2.98 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Jonathan Burth sold 905 shares of the 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 transaction, the chief operating officer now directly owns 123,300 shares in the company, valued at approximately $3,703,932. This represents a 0.73 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 47,425 shares of company stock worth $1,669,873. 34.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Vita Coco

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wasatch Advisors LP increased its stake in Vita Coco by 299.0% in the 3rd quarter. Wasatch Advisors LP now owns 2,400,997 shares of the company’s stock worth $67,972,000 after purchasing an additional 1,799,168 shares during the period. Vanguard Group Inc. increased its stake in shares of Vita Coco by 10.8% in the first quarter. Vanguard Group Inc. now owns 2,375,421 shares of the company’s stock worth $58,032,000 after buying an additional 230,991 shares during the period. Geode Capital Management LLC raised its holdings in Vita Coco by 10.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,041,662 shares of the company’s stock valued at $29,494,000 after buying an additional 101,823 shares during the last quarter. Victory Capital Management Inc. boosted its position in Vita Coco by 106.4% during the 3rd quarter. Victory Capital Management Inc. now owns 895,716 shares of the company’s stock valued at $25,358,000 after buying an additional 461,748 shares during the period. Finally, State Street Corp grew its holdings in Vita Coco by 4.7% in the 3rd quarter. State Street Corp now owns 876,774 shares of the company’s stock worth $24,821,000 after acquiring an additional 39,431 shares during the last quarter. Institutional investors own 88.49% of the company’s stock.

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.