Vita Coco (NASDAQ:COCO) Cut to “Hold” at Zacks Research

Vita Coco (NASDAQ:COCO) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks reports.

A number of other research firms have also commented on COCO. The Goldman Sachs Group set a $90.00 price target on Vita Coco and gave the company a “buy” rating in a research report on Thursday, July 23rd. Evercore upped their target price on Vita Coco from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Weiss Ratings cut shares of Vita Coco from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, September 16th. Piper Sandler decreased their price objective on shares of Vita Coco from $89.00 to $83.00 and set an “overweight” rating for the company in a report on Thursday, September 10th. Finally, Citigroup reaffirmed a “buy” rating on shares of Vita Coco in a research note on Tuesday, May 26th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.86.

Vita Coco Stock Up 4.1%

Shares of Vita Coco stock opened at $59.60 on Monday. The company’s fifty day simple moving average is $62.86 and its two-hundred day simple moving average is $64.22. Vita Coco has a 12-month low of $37.63 and a 12-month high of $85.83. The firm has a market cap of $3.42 billion, a PE ratio of 32.93, a price-to-earnings-growth ratio of 1.09 and a beta of 0.75.

Vita Coco (NASDAQ:COCO) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.56 by $0.26. The firm had revenue of $216.15 million during the quarter, compared to the consensus estimate of $210.64 million. Vita Coco had a net margin of 15.50% and a return on equity of 31.09%. The company’s quarterly revenue was up 28.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.38 earnings per share. As a group, sell-side analysts expect that Vita Coco will post 1.95 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Vita Coco

Institutional investors and hedge funds have recently made changes to their positions in the business. Engineers Gate Manager LP bought a new position in Vita Coco in the 2nd quarter valued at approximately $298,000. Integrated Wealth Concepts LLC bought a new stake in shares of Vita Coco in the 2nd quarter worth $285,000. IFP Advisors Inc increased its holdings in shares of Vita Coco by 210.4% in the 2nd quarter. IFP Advisors Inc now owns 689 shares of the company’s stock worth $46,000 after purchasing an additional 467 shares in the last quarter. Nykredit A S purchased a new position in shares of Vita Coco in the second quarter worth $123,000. Finally, Amundi purchased a new position in shares of Vita Coco in the second quarter worth $686,000. Institutional investors own 88.49% of the company’s stock.

Vita Coco Company Profile

The Vita Coco Company, Inc is a beverage company focused on better-for-you hydration products. Its flagship Vita Coco brand offers coconut water and related coconut-based beverages, including flavored and nutrient-enhanced varieties. The company also markets other functional hydration products, such as protein and electrolyte beverages, through its broader brand portfolio.

Founded in 2004 by Michael Kirban and Ira Liran, Vita Coco helped popularize coconut water in the United States. The company sells its products through grocery stores, mass retailers, convenience stores, club stores, e-commerce platforms and other retail channels.