Vita Coco (NASDAQ:COCO) CFO Sells $325,000.00 in Stock

Vita Coco Company, Inc. (NASDAQ:COCO) CFO Corey Baker sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $65.00, for a total value of $325,000.00. Following the transaction, the chief financial officer owned 24,951 shares in the company, valued at approximately $1,621,815. This trade represents a 16.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Corey Baker also recently made the following trade(s):

• On Tuesday, November 3rd, Corey Baker sold 1,000 shares of Vita Coco stock. The shares were sold at an average price of $60.00, for a total transaction of $60,000.00.

Vita Coco Stock Performance

Shares of Vita Coco stock traded down $1.89 on Thursday, reaching $63.58. The stock had a trading volume of 1,088,811 shares, compared to its average volume of 1,238,788. The business’s 50-day moving average price is $57.30 and its two-hundred day moving average price is $61.73. Vita Coco Company, Inc. has a fifty-two week low of $40.62 and a fifty-two week high of $85.83. The stock has a market cap of $3.63 billion, a P/E ratio of 31.95, a price-to-earnings-growth ratio of 1.53 and a beta of 0.76.

Vita Coco (NASDAQ:COCO) last posted its quarterly earnings data on Thursday, October 22nd. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.11. Vita Coco had a net margin of 15.70% and a return on equity of 31.84%. The business had revenue of $243.83 million during the quarter, compared to the consensus estimate of $230.10 million. During the same period in the prior year, the firm earned $0.40 EPS. Vita Coco’s quarterly revenue was up 33.7% compared to the same quarter last year. As a group, equities analysts forecast that Vita Coco Company, Inc. will post 2.06 earnings per share for the current fiscal year.

Institutional Trading of Vita Coco

Several hedge funds and other institutional investors have recently bought and sold shares of COCO. Illinois Municipal Retirement Fund increased its holdings in shares of Vita Coco by 16.8% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 25,788 shares of the company’s stock worth $1,476,000 after purchasing an additional 3,711 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Vita Coco by 7,660.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 724,283 shares of the company’s stock valued at $41,291,000 after buying an additional 714,950 shares during the period. Pictet Asset Management Holding SA lifted its stake in shares of Vita Coco by 76.4% in the third quarter. Pictet Asset Management Holding SA now owns 106,592 shares of the company’s stock valued at $6,103,000 after buying an additional 46,162 shares during the period. Alps Advisors Inc. acquired a new stake in Vita Coco during the third quarter worth about $604,000. Finally, Kestra Advisory Services LLC acquired a new stake in Vita Coco during the third quarter worth about $254,000. 88.49% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on COCO. Morgan Stanley upped their price target on shares of Vita Coco from $65.00 to $68.00 and gave the company an “equal weight” rating in a report on Tuesday, July 28th. Piper Sandler boosted their price objective on Vita Coco from $83.00 to $88.00 and gave the stock an “overweight” rating in a research report on Friday, October 23rd. The Goldman Sachs Group set a $90.00 target price on Vita Coco and gave the company a “buy” rating in a research note on Thursday, July 23rd. Oppenheimer began coverage on Vita Coco in a report on Thursday, October 1st. They issued an “outperform” rating and a $70.00 target price on the stock. Finally, William Blair reaffirmed a “market perform” rating on shares of Vita Coco in a research report on Thursday, October 22nd. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Vita Coco currently has an average rating of “Moderate Buy” and an average price target of $74.12.

About Vita Coco

The Vita Coco Company, Inc is a beverage company focused on hydration and wellness products. Its flagship brand, Vita Coco, offers coconut water in a variety of formats and flavors, including original, flavored and pressed coconut water products. The company also markets other beverages under brands such as Ever & Ever, a plant-based water brand, and PWR LIFT, a functional hydration beverage.

Vita Coco products are sold through grocery stores, mass merchandisers, convenience stores, club retailers, e-commerce platforms and foodservice channels.