Vita Coco (NASDAQ:COCO) Rating Increased to Strong-Buy at Zacks Research

Vita Coco (NASDAQ:COCO) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Other equities analysts have also issued reports about the company. Wall Street Zen lowered Vita Coco from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Morgan Stanley raised their price target on Vita Coco from $65.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Evercore upped their price objective on shares of Vita Coco from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Weiss Ratings upgraded shares of Vita Coco from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, Jefferies Financial Group raised their target price on shares of Vita Coco from $63.00 to $78.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Vita Coco currently has a consensus rating of “Moderate Buy” and an average price target of $77.71.

Vita Coco Stock Performance

COCO stock opened at $67.54 on Tuesday. The company has a 50 day moving average price of $74.74 and a two-hundred day moving average price of $62.73. The stock has a market capitalization of $3.88 billion, a P/E ratio of 37.32, a PEG ratio of 1.31 and a beta of 0.77. Vita Coco has a one year low of $31.79 and a one year high of $85.83.

Vita Coco (NASDAQ:COCO) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.26. Vita Coco had a return on equity of 31.09% and a net margin of 15.50%.The company had revenue of $216.15 million for the quarter, compared to analyst estimates of $210.64 million. During the same quarter in the prior year, the company posted $0.38 EPS. The business’s revenue for the quarter was up 28.1% compared to the same quarter last year. Research analysts forecast that Vita Coco will post 1.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Vita Coco

In related news, Director Ira Liran sold 96,158 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $79.14, for a total value of $7,609,944.12. Following the transaction, the director owned 476,421 shares in the company, valued at approximately $37,703,957.94. This trade represents a 16.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Es Charles Van sold 8,561 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $70.00, for a total transaction of $599,270.00. Following the sale, the insider owned 67,130 shares of the company’s stock, valued at approximately $4,699,100. This represents a 11.31% 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. Over the last ninety days, insiders have sold 416,406 shares of company stock worth $32,692,409. 12.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Vita Coco

Institutional investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd raised its position in Vita Coco by 2,636.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company’s stock valued at $28,000 after purchasing an additional 501 shares during the period. Quarry LP boosted its position in shares of Vita Coco by 12,633.3% in the third quarter. Quarry LP now owns 764 shares of the company’s stock worth $32,000 after buying an additional 758 shares during the period. Rockefeller Capital Management L.P. grew its stake in shares of Vita Coco by 265.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,319 shares of the company’s stock valued at $70,000 after buying an additional 958 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Vita Coco by 5,376.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,369 shares of the company’s stock valued at $49,000 after buying an additional 1,344 shares in the last quarter. Finally, CWM LLC raised its holdings in shares of Vita Coco by 18.2% during the 4th quarter. CWM LLC now owns 1,505 shares of the company’s stock valued at $80,000 after buying an additional 232 shares during the period. 88.49% of the stock is owned by hedge funds and other institutional investors.

Vita Coco Company Profile

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.