Vita Coco (NASDAQ:COCO) Upgraded at Zacks Research

Zacks Research upgraded shares of Vita Coco (NASDAQ:COCO) from a hold rating to a strong-buy rating in a research note released on Monday morning,Zacks.com reports.

Several other research firms have also issued reports on COCO. Bank of America raised Vita Coco from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $48.00 to $54.00 in a research note on Monday, November 17th. Jefferies Financial Group raised their price target on Vita Coco from $54.00 to $58.00 and gave the company a “buy” rating in a report on Monday, November 17th. Morgan Stanley lifted their price target on Vita Coco from $45.00 to $49.00 and gave the company an “equal weight” rating in a research report on Monday, November 17th. Evercore ISI upped their price objective on shares of Vita Coco from $50.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, November 17th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Vita Coco in a research note on Monday, December 1st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Vita Coco presently has a consensus rating of “Moderate Buy” and an average target price of $51.88.

Vita Coco Trading Down 0.0%

COCO stock opened at $54.12 on Monday. The firm has a 50 day moving average of $45.29 and a 200-day moving average of $39.60. The firm has a market capitalization of $3.08 billion, a P/E ratio of 47.06, a price-to-earnings-growth ratio of 1.80 and a beta of 0.37. Vita Coco has a 12 month low of $25.79 and a 12 month high of $55.09.

Vita Coco (NASDAQ:COCO) last posted its earnings results on Wednesday, October 29th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.08. The business had revenue of $182.31 million for the quarter, compared to analysts’ expectations of $154.96 million. Vita Coco had a net margin of 11.35% and a return on equity of 25.08%. The business’s revenue for the quarter was up 37.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.32 EPS. Sell-side analysts predict that Vita Coco will post 1.07 EPS for the current year.

Insider Activity at Vita Coco

In other Vita Coco news, major shareholder Beverages Sa Verlinvest sold 3,000,000 shares of Vita Coco stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $40.77, for a total transaction of $122,310,000.00. Following the transaction, the insider directly owned 4,097,161 shares of the company’s stock, valued at approximately $167,041,253.97. This trade represents a 42.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Ira Liran sold 50,000 shares of the company’s stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $42.00, for a total transaction of $2,100,000.00. Following the completion of the sale, the director directly owned 692,579 shares of the company’s stock, valued at $29,088,318. This trade represents a 6.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 3,732,153 shares of company stock valued at $154,352,163. Corporate insiders own 32.30% of the company’s stock.

Hedge Funds Weigh In On Vita Coco

A number of large investors have recently added to or reduced their stakes in COCO. CIBC Bancorp USA Inc. bought a new stake in Vita Coco in the third quarter worth $1,510,000. Maven Securities LTD purchased a new position in shares of Vita Coco in the third quarter worth about $1,062,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Vita Coco in the 3rd quarter valued at about $62,815,000. Danske Bank A S purchased a new stake in Vita Coco during the 3rd quarter valued at about $776,000. Finally, Jacobs Levy Equity Management Inc. grew its position in Vita Coco by 201.6% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 401,446 shares of the company’s stock worth $17,049,000 after acquiring an additional 268,338 shares during the last quarter. Hedge funds and other institutional investors own 88.49% of the company’s stock.

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.