Vita Coco (NASDAQ:COCO) Trading Down 4.4% – Should You Sell?

Shares of The Vita Coco Company, Inc. (NASDAQ:COCO) dropped 4.4% during mid-day trading on Thursday . The company traded as low as $35.18 and last traded at $35.27. Approximately 192,973 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 594,160 shares. The stock had previously closed at $36.91.

Analysts Set New Price Targets

A number of research firms have commented on COCO. Bank of America upped their target price on shares of 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 upped their price objective on Vita Coco from $33.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $32.14.

Vita Coco Price Performance

The company’s 50-day moving average price is $35.27 and its 200-day moving average price is $29.99. The company has a market cap of $1.95 billion, a P/E ratio of 34.81, a P/E/G 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.06. The firm had revenue of $133.00 million for the quarter, compared to the consensus estimate of $138.56 million. Vita Coco had a return on equity of 26.49% and a net margin of 11.99%. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter last year, the business posted $0.26 EPS. On average, equities research analysts predict that The Vita Coco Company, Inc. will post 1.07 EPS for the current year.

Insider Transactions at Vita Coco

In other news, CFO Corey Baker sold 2,000 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $37.28, for a total value of $74,560.00. Following the completion of the sale, the chief financial officer now owns 44,346 shares of the company’s stock, valued at approximately $1,653,218.88. This represents a 4.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Jonathan Burth sold 905 shares of the company’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $30.04, for a total transaction of $27,186.20. Following the sale, the chief operating officer now directly owns 123,300 shares in the company, valued at $3,703,932. This trade represents a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 147,929 shares of company stock valued at $5,324,683 in the last ninety days. 34.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Wasatch Advisors LP raised its stake in Vita Coco by 299.0% in the 3rd quarter. Wasatch Advisors LP now owns 2,400,997 shares of the company’s stock valued at $67,972,000 after acquiring an additional 1,799,168 shares during the period. Geode Capital Management LLC raised its position in shares of Vita Coco by 10.8% in the third 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 period. Victory Capital Management Inc. raised its position in shares of Vita Coco by 106.4% in the third quarter. Victory Capital Management Inc. now owns 895,716 shares of the company’s stock valued at $25,358,000 after purchasing an additional 461,748 shares during the period. State Street Corp lifted its stake in shares of Vita Coco by 4.7% during the 3rd quarter. State Street Corp now owns 876,774 shares of the company’s stock worth $24,821,000 after buying an additional 39,431 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Vita Coco by 25.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 776,469 shares of the company’s stock worth $21,623,000 after buying an additional 156,033 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.