Vita Coco (NASDAQ:COCO) Shares Down 4.9% Following Insider Selling

Vita Coco Company, Inc. (NASDAQ:COCO) shares dropped 4.9% during trading on Monday after an insider sold shares in the company. The stock traded as low as $45.85 and last traded at $45.9750. Approximately 690,208 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 1,156,284 shares. The stock had previously closed at $48.32.

Specifically, CEO Martin Roper sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $50.00, for a total transaction of $1,250,000.00. Following the completion of the sale, the chief executive officer directly owned 298,484 shares of the company’s stock, valued at $14,924,200. This represents a 7.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kenneth Sadowsky sold 3,900 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $48.93, for a total value of $190,827.00. Following the sale, the director directly owned 586,566 shares of the company’s stock, valued at approximately $28,700,674.38. This represents a 0.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In other Vita Coco news, CEO Martin Roper sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 14th. The stock was sold at an average price of $50.00, for a total transaction of $1,250,000.00. Following the completion of the sale, the chief executive officer directly owned 298,484 shares of the company’s stock, valued at $14,924,200. This represents a 7.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analysts Forecast Growth

COCO has been the subject of several analyst reports. Wall Street Zen downgraded Vita Coco from a “hold” rating to a “sell” rating in a research note on Saturday, April 4th. Wells Fargo & Company reduced their price objective on Vita Coco from $63.00 to $60.00 and set an “overweight” rating for the company in a research note on Wednesday, April 8th. Zacks Research downgraded Vita Coco from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Vita Coco in a research note on Friday, March 27th. Finally, Evercore reaffirmed an “outperform” rating and set a $70.00 price objective on shares of Vita Coco in a research note on Thursday, March 12th. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $59.43.

Vita Coco Trading Down 1.8%

The firm has a market capitalization of $2.71 billion, a PE ratio of 40.23, a P/E/G ratio of 1.52 and a beta of 0.47. The business has a 50 day moving average price of $53.03 and a 200-day moving average price of $50.69.

Vita Coco (NASDAQ:COCO) last issued its earnings results on Wednesday, February 18th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The business had revenue of $127.79 million for the quarter, compared to analysts’ expectations of $117.80 million. Vita Coco had a return on equity of 23.19% and a net margin of 11.70%.The business’s quarterly revenue was up .4% on a year-over-year basis. During the same period last year, the company posted $0.06 earnings per share. On average, equities research analysts forecast that Vita Coco Company, Inc. will post 1.58 earnings per share for the current year.

Hedge Funds Weigh In On Vita Coco

Large investors have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd raised its stake in shares of Vita Coco by 2,636.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company’s stock worth $28,000 after buying an additional 501 shares in the last quarter. Clearstead Advisors LLC raised its stake in shares of Vita Coco by 22,500.0% during the 3rd quarter. Clearstead Advisors LLC now owns 678 shares of the company’s stock worth $29,000 after buying an additional 675 shares in the last quarter. Quarry LP raised its stake in shares of 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 buying an additional 758 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Vita Coco by 5,376.0% during the 2nd 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 in the last quarter. Finally, Mather Group LLC. purchased a new position in shares of Vita Coco during the 3rd quarter worth approximately $54,000. 88.49% of the stock is owned by hedge funds and other institutional investors.

About Vita Coco

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.