Vita Coco (NASDAQ:COCO) Sets New 52-Week High – Time to Buy?

Vita Coco Company, Inc. (NASDAQ:COCO)’s share price reached a new 52-week high on Thursday . The company traded as high as $80.34 and last traded at $79.5960, with a volume of 303584 shares changing hands. The stock had previously closed at $78.74.

Wall Street Analyst Weigh In

A number of research firms have weighed in on COCO. Evercore reaffirmed an “outperform” rating and issued a $70.00 price objective on shares of Vita Coco in a research note on Thursday, March 12th. Wall Street Zen raised shares of Vita Coco from a “sell” rating to a “buy” rating in a research note on Saturday, May 2nd. Jefferies Financial Group raised their price objective on shares of Vita Coco from $63.00 to $78.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Citigroup reaffirmed a “buy” rating on shares of Vita Coco in a research note on Tuesday, May 26th. Finally, Weiss Ratings raised shares of Vita Coco from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $70.43.

Vita Coco Price Performance

The firm has a market capitalization of $4.58 billion, a PE ratio of 58.54, a PEG ratio of 1.78 and a beta of 0.74. The firm’s fifty day moving average is $63.69 and its two-hundred day moving average is $57.57.

Vita Coco (NASDAQ:COCO) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.16. Vita Coco had a net margin of 12.59% and a return on equity of 25.43%. The business had revenue of $179.77 million for the quarter, compared to analysts’ expectations of $148.39 million. During the same period in the previous year, the company earned $0.31 earnings per share. The firm’s revenue for the quarter was up 37.4% compared to the same quarter last year. As a group, equities research analysts predict that Vita Coco Company, Inc. will post 1.76 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Jonathan Burth sold 60,000 shares of the firm’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $58.65, for a total transaction of $3,519,000.00. Following the completion of the sale, the chief operating officer owned 57,910 shares in the company, valued at approximately $3,396,421.50. This trade represents a 50.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Martin Roper sold 25,000 shares of Vita Coco stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $50.11, for a total transaction of $1,252,750.00. Following the completion of the sale, the chief executive officer directly owned 298,484 shares in the company, valued at approximately $14,957,033.24. This represents a 7.73% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 435,306 shares of company stock worth $26,054,832. 32.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Vita Coco

A number of large investors have recently modified their holdings of COCO. Caitong International Asset Management Co. Ltd boosted its position 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 valued at $28,000 after acquiring an additional 501 shares during the period. Clearstead Advisors LLC boosted its position 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 valued at $29,000 after acquiring an additional 675 shares during the period. Quarry LP boosted its position in shares of Vita Coco by 12,633.3% in the third quarter. Quarry LP now owns 764 shares of the company’s stock valued at $32,000 after acquiring an additional 758 shares during the period. EverSource Wealth Advisors LLC boosted its position 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 valued at $49,000 after acquiring an additional 1,344 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of Vita Coco by 25.0% in the fourth quarter. GAMMA Investing LLC now owns 1,134 shares of the company’s stock valued at $60,000 after acquiring an additional 227 shares during the period. 88.49% of the stock is currently owned by institutional investors.

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.