Vita Coco (NASDAQ:COCO) Reaches New 1-Year High – Here’s What Happened

Shares of Vita Coco Company, Inc. (NASDAQ:COCO) reached a new 52-week high during trading on Wednesday . The stock traded as high as $85.39 and last traded at $83.87, with a volume of 1088664 shares trading hands. The stock had previously closed at $82.85.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on COCO shares. The Goldman Sachs Group reissued a “buy” rating and issued a $71.00 price objective on shares of Vita Coco in a report on Thursday, April 30th. Citigroup reaffirmed a “buy” rating on shares of Vita Coco in a report on Tuesday, May 26th. Morgan Stanley set a $65.00 price target on shares of Vita Coco in a research report on Thursday, April 30th. Wall Street Zen raised Vita Coco from a “sell” rating to a “buy” rating in a research report on Saturday, May 2nd. Finally, Jefferies Financial Group raised their price objective on Vita Coco from $63.00 to $78.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.43.

Vita Coco Stock Up 1.2%

The stock has a market capitalization of $4.79 billion, a price-to-earnings ratio of 61.22, a P/E/G ratio of 1.99 and a beta of 0.74. The business’s 50 day simple moving average is $66.36 and its 200-day simple moving average is $58.41.

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

Insider Activity

In other news, Director Ira Liran sold 96,158 shares of Vita Coco stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $79.14, for a total value of $7,609,944.12. Following the transaction, the director owned 476,421 shares in the company, valued at approximately $37,703,957.94. This trade represents a 16.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Martin Roper sold 25,000 shares of the business’s stock in a transaction on Friday, April 24th. The stock was sold at an average price of $50.00, for a total value of $1,250,000.00. Following the transaction, the chief executive officer directly owned 298,484 shares of the company’s stock, valued at $14,924,200. This trade represents a 7.73% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 703,406 shares of company stock valued at $48,928,225 in the last three months. Company insiders own 34.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wasatch Advisors LP raised its stake in Vita Coco by 80.3% during the first quarter. Wasatch Advisors LP now owns 3,675,489 shares of the company’s stock worth $176,093,000 after acquiring an additional 1,637,437 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Vita Coco during the 3rd quarter valued at approximately $62,815,000. Wellington Management Group LLP grew its holdings in shares of Vita Coco by 232.2% during the 3rd quarter. Wellington Management Group LLP now owns 1,992,404 shares of the company’s stock valued at $84,617,000 after purchasing an additional 1,392,678 shares during the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in Vita Coco during the 4th quarter worth approximately $73,242,000. Finally, Westfield Capital Management Co. LP acquired a new position in Vita Coco during the 3rd quarter worth approximately $45,135,000. Institutional investors own 88.49% of the company’s stock.

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.