Vita Coco (NASDAQ:COCO) Shares Up 6.8% After Analyst Upgrade

The Vita Coco Company, Inc. (NASDAQ:COCOGet Free Report) was up 6.8% on Wednesday after Bank of America raised their price target on the stock from $27.00 to $30.00. Bank of America currently has a neutral rating on the stock. Vita Coco traded as high as $30.16 and last traded at $30.16. Approximately 337,855 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 670,549 shares. The stock had previously closed at $28.25.

A number of other analysts have also recently weighed in on COCO. Stephens restated an “overweight” rating and set a $31.00 target price on shares of Vita Coco in a report on Thursday, May 23rd. Wells Fargo & Company raised their price objective on Vita Coco from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.29.

Check Out Our Latest Research Report on Vita Coco

Insider Buying and Selling

In other Vita Coco news, insider Es Charles Van sold 6,700 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $30.04, for a total transaction of $201,268.00. Following the sale, the insider now directly owns 97,668 shares of the company’s stock, valued at approximately $2,933,946.72. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Es Charles Van sold 6,700 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $30.04, for a total value of $201,268.00. Following the completion of the sale, the insider now owns 97,668 shares of the company’s stock, valued at $2,933,946.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jonathan Burth sold 2,845 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $30.07, for a total value of $85,549.15. Following the transaction, the chief operating officer now directly owns 134,004 shares in the company, valued at $4,029,500.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,502 shares of company stock valued at $814,205. Company insiders own 34.20% of the company’s stock.

Hedge Funds Weigh In On Vita Coco

A number of large investors have recently made changes to their positions in the business. Penserra Capital Management LLC grew its position in Vita Coco by 40.2% during the third quarter. Penserra Capital Management LLC now owns 17,270 shares of the company’s stock valued at $449,000 after purchasing an additional 4,950 shares in the last quarter. Graham Capital Management L.P. increased its stake in shares of Vita Coco by 21.6% in the third quarter. Graham Capital Management L.P. now owns 35,389 shares of the company’s stock worth $922,000 after acquiring an additional 6,282 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in shares of Vita Coco in the third quarter worth $305,000. Headinvest LLC purchased a new stake in shares of Vita Coco during the third quarter worth $29,000. Finally, Vanguard Group Inc. boosted its position in Vita Coco by 5.9% during the third quarter. Vanguard Group Inc. now owns 1,955,075 shares of the company’s stock valued at $50,910,000 after purchasing an additional 108,844 shares during the last quarter. Institutional investors and hedge funds own 88.49% of the company’s stock.

Vita Coco Price Performance

The business has a 50 day simple moving average of $27.76 and a 200 day simple moving average of $25.15. The stock has a market cap of $1.71 billion, a PE ratio of 32.76, a P/E/G ratio of 1.80 and a beta of 0.23.

Vita Coco (NASDAQ:COCOGet Free Report) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.19 by $0.05. The company had revenue of $112.00 million for the quarter, compared to analyst estimates of $111.72 million. Vita Coco had a net margin of 10.93% and a return on equity of 26.27%. Vita Coco’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.12 EPS. As a group, sell-side analysts forecast that The Vita Coco Company, Inc. will post 1.04 earnings per share for the current fiscal year.

About Vita Coco

(Get Free Report)

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, Africa, and the Asia Pacific. The company offers coconut oil and coconut milk; juice; Runa, a plant-based energy drink; packaged water under the Ever & Ever brand name; and PWR LIFT, a protein-infused fitness drink.

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