Vita Coco (NASDAQ:COCO) Trading 5.5% Higher – Here’s What Happened

Vita Coco Company, Inc. (NASDAQ:COCO) shares shot up 5.5% during trading on Monday . The company traded as high as $55.02 and last traded at $54.8550. 254,490 shares changed hands during trading, a decline of 79% from the average session volume of 1,187,612 shares. The stock had previously closed at $52.01.

Wall Street Analyst Weigh In

Several research firms have commented on COCO. Piper Sandler lowered their target price on shares of Vita Coco from $89.00 to $83.00 and set an “overweight” rating for the company in a research note on Thursday, September 10th. The Goldman Sachs Group set a $90.00 price objective on shares of Vita Coco and gave the company a “buy” rating in a research note on Thursday, July 23rd. Citigroup restated a “buy” rating on shares of Vita Coco in a report on Tuesday, May 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Vita Coco in a research report on Wednesday, July 29th. Finally, Zacks Research upgraded Vita Coco from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Vita Coco has a consensus rating of “Moderate Buy” and a consensus price target of $76.86.

Vita Coco Stock Performance

The company has a market capitalization of $3.20 billion, a price-to-earnings ratio of 30.82, a price-to-earnings-growth ratio of 1.05 and a beta of 0.75. The company’s fifty day simple moving average is $64.35 and its two-hundred day simple moving average is $64.18.

Vita Coco (NASDAQ:COCO) last issued its earnings results on Thursday, July 23rd. The company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.26. The business had revenue of $216.15 million for the quarter, compared to analyst estimates of $210.64 million. Vita Coco had a net margin of 15.50% and a return on equity of 31.09%. The company’s revenue for the quarter was up 28.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.38 EPS. Sell-side analysts anticipate that Vita Coco Company, Inc. will post 1.95 EPS for the current year.

Hedge Funds Weigh In On Vita Coco

Several large investors have recently added to or reduced their stakes in COCO. Bank of New York Mellon Corp acquired a new position in Vita Coco during the 2nd quarter valued at approximately $17,119,000. Wasatch Advisors LP grew its position in shares of Vita Coco by 80.3% during the first quarter. Wasatch Advisors LP now owns 3,675,489 shares of the company’s stock worth $176,093,000 after acquiring an additional 1,637,437 shares during the last quarter. BlackRock Inc. bought a new position in shares of Vita Coco during the second quarter worth about $463,654,000. King Luther Capital Management Corp increased its holdings in shares of Vita Coco by 35.6% in the 4th quarter. King Luther Capital Management Corp now owns 136,987 shares of the company’s stock worth $7,262,000 after acquiring an additional 35,937 shares during the period. Finally, Sei Investments Co. increased its holdings in shares of Vita Coco by 118.6% in the 1st quarter. Sei Investments Co. now owns 163,091 shares of the company’s stock worth $7,814,000 after acquiring an additional 88,481 shares during the period. 88.49% of the stock is currently owned by institutional investors.

Vita Coco Company Profile

The Vita Coco Company, Inc is a beverage company focused on better-for-you hydration products. Its flagship Vita Coco brand offers coconut water and related coconut-based beverages, including flavored and nutrient-enhanced varieties. The company also markets other functional hydration products, such as protein and electrolyte beverages, through its broader brand portfolio.

Founded in 2004 by Michael Kirban and Ira Liran, Vita Coco helped popularize coconut water in the United States. The company sells its products through grocery stores, mass retailers, convenience stores, club stores, e-commerce platforms and other retail channels.