Driehaus Capital Management LLC Purchases Shares of 353,997 The Vita Coco Company, Inc. (NASDAQ:COCO)

Driehaus Capital Management LLC purchased a new position in shares of The Vita Coco Company, Inc. (NASDAQ:COCO) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 353,997 shares of the company’s stock, valued at approximately $9,859,000. Driehaus Capital Management LLC owned approximately 0.62% of Vita Coco as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of COCO. CWM LLC boosted its stake in Vita Coco by 40.7% during the second quarter. CWM LLC now owns 2,720 shares of the company’s stock worth $76,000 after acquiring an additional 787 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of Vita Coco by 32.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 3,760 shares of the company’s stock valued at $92,000 after buying an additional 919 shares during the period. Arizona State Retirement System grew its stake in shares of Vita Coco by 9.5% in the 2nd quarter. Arizona State Retirement System now owns 11,107 shares of the company’s stock valued at $309,000 after buying an additional 960 shares during the period. nVerses Capital LLC increased its position in Vita Coco by 271.4% in the 2nd quarter. nVerses Capital LLC now owns 2,600 shares of the company’s stock valued at $72,000 after buying an additional 1,900 shares in the last quarter. Finally, New York State Teachers Retirement System acquired a new position in Vita Coco during the 1st quarter worth approximately $63,000. Institutional investors and hedge funds own 88.49% of the company’s stock.

Insider Activity

In related news, insider Es Charles Van sold 4,372 shares of Vita Coco stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $30.00, for a total transaction of $131,160.00. Following the sale, the insider now directly owns 97,668 shares in the company, valued at $2,930,040. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 34.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on COCO shares. Piper Sandler downgraded Vita Coco from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $29.00 to $28.00 in a report on Friday, July 12th. Bank of America boosted their price target on shares of Vita Coco from $27.00 to $30.00 and gave the company a “neutral” rating in a research note on Wednesday, July 10th. Wells Fargo & Company upped their price objective on shares of Vita Coco from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Wednesday, July 10th. Finally, Jefferies Financial Group reduced their price objective on shares of Vita Coco from $35.00 to $31.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $30.17.

Vita Coco Trading Up 1.2 %

Shares of NASDAQ:COCO opened at $29.49 on Monday. The Vita Coco Company, Inc. has a 1-year low of $19.41 and a 1-year high of $31.42. The stock has a market cap of $1.67 billion, a PE ratio of 32.05, a price-to-earnings-growth ratio of 2.53 and a beta of 0.22. The stock’s fifty day simple moving average is $26.15 and its two-hundred day simple moving average is $26.39.

Vita Coco (NASDAQ:COCO) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. The business had revenue of $144.00 million during the quarter, compared to the consensus estimate of $144.08 million. Vita Coco had a net margin of 11.05% and a return on equity of 26.42%. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.26 EPS. On average, sell-side analysts forecast that The Vita Coco Company, Inc. will post 0.95 earnings per share for the current fiscal year.

Vita Coco Company Profile

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.