Vita Coco (NASDAQ:COCO) Trading Down 7.7% – What’s Next?

Vita Coco Company, Inc. (NASDAQ:COCO) dropped 7.7% during mid-day trading on Friday . The stock traded as low as $77.69 and last traded at $76.1670. 709,380 shares were traded during mid-day trading, a decline of 41% from the average session volume of 1,197,730 shares. The stock had previously closed at $82.55.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on COCO. Wells Fargo & Company raised their price objective on shares of Vita Coco from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. Wall Street Zen upgraded Vita Coco from a “sell” rating to a “buy” rating in a report on Saturday, May 2nd. The Goldman Sachs Group reissued a “buy” rating and set a $71.00 price target on shares of Vita Coco in a research report on Thursday, April 30th. Piper Sandler restated an “overweight” rating and issued a $70.00 price objective on shares of Vita Coco in a research report on Wednesday, April 29th. Finally, Jefferies Financial Group increased their price objective on Vita Coco from $63.00 to $78.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.43.

Vita Coco Stock Performance

The stock has a market capitalization of $4.26 billion, a price-to-earnings ratio of 54.72, a P/E/G ratio of 1.99 and a beta of 0.74. The firm has a fifty day moving average of $71.09 and a 200-day moving average of $59.85.

Vita Coco (NASDAQ:COCO) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.16. Vita Coco had a return on equity of 25.43% and a net margin of 12.59%.The company had revenue of $179.77 million for the quarter, compared to analysts’ expectations of $148.39 million. During the same quarter in the previous year, the firm posted $0.31 earnings per share. The firm’s quarterly revenue was up 37.4% on a year-over-year basis. On average, analysts predict that Vita Coco Company, Inc. will post 1.76 EPS for the current year.

Insider Buying and Selling

In other Vita Coco news, CEO Martin Roper sold 25,000 shares of the stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $50.00, for a total value of $1,250,000.00. Following the completion of the sale, the chief executive officer owned 298,484 shares of the company’s stock, valued at $14,924,200. This trade represents a 7.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira Liran sold 96,158 shares of Vita Coco stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $79.14, for a total transaction of $7,609,944.12. Following the sale, the director owned 476,421 shares in the company, valued at $37,703,957.94. This represents a 16.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 707,306 shares of company stock worth $49,251,613 in the last 90 days. 32.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Vita Coco

Institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Vita Coco by 5.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,493 shares of the company’s stock valued at $720,000 after buying an additional 1,174 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Vita Coco by 5,376.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,369 shares of the company’s stock worth $49,000 after acquiring an additional 1,344 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Vita Coco during the second quarter worth about $9,627,000. Cerity Partners LLC acquired a new position in shares of Vita Coco in the second quarter worth about $645,000. Finally, Qube Research & Technologies Ltd acquired a new position in shares of Vita Coco in the second quarter worth about $2,990,000. Institutional investors and hedge funds 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.