Vita Coco (NASDAQ:COCO) Price Target Lowered to $60.00 at Wells Fargo & Company

Vita Coco (NASDAQ:COCO) had its target price decreased by analysts at Wells Fargo & Company from $63.00 to $60.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 19.37% from the company’s current price.

COCO has been the subject of several other research reports. Evercore reissued an “outperform” rating and issued a $70.00 price target on shares of Vita Coco in a report on Thursday, March 12th. Wall Street Zen downgraded Vita Coco from a “hold” rating to a “sell” rating in a report on Saturday. Zacks Research downgraded Vita Coco from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Morgan Stanley raised their price target on Vita Coco from $49.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, February 23rd. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Vita Coco in a report on Friday, March 27th. Seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Vita Coco currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.43.

Vita Coco Price Performance

NASDAQ COCO traded up $1.05 during trading on Wednesday, hitting $50.27. The company’s stock had a trading volume of 876,238 shares, compared to its average volume of 1,162,325. The company has a market cap of $2.87 billion, a PE ratio of 42.60, a P/E/G ratio of 1.52 and a beta of 0.47. The business’s 50 day simple moving average is $54.30 and its 200-day simple moving average is $50.21. Vita Coco has a fifty-two week low of $27.43 and a fifty-two week high of $61.39.

Vita Coco (NASDAQ:COCO) last issued its quarterly 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 business had revenue of $127.79 million during the quarter, compared to analyst estimates of $117.80 million. Vita Coco had a return on equity of 23.19% and a net margin of 11.70%.Vita Coco’s revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.06 EPS. Analysts expect that Vita Coco will post 1.07 EPS for the current fiscal year.

Insider Activity

In related news, Director Kenneth Sadowsky sold 3,900 shares of Vita Coco stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $56.92, for a total transaction of $221,988.00. Following the completion of the sale, the director owned 590,466 shares of the company’s stock, valued at $33,609,324.72. The trade was a 0.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Jonathan Burth sold 60,000 shares of Vita Coco stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $58.65, for a total value of $3,519,000.00. Following the sale, the chief operating officer directly owned 57,910 shares of the company’s stock, valued at $3,396,421.50. This trade represents a 50.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 192,800 shares of company stock valued at $10,801,686. 32.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Vita Coco

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Vita Coco by 8.2% during the fourth quarter. Vanguard Group Inc. now owns 3,149,584 shares of the company’s stock valued at $166,959,000 after acquiring an additional 237,510 shares in the last quarter. Wasatch Advisors LP raised its position in Vita Coco by 3.3% during the third quarter. Wasatch Advisors LP now owns 2,729,393 shares of the company’s stock valued at $115,917,000 after acquiring an additional 86,541 shares in the last quarter. Wellington Management Group LLP raised its position in Vita Coco by 22.1% during the fourth quarter. Wellington Management Group LLP now owns 2,432,362 shares of the company’s stock valued at $128,940,000 after acquiring an additional 439,958 shares in the last quarter. Artisan Partners Limited Partnership raised its position in Vita Coco by 12.1% during the third quarter. Artisan Partners Limited Partnership now owns 2,073,329 shares of the company’s stock valued at $88,054,000 after acquiring an additional 224,305 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new position in Vita Coco during the third quarter valued at approximately $62,815,000. 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.