Ranger Investment Management L.P. Sells 71,950 Shares of Vita Coco Company, Inc. $COCO

Ranger Investment Management L.P. lowered its holdings in shares of Vita Coco Company, Inc. (NASDAQ:COCO) by 32.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 153,225 shares of the company’s stock after selling 71,950 shares during the quarter. Ranger Investment Management L.P. owned approximately 0.27% of Vita Coco worth $6,507,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in COCO. Wilmington Savings Fund Society FSB bought a new position in Vita Coco during the third quarter valued at approximately $62,815,000. Marshall Wace LLP bought a new position in shares of Vita Coco during the 2nd quarter valued at approximately $9,627,000. Cubist Systematic Strategies LLC bought a new position in shares of Vita Coco during the 2nd quarter valued at approximately $4,385,000. BNP Paribas Financial Markets increased its position in Vita Coco by 1,181.7% in the second quarter. BNP Paribas Financial Markets now owns 112,291 shares of the company’s stock worth $4,054,000 after purchasing an additional 103,530 shares during the last quarter. Finally, Seven Grand Managers LLC purchased a new stake in Vita Coco during the second quarter valued at $3,610,000. 88.49% of the stock is owned by hedge funds and other institutional investors.

Vita Coco Stock Performance

NASDAQ:COCO opened at $57.91 on Friday. The company’s 50-day simple moving average is $53.88 and its 200-day simple moving average is $44.67. Vita Coco Company, Inc. has a fifty-two week low of $25.79 and a fifty-two week high of $58.05. The stock has a market capitalization of $3.30 billion, a P/E ratio of 50.34, a P/E/G ratio of 1.56 and a beta of 0.38.

Analysts Set New Price Targets

A number of research firms have recently weighed in on COCO. Wells Fargo & Company boosted their target price on shares of Vita Coco from $50.00 to $63.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Jefferies Financial Group upped their price objective on Vita Coco from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, November 17th. The Goldman Sachs Group boosted their target price on Vita Coco from $52.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, November 18th. Bank of America raised shares of Vita Coco from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $48.00 to $54.00 in a research note on Monday, November 17th. Finally, Zacks Research lowered Vita Coco from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Seven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $53.50.

Insiders Place Their Bets

In other Vita Coco news, Director Ira Liran sold 33,862 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $50.27, for a total transaction of $1,702,242.74. Following the completion of the transaction, the director directly owned 602,579 shares of the company’s stock, valued at approximately $30,291,646.33. This trade represents a 5.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Es Charles Van sold 20,000 shares of the company’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $50.00, for a total transaction of $1,000,000.00. Following the completion of the sale, the insider directly owned 84,328 shares in the company, valued at $4,216,400. This trade represents a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 161,421 shares of company stock valued at $8,009,791. 32.30% of the stock is owned by corporate insiders.

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.