Craig Hallum Forecasts Strong Price Appreciation for Vita Coco (NASDAQ:COCO) Stock

Vita Coco (NASDAQ:COCO) had its price target hoisted by Craig Hallum from $33.00 to $36.00 in a research report sent to investors on Thursday, Benzinga reports. The firm currently has a buy rating on the stock.

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

Vita Coco Trading Up 8.0 %

NASDAQ COCO opened at $31.97 on Thursday. The company has a market capitalization of $1.81 billion, a PE ratio of 32.29, a price-to-earnings-growth ratio of 2.46 and a beta of 0.22. Vita Coco has a twelve month low of $19.41 and a twelve month high of $32.98. The business’s 50-day moving average price is $27.98 and its 200 day moving average price is $27.15.

Vita Coco (NASDAQ:COCO) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.26 by $0.06. Vita Coco had a net margin of 11.99% and a return on equity of 26.49%. The firm had revenue of $133.00 million for the quarter, compared to analyst estimates of $138.56 million. During the same quarter last year, the firm posted $0.26 earnings per share. Vita Coco’s revenue for the quarter was down 3.6% compared to the same quarter last year. Equities analysts predict that Vita Coco will post 1 EPS for the current year.

Insiders Place Their Bets

In other news, COO Jonathan Burth sold 2,244 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $30.01, for a total value of $67,342.44. Following the completion of the sale, the chief operating officer now owns 124,605 shares in the company, valued at $3,739,396.05. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 4,949 shares of company stock worth $148,585 over the last ninety days. 34.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Vita Coco

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in COCO. Harbor Capital Advisors Inc. raised its holdings in shares of Vita Coco by 143.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 341,506 shares of the company’s stock valued at $9,668,000 after purchasing an additional 200,940 shares in the last quarter. Conestoga Capital Advisors LLC bought a new stake in shares of Vita Coco in the 3rd quarter valued at approximately $1,010,000. US Bancorp DE raised its stake in Vita Coco by 8.5% during the third quarter. US Bancorp DE now owns 14,968 shares of the company’s stock worth $424,000 after acquiring an additional 1,178 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Vita Coco by 18.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 46,269 shares of the company’s stock worth $1,310,000 after acquiring an additional 7,173 shares in the last quarter. Finally, Raymond James & Associates acquired a new position in Vita Coco during the 3rd quarter worth about $3,990,000. Hedge funds and other institutional investors own 88.49% of the company’s stock.

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, 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.