Vita Coco (NASDAQ:COCO) Shares Down 8.9% – Here’s Why

Vita Coco Company, Inc. (NASDAQ:COCO)’s stock price traded down 8.9% during mid-day trading on Friday . The stock traded as low as $47.86 and last traded at $47.0680. 1,023,881 shares were traded during trading, a decline of 11% from the average session volume of 1,155,627 shares. The stock had previously closed at $51.68.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on COCO. Evercore reaffirmed an “outperform” rating and issued a $70.00 target price on shares of Vita Coco in a research report on Thursday, March 12th. Wall Street Zen raised Vita Coco from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Wells Fargo & Company raised their price objective on Vita Coco from $50.00 to $63.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Zacks Research cut Vita Coco from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Finally, Morgan Stanley upped their target price on Vita Coco from $49.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, February 23rd. Seven investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $59.86.

Vita Coco Stock Performance

The business’s 50 day simple moving average is $55.04 and its 200-day simple moving average is $49.72. The company has a market cap of $2.68 billion, a price-to-earnings ratio of 39.81, a price-to-earnings-growth ratio of 1.48 and a beta of 0.37.

Vita Coco (NASDAQ:COCO) last posted its quarterly earnings results on Wednesday, February 18th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). Vita Coco had a return on equity of 23.19% and a net margin of 11.70%.The company had revenue of $127.79 million during the quarter, compared to analyst estimates of $117.80 million. During the same period last year, the company posted $0.06 earnings per share. The company’s revenue was up .4% compared to the same quarter last year. Research analysts expect that Vita Coco Company, Inc. will post 1.07 earnings per share for the current year.

Insider Buying and Selling

In other Vita Coco news, CFO Corey Baker sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $58.04, for a total value of $116,080.00. Following the completion of the sale, the chief financial officer directly owned 25,951 shares of the company’s stock, valued at $1,506,196.04. The trade was a 7.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kenneth Sadowsky sold 3,900 shares of the firm’s stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $56.92, for a total transaction of $221,988.00. Following the transaction, the director owned 590,466 shares in the company, valued at $33,609,324.72. This represents a 0.66% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 190,800 shares of company stock valued at $10,704,346. 32.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Vita Coco

Hedge funds have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd lifted its holdings in Vita Coco by 2,636.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company’s stock worth $28,000 after purchasing an additional 501 shares during the last quarter. Clearstead Advisors LLC grew its holdings in Vita Coco by 22,500.0% during the third quarter. Clearstead Advisors LLC now owns 678 shares of the company’s stock valued at $29,000 after purchasing an additional 675 shares during the last quarter. Quarry LP raised its position in shares of Vita Coco by 12,633.3% in the third quarter. Quarry LP now owns 764 shares of the company’s stock valued at $32,000 after purchasing an additional 758 shares during the period. MAI Capital Management bought a new position in shares of Vita Coco in the second quarter valued at approximately $33,000. Finally, GAMMA Investing LLC lifted its stake in shares of Vita Coco by 25.0% in the fourth quarter. GAMMA Investing LLC now owns 1,134 shares of the company’s stock worth $60,000 after buying an additional 227 shares during the last quarter. 88.49% of the stock is owned by institutional investors and hedge funds.

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.