Vita Coco (NASDAQ:COCO) Reaches New 12-Month High – Here’s What Happened

The Vita Coco Company, Inc. (NASDAQ:COCO) hit a new 52-week high on Wednesday . The stock traded as high as $37.29 and last traded at $37.13, with a volume of 180024 shares trading hands. The stock had previously closed at $36.35.

Analysts Set New Price Targets

COCO has been the subject of several recent research reports. Bank of America lifted their price target on Vita Coco from $30.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Craig Hallum lifted their price target on Vita Coco from $33.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Vita Coco has a consensus rating of “Moderate Buy” and an average target price of $32.14.

Vita Coco Stock Performance

The business has a 50 day moving average price of $32.96 and a two-hundred day moving average price of $29.15. The company has a market cap of $2.08 billion, a P/E ratio of 37.09, a price-to-earnings-growth ratio of 2.42 and a beta of 0.31.

Vita Coco (NASDAQ:COCO) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.06. The business had revenue of $133.00 million during the quarter, compared to analyst estimates of $138.56 million. Vita Coco had a return on equity of 26.49% and a net margin of 11.99%. Vita Coco’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.26 EPS. As a group, research analysts expect that The Vita Coco Company, Inc. will post 1.07 EPS for the current year.

Insiders Place Their Bets

In related news, Director Ira Liran sold 27,176 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $36.04, for a total value of $979,423.04. Following the sale, the director now owns 883,729 shares in the company, valued at $31,849,593.16. This represents a 2.98 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CMO Jane Prior sold 3,638 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $37.04, for a total value of $134,751.52. Following the completion of the sale, the chief marketing officer now owns 130,751 shares in the company, valued at $4,843,017.04. The trade was a 2.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 89,951 shares of company stock worth $3,201,769. Company insiders own 34.20% of the company’s stock.

Institutional Trading of Vita Coco

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Lord Abbett & CO. LLC boosted its stake in Vita Coco by 21.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 460,416 shares of the company’s stock valued at $13,034,000 after purchasing an additional 80,128 shares during the last quarter. TT International Asset Management LTD boosted its stake in Vita Coco by 1,643.7% during the 3rd quarter. TT International Asset Management LTD now owns 181,188 shares of the company’s stock valued at $5,129,000 after purchasing an additional 170,797 shares during the last quarter. Geode Capital Management LLC boosted its stake in Vita Coco by 10.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,041,662 shares of the company’s stock valued at $29,494,000 after purchasing an additional 101,823 shares during the last quarter. Barclays PLC boosted its stake in Vita Coco by 200.6% during the 3rd quarter. Barclays PLC now owns 69,504 shares of the company’s stock valued at $1,969,000 after purchasing an additional 46,385 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in Vita Coco during the 3rd quarter valued at $348,000. 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.