Vita Coco (NASDAQ:COCO) Stock Rating Upgraded by Zacks Research

Vita Coco (NASDAQ:COCO) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

Several other research firms have also issued reports on COCO. Piper Sandler increased their target price on shares of Vita Coco from $74.00 to $89.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. Morgan Stanley increased their price objective on shares of Vita Coco from $65.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Tuesday. The Goldman Sachs Group set a $90.00 target price on shares of Vita Coco and gave the stock a “buy” rating in a report on Thursday, July 23rd. Evercore raised their price target on Vita Coco from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Finally, Wall Street Zen downgraded Vita Coco from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Vita Coco presently has an average rating of “Moderate Buy” and an average price target of $77.71.

Vita Coco Stock Performance

NASDAQ:COCO opened at $67.54 on Tuesday. The stock has a 50-day simple moving average of $74.74 and a two-hundred day simple moving average of $62.73. Vita Coco has a 52-week low of $31.79 and a 52-week high of $85.83. The firm has a market capitalization of $3.88 billion, a PE ratio of 37.32, a P/E/G ratio of 1.31 and a beta of 0.77.

Vita Coco (NASDAQ:COCO) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.56 by $0.26. Vita Coco had a return on equity of 31.09% and a net margin of 15.50%.The firm had revenue of $216.15 million for the quarter, compared to the consensus estimate of $210.64 million. During the same quarter last year, the company earned $0.38 earnings per share. The business’s revenue for the quarter was up 28.1% compared to the same quarter last year. Equities analysts forecast that Vita Coco will post 1.96 earnings per share for the current fiscal year.

Insider Activity at Vita Coco

In other Vita Coco news, COO Jonathan Burth sold 30,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $75.00, for a total value of $2,250,000.00. Following the sale, the chief operating officer owned 57,910 shares in the company, valued at $4,343,250. The trade was a 34.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira Liran sold 73,842 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $80.32, for a total transaction of $5,930,989.44. Following the transaction, the director directly owned 402,579 shares of the company’s stock, valued at $32,335,145.28. This trade represents a 15.50% 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. In the last 90 days, insiders have sold 416,406 shares of company stock valued at $32,692,409. 12.90% of the stock is currently owned by insiders.

Institutional Trading of Vita Coco

A number of large investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd raised its holdings in shares of Vita Coco by 2,636.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company’s stock worth $28,000 after acquiring an additional 501 shares in the last quarter. Quarry LP lifted its position in Vita Coco by 12,633.3% during the third quarter. Quarry LP now owns 764 shares of the company’s stock valued at $32,000 after purchasing an additional 758 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Vita Coco by 5,376.0% in the 2nd 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 in the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of Vita Coco by 265.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,319 shares of the company’s stock worth $70,000 after buying an additional 958 shares during the last quarter. Finally, CWM LLC increased its holdings in shares of Vita Coco by 18.2% in the 4th quarter. CWM LLC now owns 1,505 shares of the company’s stock worth $80,000 after buying an additional 232 shares during the last quarter. Institutional investors own 88.49% of the company’s stock.

About Vita Coco

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.