Vita Coco Company, Inc. (NASDAQ:COCO) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Vita Coco Company, Inc. (NASDAQ:COCO) have earned an average rating of “Moderate Buy” from the eleven ratings firms that are currently covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $71.00.

Several equities research analysts recently weighed in on the company. Zacks Research lowered Vita Coco from a “strong-buy” rating to a “hold” rating in a report on Monday, June 29th. Wells Fargo & Company lifted their price target on shares of Vita Coco from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Piper Sandler boosted their price objective on shares of Vita Coco from $70.00 to $74.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Jefferies Financial Group upped their price objective on shares of Vita Coco from $63.00 to $78.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Finally, Wall Street Zen upgraded shares of Vita Coco from a “sell” rating to a “buy” rating in a research note on Saturday, May 2nd.

Vita Coco Price Performance

Shares of NASDAQ:COCO opened at $73.18 on Friday. Vita Coco has a fifty-two week low of $31.79 and a fifty-two week high of $85.83. The business has a 50-day moving average of $75.67 and a two-hundred day moving average of $61.72. The stock has a market capitalization of $4.18 billion, a P/E ratio of 53.42, a P/E/G ratio of 1.75 and a beta of 0.77.

Vita Coco (NASDAQ:COCO) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.16. The company had revenue of $179.77 million during 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 firm’s revenue was up 37.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.31 EPS. As a group, research analysts expect that Vita Coco will post 1.77 EPS for the current fiscal year.

Insider Activity

In other news, Chairman Michael Kirban sold 50,000 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $68.00, for a total value of $3,400,000.00. Following the sale, the chairman directly owned 515,681 shares of the company’s stock, valued at approximately $35,066,308. This trade represents a 8.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Martin Roper sold 25,000 shares of the firm’s stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $50.00, for a total value of $1,250,000.00. Following the completion of the sale, the chief executive officer directly owned 298,484 shares in the company, valued at approximately $14,924,200. This represents a 7.73% 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. Insiders sold 596,950 shares of company stock worth $43,711,695 in the last 90 days. Insiders own 12.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in COCO. Handelsbanken Fonder AB acquired a new position in shares of Vita Coco during the second quarter worth approximately $1,085,000. Alpine Woods Capital Investors LLC acquired a new stake in shares of Vita Coco in the first quarter worth $219,000. Bank of America Corp DE grew its stake in shares of Vita Coco by 47.2% in the first quarter. Bank of America Corp DE now owns 401,469 shares of the company’s stock worth $19,234,000 after acquiring an additional 128,709 shares during the last quarter. California State Teachers Retirement System increased its position in Vita Coco by 25.2% during the first quarter. California State Teachers Retirement System now owns 57,284 shares of the company’s stock worth $2,744,000 after acquiring an additional 11,515 shares during the period. Finally, Maverick Capital Ltd. increased its position in Vita Coco by 31.4% during the first quarter. Maverick Capital Ltd. now owns 76,933 shares of the company’s stock worth $3,686,000 after acquiring an additional 18,372 shares during the period. 88.49% of the stock is 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.