Vita Coco (NASDAQ:COCO) Reaches New 12-Month High – Still a Buy?

Vita Coco Company, Inc. (NASDAQ:COCO)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $61.22 and last traded at $61.13, with a volume of 226648 shares. The stock had previously closed at $58.35.

Wall Street Analyst Weigh In

COCO has been the subject of several recent research reports. Morgan Stanley lifted their target price on shares of Vita Coco from $49.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, February 23rd. Weiss Ratings restated a “buy (b-)” rating on shares of Vita Coco in a report on Monday, December 29th. Zacks Research lowered Vita Coco from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Wells Fargo & Company increased their price objective on shares of Vita Coco from $50.00 to $63.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Finally, Bank of America upgraded shares of Vita Coco from a “neutral” rating to a “buy” rating and raised their price objective for the company from $48.00 to $54.00 in a research note on Monday, November 17th. Seven equities 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, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.38.

Vita Coco Stock Performance

The firm has a market cap of $3.46 billion, a PE ratio of 51.32, a price-to-earnings-growth ratio of 1.84 and a beta of 0.36. The stock has a 50-day simple moving average of $54.93 and a two-hundred day simple moving average of $48.58.

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

Insider Activity at Vita Coco

In other Vita Coco news, CMO Jane Prior sold 50,000 shares of Vita Coco stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $52.92, for a total value of $2,646,000.00. Following the completion of the sale, the chief marketing officer owned 127,399 shares of the company’s stock, valued at approximately $6,741,955.08. The trade was a 28.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jane Cecil Morreau sold 15,000 shares of the stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $53.91, for a total value of $808,650.00. Following the transaction, the director directly owned 17,179 shares in the company, valued at $926,119.89. The trade was a 46.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 122,800 shares of company stock worth $6,698,956. Company insiders own 34.20% of the company’s stock.

Hedge Funds Weigh In On Vita Coco

Institutional investors have recently made changes to their positions in the business. Virtu Financial LLC bought a new stake in Vita Coco during the fourth quarter valued at approximately $642,000. Invesco Ltd. raised its position in Vita Coco by 13.9% in the fourth quarter. Invesco Ltd. now owns 50,206 shares of the company’s stock worth $2,661,000 after acquiring an additional 6,115 shares during the period. Vident Advisory LLC purchased a new position in shares of Vita Coco during the 4th quarter worth $284,000. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Vita Coco during the 4th quarter worth $73,242,000. Finally, Empowered Funds LLC bought a new stake in shares of Vita Coco during the 4th quarter valued at $583,000. Institutional investors own 88.49% of the company’s stock.

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.