Vita Coco (NASDAQ:COCO) Trading Down 5.4% – Here’s What Happened

Vita Coco Company, Inc. (NASDAQ:COCO)’s share price was down 5.4% on Monday . The stock traded as low as $48.37 and last traded at $48.2710. Approximately 238,267 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 1,152,821 shares. The stock had previously closed at $51.00.

Analysts Set New Price Targets

Several research analysts have recently weighed in on COCO shares. Evercore reissued an “outperform” rating and issued a $70.00 target price on shares of Vita Coco in a research report on Thursday, March 12th. Wells Fargo & Company dropped their target price on shares of Vita Coco from $63.00 to $60.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 8th. Zacks Research downgraded shares of Vita Coco from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Morgan Stanley lifted their target price on shares of Vita Coco from $49.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday, February 23rd. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Vita Coco in a research report on Friday, March 27th. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.43.

Vita Coco Stock Down 5.5%

The stock’s 50-day moving average is $54.04 and its 200 day moving average is $50.40. The stock has a market capitalization of $2.75 billion, a PE ratio of 40.91, a P/E/G ratio of 1.61 and a beta of 0.47.

Vita Coco (NASDAQ:COCO) last posted its earnings results on Wednesday, February 18th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The business had revenue of $127.79 million during the quarter, compared to analyst estimates of $117.80 million. Vita Coco had a net margin of 11.70% and a return on equity of 23.19%. Vita Coco’s revenue was up .4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.06 earnings per share. As a group, equities research analysts forecast that Vita Coco Company, Inc. will post 1.07 EPS for the current year.

Insider Transactions at Vita Coco

In other news, CFO Corey Baker sold 2,000 shares of the business’s stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $58.04, for a total value of $116,080.00. Following the completion of the sale, the chief financial officer directly owned 25,951 shares in the company, valued at approximately $1,506,196.04. The trade was a 7.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Es Charles Van sold 2,000 shares of the business’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $48.67, for a total transaction of $97,340.00. Following the completion of the sale, the insider owned 77,691 shares of the company’s stock, valued at $3,781,220.97. The trade was a 2.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 217,800 shares of company stock valued at $12,075,436. Insiders own 32.30% of the company’s stock.

Institutional Trading of Vita Coco

A number of institutional investors and hedge funds have recently modified their holdings of COCO. Caitong International Asset Management Co. Ltd lifted its stake in shares of Vita Coco by 2,636.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company’s stock worth $28,000 after buying an additional 501 shares during the last quarter. Clearstead Advisors LLC lifted its stake in shares of Vita Coco by 22,500.0% in the third quarter. Clearstead Advisors LLC now owns 678 shares of the company’s stock worth $29,000 after buying an additional 675 shares during the last quarter. Quarry LP lifted its stake in shares of Vita Coco by 12,633.3% in the third quarter. Quarry LP now owns 764 shares of the company’s stock worth $32,000 after buying an additional 758 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Vita Coco by 5,376.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,369 shares of the company’s stock worth $49,000 after buying an additional 1,344 shares during the last quarter. Finally, Mather Group LLC. acquired a new stake in shares of Vita Coco in the third quarter worth $54,000. 88.49% of the stock is currently owned by institutional investors and hedge funds.

Vita Coco Company Profile

Vita Coco, Inc (NASDAQ: COCO) is a global beverage company specializing in coconut-based products. Founded in 2004 by Michael Kirban and Ira Liran, the company pioneered the introduction of refrigerated coconut water to U.S. consumers. Headquartered in New York City, Vita Coco sources coconuts from growers in tropical regions such as the Philippines, Indonesia and Brazil, partnering with local farmers to promote sustainable agriculture and community development.

The company’s flagship offering, Vita Coco Original Coconut Water, is available in multiple pack sizes and a variety of flavors.