Analysts Set Vita Coco Company, Inc. (NASDAQ:COCO) Target Price at $70.43

Vita Coco Company, Inc. (NASDAQ:COCO) has been assigned an average recommendation of “Moderate Buy” from the eleven research firms that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $70.4286.

A number of research firms recently weighed in on COCO. Wells Fargo & Company boosted their price target on shares of Vita Coco from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. Evercore reissued an “outperform” rating and set a $70.00 price target on shares of Vita Coco in a research note on Thursday, March 12th. Wall Street Zen raised shares of Vita Coco from a “sell” rating to a “buy” rating in a research note on Saturday, May 2nd. Morgan Stanley set a $65.00 price target on shares of Vita Coco in a research note on Thursday, April 30th. Finally, Jefferies Financial Group boosted their price target on shares of Vita Coco from $63.00 to $78.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th.

Vita Coco Stock Down 1.6%

Vita Coco stock opened at $73.98 on Friday. The business’s 50-day simple moving average is $61.67 and its 200 day simple moving average is $56.76. The stock has a market cap of $4.22 billion, a price-to-earnings ratio of 54.00, a P/E/G ratio of 1.80 and a beta of 0.74. Vita Coco has a 12-month low of $31.79 and a 12-month high of $79.70.

Vita Coco (NASDAQ:COCO) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.16. The business had revenue of $179.77 million for the quarter, compared to analysts’ expectations of $148.39 million. Vita Coco had a return on equity of 25.43% and a net margin of 12.59%.The firm’s quarterly revenue was up 37.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.31 earnings per share. As a group, sell-side analysts expect that Vita Coco will post 1.76 EPS for the current year.

Insider Buying and Selling at Vita Coco

In related news, Chairman Michael Kirban sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $68.00, for a total transaction of $3,400,000.00. Following the completion of the sale, the chairman directly owned 515,681 shares of the company’s stock, valued at $35,066,308. The trade was a 8.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kenneth Sadowsky sold 3,900 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $77.47, for a total transaction of $302,133.00. Following the sale, the director directly owned 582,666 shares of the company’s stock, valued at approximately $45,139,135.02. This trade represents a 0.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 435,306 shares of company stock valued at $26,054,832 over the last 90 days. Company insiders own 32.30% of the company’s stock.

Institutional Investors Weigh In On Vita Coco

Institutional investors and hedge funds have recently modified their holdings of the business. Westfield Capital Management Co. LP acquired a new position in Vita Coco during the third quarter valued at approximately $45,135,000. New York State Common Retirement Fund grew its holdings in Vita Coco by 10.3% during 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 purchasing an additional 47,632 shares during the period. Vanguard Group Inc. grew its holdings in Vita Coco by 8.2% during the fourth quarter. Vanguard Group Inc. now owns 3,149,584 shares of the company’s stock valued at $166,959,000 after purchasing an additional 237,510 shares during the period. Night Squared LP acquired a new position in Vita Coco during the third quarter valued at approximately $5,193,000. Finally, American Century Companies Inc. grew its holdings in Vita Coco by 648.0% during the third quarter. American Century Companies Inc. now owns 647,257 shares of the company’s stock valued at $27,489,000 after purchasing an additional 560,729 shares during the period. 88.49% of the stock is 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.