Vita Coco (NASDAQ:COCO) Upgraded by Wall Street Zen to Buy Rating

Wall Street Zen upgraded shares of Vita Coco (NASDAQ:COCO) from a hold rating to a buy rating in a report issued on Saturday morning.

Several other brokerages also recently commented on COCO. The Goldman Sachs Group raised their price objective on shares of Vita Coco from $52.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, November 18th. Morgan Stanley increased their price target on Vita Coco from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research note on Monday, November 17th. Needham & Company LLC started coverage on Vita Coco in a research report on Wednesday, September 24th. They issued a “hold” rating on the stock. Jefferies Financial Group upped their price objective on Vita Coco from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, November 17th. Finally, Bank of America raised Vita Coco from a “neutral” rating to a “buy” rating and lifted their target price for the company from $48.00 to $54.00 in a research note on Monday, November 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.88.

Vita Coco Stock Up 1.9%

COCO stock opened at $53.48 on Friday. The business’s 50-day moving average price is $46.80 and its 200-day moving average price is $40.46. The stock has a market cap of $3.05 billion, a P/E ratio of 46.50, a PEG ratio of 1.78 and a beta of 0.37. Vita Coco has a twelve month low of $25.79 and a twelve month high of $55.29.

Vita Coco (NASDAQ:COCO) last released its earnings results on Wednesday, October 29th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.08. Vita Coco had a net margin of 11.35% and a return on equity of 25.08%. The company had revenue of $182.31 million during the quarter, compared to analyst estimates of $154.96 million. During the same period in the prior year, the firm posted $0.32 EPS. The firm’s quarterly revenue was up 37.2% compared to the same quarter last year. On average, equities research analysts expect that Vita Coco will post 1.07 earnings per share for the current fiscal year.

Insider Transactions at Vita Coco

In other Vita Coco news, insider Es Charles Van sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $50.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the insider owned 84,328 shares in the company, valued at $4,216,400. This trade represents a 19.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Jonathan Burth sold 22,334 shares of Vita Coco stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $45.94, for a total value of $1,026,023.96. Following the completion of the sale, the chief operating officer directly owned 76,127 shares in the company, valued at approximately $3,497,274.38. The trade was a 22.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 481,820 shares of company stock worth $21,813,030. 32.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Invesco Ltd. lifted its position in Vita Coco by 398.5% during the first quarter. Invesco Ltd. now owns 97,862 shares of the company’s stock valued at $2,999,000 after purchasing an additional 78,229 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Vita Coco by 3.4% in the 1st quarter. Northern Trust Corp now owns 424,987 shares of the company’s stock worth $13,026,000 after buying an additional 13,814 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Vita Coco by 102.2% during the 1st quarter. Wellington Management Group LLP now owns 511,462 shares of the company’s stock valued at $15,676,000 after buying an additional 258,521 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Vita Coco during the 1st quarter valued at about $3,041,000. Finally, PDT Partners LLC lifted its holdings in shares of Vita Coco by 133.1% in the 1st quarter. PDT Partners LLC now owns 64,108 shares of the company’s stock valued at $1,965,000 after acquiring an additional 36,610 shares during the last quarter. 88.49% of the stock is currently owned by 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.