Summit Creek Advisors LLC Makes New $5.26 Million Investment in Vita Coco Company, Inc. $COCO

Summit Creek Advisors LLC purchased a new stake in Vita Coco Company, Inc. (NASDAQ:COCO) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 79,594 shares of the company’s stock, valued at approximately $5,264,000. Vita Coco accounts for about 1.8% of Summit Creek Advisors LLC’s holdings, making the stock its 27th biggest position. Summit Creek Advisors LLC owned 0.14% of Vita Coco as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of COCO. Bank of New York Mellon Corp increased its stake in Vita Coco by 73.9% in the first quarter. Bank of New York Mellon Corp now owns 253,362 shares of the company’s stock valued at $12,139,000 after acquiring an additional 107,684 shares during the period. Wasatch Advisors LP raised its position in Vita Coco by 80.3% in the first quarter. Wasatch Advisors LP now owns 3,675,489 shares of the company’s stock worth $176,093,000 after purchasing an additional 1,637,437 shares in the last quarter. Vanguard Group Inc. lifted its stake in Vita Coco by 8.2% during the fourth quarter. Vanguard Group Inc. now owns 3,149,584 shares of the company’s stock worth $166,959,000 after purchasing an additional 237,510 shares during the period. King Luther Capital Management Corp grew its stake 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 valued at $7,262,000 after purchasing an additional 35,937 shares during the period. Finally, Pier Capital LLC bought a new stake in shares of Vita Coco in the 4th quarter valued at approximately $7,318,000. Institutional investors own 88.49% of the company’s stock.

Vita Coco Trading Down 3.0%

NASDAQ:COCO opened at $63.54 on Wednesday. Vita Coco Company, Inc. has a 1 year low of $33.19 and a 1 year high of $85.83. The firm has a 50 day moving average of $71.67 and a 200-day moving average of $63.79. The stock has a market capitalization of $3.65 billion, a P/E ratio of 35.11, a price-to-earnings-growth ratio of 1.23 and a beta of 0.77.

Vita Coco (NASDAQ:COCO) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.82 EPS 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 business had revenue of $216.15 million for the quarter, compared to analyst estimates of $210.64 million. During the same period in the prior year, the company earned $0.38 EPS. Vita Coco’s revenue for the quarter was up 28.1% on a year-over-year basis. As a group, analysts forecast that Vita Coco Company, Inc. will post 1.96 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

COCO has been the subject of several analyst reports. Citigroup restated a “buy” rating on shares of Vita Coco in a research report on Tuesday, May 26th. Piper Sandler increased their price objective on Vita Coco from $74.00 to $89.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Weiss Ratings reissued a “buy (b)” rating on shares of Vita Coco in a report on Wednesday, July 29th. Zacks Research upgraded shares of Vita Coco from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. Finally, Evercore upped their target price on shares of Vita Coco from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $77.71.

Insiders Place Their Bets

In other Vita Coco news, insider Es Charles Van sold 8,045 shares of the business’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $75.05, for a total value of $603,777.25. Following the transaction, the insider owned 59,085 shares of the company’s stock, valued at approximately $4,434,329.25. The trade was a 11.98% 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 hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kenneth Sadowsky sold 3,900 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $82.92, for a total value of $323,388.00. Following the sale, the director owned 580,296 shares in the company, valued at $48,118,144.32. The trade was a 0.67% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 351,945 shares of company stock valued at $28,007,266. 12.90% of the stock is currently owned by corporate insiders.

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.