Vita Coco (NASDAQ:COCO) Now Covered by Jefferies Financial Group

Research analysts at Jefferies Financial Group assumed coverage on shares of Vita Coco (NASDAQ:COCO) in a research note issued on Monday, MarketBeat reports. The brokerage set a “buy” rating and a $33.00 price target on the stock. Jefferies Financial Group’s price target points to a potential upside of 15.67% from the company’s current price.

Several other research analysts have also recently weighed in on COCO. Bank of America cut their price objective on Vita Coco from $32.00 to $29.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 17th. Piper Sandler raised their price objective on shares of Vita Coco from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, November 1st. The Goldman Sachs Group lifted their price objective on shares of Vita Coco from $27.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, August 3rd. TheStreet raised shares of Vita Coco from a “c” rating to a “b-” rating in a research report on Friday, October 20th. Finally, Morgan Stanley started coverage on shares of Vita Coco in a report on Tuesday, September 19th. They issued an “equal weight” rating and a $29.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Vita Coco has a consensus rating of “Moderate Buy” and a consensus target price of $27.50.

Vita Coco Trading Down 0.2 %

Shares of NASDAQ:COCO opened at $28.53 on Monday. Vita Coco has a 1-year low of $9.93 and a 1-year high of $33.29. The stock has a market cap of $1.62 billion, a PE ratio of 44.52 and a beta of 0.15. The stock’s fifty day simple moving average is $27.00 and its two-hundred day simple moving average is $26.40.

Vita Coco (NASDAQ:COCO) last issued its quarterly earnings data on Tuesday, October 31st. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. Vita Coco had a net margin of 7.73% and a return on equity of 23.93%. The business had revenue of $138.00 million during the quarter, compared to the consensus estimate of $139.05 million. During the same period in the prior year, the firm posted $0.13 EPS. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, sell-side analysts forecast that Vita Coco will post 0.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Eric Melloul sold 4,000,000 shares of Vita Coco stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $27.61, for a total value of $110,440,000.00. Following the completion of the transaction, the director now directly owns 10,858,120 shares in the company, valued at $299,792,693.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Es Charles Van sold 45,315 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $29.59, for a total transaction of $1,340,870.85. Following the sale, the insider now owns 93,258 shares of the company’s stock, valued at approximately $2,759,504.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eric Melloul sold 4,000,000 shares of the stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $27.61, for a total transaction of $110,440,000.00. Following the completion of the sale, the director now owns 10,858,120 shares in the company, valued at $299,792,693.20. The disclosure for this sale can be found here. Insiders have sold a total of 4,283,446 shares of company stock worth $118,714,589 over the last 90 days. Corporate insiders own 51.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Legal & General Group Plc boosted its stake in Vita Coco by 154.1% during the second quarter. Legal & General Group Plc now owns 3,008 shares of the company’s stock valued at $29,000 after buying an additional 1,824 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Vita Coco in the 1st quarter valued at about $33,000. Tower Research Capital LLC TRC boosted its position in shares of Vita Coco by 66.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,404 shares of the company’s stock valued at $38,000 after acquiring an additional 560 shares during the last quarter. Pinebridge Investments L.P. purchased a new position in shares of Vita Coco during the second quarter worth about $44,000. Finally, JPMorgan Chase & Co. increased its position in shares of Vita Coco by 25.2% in the first quarter. JPMorgan Chase & Co. now owns 5,268 shares of the company’s stock worth $47,000 after purchasing an additional 1,062 shares during the last quarter. 42.33% of the stock is currently owned by hedge funds and other institutional investors.

About Vita Coco

The Vita Coco Company, Inc develops, markets, and distributes coconut water products under the Vita Coco brand name in the United States, Canada, Europe, the Middle East, and the Asia Pacific. The company offers coconut oil and coconut milk; Hydration Drink Mix, a powdered form of flavored coconut water; sparkling water; Runa, a plant-based energy drink; purified water under the Ever & Ever brand name; and PWR LIFT, a protein-infused fitness drink.