Vita Coco (NASDAQ:COCO) Trading Down 5.4% – Time to Sell?

Vita Coco Company, Inc. (NASDAQ:COCO) shares dropped 5.4% during mid-day trading on Monday . The company traded as low as $48.37 and last traded at $48.2710. Approximately 238,267 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 1,152,821 shares. The stock had previously closed at $51.00.

Wall Street Analysts Forecast Growth

COCO has been the subject of a number of analyst reports. 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. Wells Fargo & Company lowered their price target on Vita Coco from $63.00 to $60.00 and set an “overweight” rating for the company in a research report on Wednesday, April 8th. Weiss Ratings restated a “buy (b-)” rating on shares of Vita Coco in a research report on Friday, March 27th. Evercore restated an “outperform” rating and issued a $70.00 price target on shares of Vita Coco in a research report on Thursday, March 12th. Finally, Zacks Research downgraded Vita Coco from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $59.43.

Vita Coco Price Performance

The firm has a market capitalization of $2.83 billion, a P/E ratio of 42.06, a P/E/G ratio of 1.52 and a beta of 0.47. The firm has a 50-day moving average price of $53.74 and a two-hundred day moving average price of $50.53.

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

Insider Buying and Selling at Vita Coco

In other news, COO Jonathan Burth sold 60,000 shares of Vita Coco stock in a transaction on Monday, March 16th. The stock was sold at an average price of $58.65, for a total transaction of $3,519,000.00. Following the completion of the sale, the chief operating officer directly owned 57,910 shares in the company, valued at approximately $3,396,421.50. This trade represents a 50.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Corey Baker sold 2,000 shares of Vita Coco stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $58.04, for a total value of $116,080.00. Following the sale, the chief financial officer owned 25,951 shares of the company’s stock, valued at approximately $1,506,196.04. This trade represents a 7.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 247,256 shares of company stock valued at $13,553,437. 34.20% of the stock is owned by company insiders.

Institutional Trading of Vita Coco

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