Vita Coco (NASDAQ:COCO) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of Vita Coco (NASDAQ:COCO) from a buy rating to a sell rating in a research note released on Saturday morning.

A number of other equities research analysts have also recently commented on COCO. Piper Sandler increased their target price on shares of Vita Coco from $47.00 to $59.00 and gave the company an “overweight” rating in a research report on Tuesday, November 25th. Wells Fargo & Company upped their price objective on shares of Vita Coco from $50.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Zacks Research lowered shares of Vita Coco from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Weiss Ratings restated a “buy (b-)” rating on shares of Vita Coco in a report on Monday, December 29th. Finally, The Goldman Sachs Group upped their price target on Vita Coco from $52.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, November 18th. Seven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $54.88.

Vita Coco Trading Down 0.6%

COCO stock opened at $53.62 on Friday. Vita Coco has a 12-month low of $25.79 and a 12-month high of $59.88. The business’s 50-day moving average is $54.29 and its 200 day moving average is $46.46. The stock has a market cap of $3.06 billion, a price-to-earnings ratio of 45.44, a PEG ratio of 1.72 and a beta of 0.38.

Vita Coco (NASDAQ:COCO) last released its earnings results on Wednesday, February 18th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.04). The firm had revenue of $127.79 million during the quarter, compared to analysts’ expectations of $117.80 million. Vita Coco had a net margin of 11.70% and a return on equity of 23.19%. The business’s revenue was up .4% compared to the same quarter last year. During the same quarter last year, the business earned $0.06 EPS. As a group, equities analysts forecast that Vita Coco will post 1.07 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Kenneth Sadowsky sold 3,900 shares of the stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $53.92, for a total transaction of $210,288.00. Following the completion of the transaction, the director directly owned 608,266 shares in the company, valued at approximately $32,797,702.72. This represents a 0.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ira Liran sold 30,000 shares of the business’s stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $56.65, for a total transaction of $1,699,500.00. Following the completion of the sale, the director owned 572,579 shares in the company, valued at approximately $32,436,600.35. This trade represents a 4.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 57,800 shares of company stock worth $3,244,306 over the last quarter. 34.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Vita Coco

A number of institutional investors and hedge funds have recently made changes to their positions in COCO. New York State Common Retirement Fund lifted its stake in Vita Coco by 10.3% during the third quarter. New York State Common Retirement Fund now owns 511,031 shares of the company’s stock worth $21,703,000 after purchasing an additional 47,632 shares in the last quarter. Hussman Strategic Advisors Inc. purchased a new position in shares of Vita Coco in the third quarter valued at approximately $2,230,000. Harbor Capital Advisors Inc. acquired a new position in shares of Vita Coco in the third quarter valued at approximately $821,000. Wilmington Savings Fund Society FSB purchased a new stake in Vita Coco during the 3rd quarter worth approximately $62,815,000. Finally, Capital Fund Management S.A. purchased a new stake in Vita Coco during the 2nd quarter worth approximately $1,049,000. 88.49% of the stock is owned by hedge funds and other institutional investors.

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.