Vita Coco (NASDAQ:COCO) Stock Rating Upgraded by Bank of America

Vita Coco (NASDAQ:COCO) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a report released on Monday, MarketBeat reports. The firm currently has a $54.00 price target on the stock, up from their previous price target of $48.00. Bank of America‘s price objective would indicate a potential upside of 15.90% from the stock’s previous close.

Several other brokerages have also weighed in on COCO. Piper Sandler set a $47.00 price objective on shares of Vita Coco and gave the stock an “overweight” rating in a report on Wednesday, October 29th. Wells Fargo & Company lifted their price target on Vita Coco from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Zacks Research raised Vita Coco from a “strong sell” rating to a “hold” rating in a report on Friday, November 7th. Morgan Stanley upped their price objective on Vita Coco from $38.00 to $41.00 and gave the company an “equal weight” rating in a research note on Thursday, September 25th. Finally, Needham & Company LLC assumed coverage on Vita Coco in a research report on Wednesday, September 24th. They issued a “hold” rating for the company. Seven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Vita Coco has an average rating of “Moderate Buy” and an average target price of $50.38.

Vita Coco Price Performance

Shares of Vita Coco stock opened at $46.59 on Monday. Vita Coco has a 1-year low of $25.79 and a 1-year high of $50.50. The company has a market capitalization of $2.65 billion, a PE ratio of 40.51, a P/E/G ratio of 2.84 and a beta of 0.39. The business has a 50-day moving average of $41.45 and a 200-day moving average of $37.67.

Vita Coco (NASDAQ:COCO) last announced its earnings results on Wednesday, October 29th. The company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.08. Vita Coco had a return on equity of 25.08% and a net margin of 11.35%.The company had revenue of $182.31 million for the quarter, compared to analyst estimates of $154.96 million. During the same period in the prior year, the company posted $0.32 EPS. Vita Coco’s quarterly revenue was up 37.2% on a year-over-year basis. Vita Coco has set its FY 2025 guidance at EPS. On average, equities analysts expect that Vita Coco will post 1.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director John Zupo sold 10,000 shares of Vita Coco stock in a transaction on Friday, November 14th. The stock was sold at an average price of $43.72, for a total value of $437,200.00. Following the transaction, the director directly owned 12,162 shares in the company, valued at $531,722.64. The trade was a 45.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Michael Kirban sold 5,102 shares of the business’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $44.00, for a total value of $224,488.00. Following the sale, the chairman owned 1,479,049 shares in the company, valued at approximately $65,078,156. The trade was a 0.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 3,666,634 shares of company stock worth $150,226,935 in the last ninety days. Insiders own 34.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in COCO. Clearstead Advisors LLC lifted its position in shares of Vita Coco by 22,500.0% in the 3rd quarter. Clearstead Advisors LLC now owns 678 shares of the company’s stock valued at $29,000 after acquiring an additional 675 shares in the last quarter. Quarry LP grew its position in Vita Coco by 12,633.3% during the 3rd quarter. Quarry LP now owns 764 shares of the company’s stock worth $32,000 after purchasing an additional 758 shares in the last quarter. MAI Capital Management acquired a new stake in Vita Coco during the 2nd quarter valued at $33,000. Mather Group LLC. purchased a new stake in shares of Vita Coco in the third quarter valued at $54,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Vita Coco by 5,376.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,369 shares of the company’s stock worth $49,000 after buying an additional 1,344 shares during the period. 88.49% of the stock is currently owned by institutional investors and hedge funds.

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.