Vita Coco (NASDAQ:COCO) Downgraded by Zacks Research to Hold

Zacks Research downgraded shares of Vita Coco (NASDAQ:COCO) from a strong-buy rating to a hold rating in a research note published on Monday,Zacks.com reports.

Several other brokerages have also issued reports on COCO. Piper Sandler reaffirmed an “overweight” rating and issued a $70.00 target price on shares of Vita Coco in a research note on Wednesday, April 29th. Wells Fargo & Company lifted their price target on shares of Vita Coco from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. The Goldman Sachs Group restated a “buy” rating and issued a $71.00 price objective on shares of Vita Coco in a report on Thursday, April 30th. Weiss Ratings raised shares of Vita Coco from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, Citigroup reissued a “buy” rating on shares of Vita Coco in a research note on Tuesday, May 26th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $70.43.

Vita Coco Stock Performance

Shares of NASDAQ:COCO opened at $66.14 on Monday. The firm has a market capitalization of $3.78 billion, a PE ratio of 48.28, a price-to-earnings-growth ratio of 1.74 and a beta of 0.74. Vita Coco has a 52-week low of $31.79 and a 52-week high of $85.83. The firm has a fifty day moving average of $72.41 and a 200 day moving average of $60.21.

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, beating analysts’ consensus estimates of $0.34 by $0.16. The business had revenue of $179.77 million for the quarter, compared to the consensus estimate of $148.39 million. Vita Coco had a return on equity of 25.43% and a net margin of 12.59%.The company’s revenue for the quarter was up 37.4% on a year-over-year basis. During the same quarter last year, the business posted $0.31 earnings per share. On average, sell-side analysts forecast that Vita Coco will post 1.76 EPS for the current fiscal year.

Insider Activity

In related news, Chairman Michael Kirban sold 50,000 shares of the company’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $68.00, for a total transaction of $3,400,000.00. Following the completion of the sale, the chairman directly owned 515,681 shares in the company, valued at $35,066,308. This represents a 8.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Martin Roper sold 25,000 shares of the stock in a transaction on Friday, April 24th. The shares were sold at an average price of $50.00, for a total transaction of $1,250,000.00. Following the sale, the chief executive officer directly owned 298,484 shares of the company’s stock, valued at $14,924,200. The trade was a 7.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 705,306 shares of company stock valued at $49,154,273 in the last three months. Corporate insiders own 34.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wasatch Advisors LP increased its stake in shares of Vita Coco by 80.3% during the first quarter. Wasatch Advisors LP now owns 3,675,489 shares of the company’s stock valued at $176,093,000 after buying an additional 1,637,437 shares during the period. Vanguard Group Inc. increased its position in Vita Coco by 8.2% during the 4th quarter. Vanguard Group Inc. now owns 3,149,584 shares of the company’s stock valued at $166,959,000 after purchasing an additional 237,510 shares during the period. Wellington Management Group LLP raised its holdings in Vita Coco by 22.1% in the 4th quarter. Wellington Management Group LLP now owns 2,432,362 shares of the company’s stock worth $128,940,000 after purchasing an additional 439,958 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Vita Coco in the 3rd quarter worth about $62,815,000. Finally, Fuller & Thaler Asset Management Inc. bought a new stake in shares of Vita Coco during the 4th quarter valued at about $73,242,000. Institutional investors own 88.49% of the company’s stock.

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.