Vita Coco (NASDAQ:COCO) Cut to Sell at Wall Street Zen

Vita Coco (NASDAQ:COCO) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

Other equities research analysts have also issued reports about the company. Evercore reiterated an “outperform” rating and issued a $70.00 target price on shares of Vita Coco in a report on Thursday, March 12th. Wells Fargo & Company increased their price target on Vita Coco from $50.00 to $63.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Morgan Stanley raised their price target on Vita Coco from $49.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday, February 23rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Vita Coco in a research note on Friday, March 27th. Finally, Zacks Research downgraded shares of Vita Coco from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $59.86.

Vita Coco Price Performance

COCO stock opened at $48.24 on Friday. Vita Coco has a 52 week low of $25.79 and a 52 week high of $61.39. The firm has a market capitalization of $2.75 billion, a P/E ratio of 40.88, a price-to-earnings-growth ratio of 1.52 and a beta of 0.47. The company has a fifty day simple moving average of $54.52 and a two-hundred day simple moving average of $49.95.

Vita Coco (NASDAQ:COCO) last announced its earnings results on Wednesday, February 18th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.04). Vita Coco had a net margin of 11.70% and a return on equity of 23.19%. The business had revenue of $127.79 million for the quarter, compared to analysts’ expectations of $117.80 million. During the same quarter in the prior year, the company posted $0.06 earnings per share. The firm’s quarterly revenue was up .4% compared to the same quarter last year. As a group, analysts anticipate that Vita Coco will post 1.07 EPS for the current year.

Insider Activity

In related news, Director Ira Liran sold 30,000 shares of the business’s stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $56.65, for a total transaction of $1,699,500.00. Following the completion of the transaction, the director owned 572,579 shares in the company, valued at $32,436,600.35. The trade was a 4.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jane Cecil Morreau sold 15,000 shares of the company’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $53.91, for a total value of $808,650.00. Following the completion of the transaction, the director directly owned 17,179 shares in the company, valued at $926,119.89. This trade represents a 46.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 192,800 shares of company stock valued at $10,801,686. 32.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Vita Coco

A number of large investors have recently made changes to their positions in COCO. New York State Common Retirement Fund lifted its holdings in Vita Coco by 10.3% during the 3rd quarter. New York State Common Retirement Fund now owns 511,031 shares of the company’s stock valued at $21,703,000 after buying an additional 47,632 shares in the last quarter. Westfield Capital Management Co. LP purchased a new stake in Vita Coco in the 3rd quarter valued at about $45,135,000. Hussman Strategic Advisors Inc. bought a new position in Vita Coco in the 3rd quarter worth about $2,230,000. Harbor Capital Advisors Inc. bought a new position in Vita Coco in the 3rd quarter worth about $821,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Vita Coco during the third quarter worth approximately $62,815,000. 88.49% of the stock is owned by hedge funds and other institutional investors.

Vita Coco Company Profile

Vita Coco, Inc (NASDAQ: COCO) is a global beverage company specializing in coconut-based products. Founded in 2004 by Michael Kirban and Ira Liran, the company pioneered the introduction of refrigerated coconut water to U.S. consumers. Headquartered in New York City, Vita Coco sources coconuts from growers in tropical regions such as the Philippines, Indonesia and Brazil, partnering with local farmers to promote sustainable agriculture and community development.

The company’s flagship offering, Vita Coco Original Coconut Water, is available in multiple pack sizes and a variety of flavors.