Short Interest in The Vita Coco Company, Inc. (NASDAQ:COCO) Increases By 7.0%

The Vita Coco Company, Inc. (NASDAQ:COCO) was the target of a large growth in short interest in April. As of April 15th, there was short interest totalling 5,670,000 shares, a growth of 7.0% from the March 31st total of 5,300,000 shares. Currently, 14.8% of the company’s stock are sold short. Based on an average daily volume of 681,300 shares, the short-interest ratio is currently 8.3 days.

Vita Coco Stock Performance

Shares of NASDAQ:COCO opened at $26.16 on Thursday. Vita Coco has a 52-week low of $19.41 and a 52-week high of $33.29. The company has a market capitalization of $1.48 billion, a P/E ratio of 32.70, a price-to-earnings-growth ratio of 1.94 and a beta of 0.18. The company has a 50-day simple moving average of $24.56 and a 200 day simple moving average of $25.01.

Vita Coco (NASDAQ:COCO) last released its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.02. Vita Coco had a return on equity of 24.27% and a net margin of 9.45%. The firm had revenue of $106.10 million for the quarter, compared to analyst estimates of $99.63 million. During the same quarter in the prior year, the company earned $0.04 earnings per share. The business’s revenue for the quarter was up 15.3% compared to the same quarter last year. As a group, equities analysts forecast that Vita Coco will post 0.92 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on COCO shares. The Goldman Sachs Group cut their price objective on shares of Vita Coco from $32.00 to $28.00 and set a “buy” rating on the stock in a research report on Tuesday, January 30th. Stephens upgraded shares of Vita Coco from an “equal weight” rating to an “overweight” rating and set a $31.00 price objective for the company in a research note on Thursday, February 29th. William Blair cut Vita Coco from an “outperform” rating to a “market perform” rating in a report on Monday, January 22nd. TheStreet lowered Vita Coco from a “b-” rating to a “c+” rating in a report on Monday, January 22nd. Finally, Piper Sandler increased their price target on Vita Coco from $24.00 to $28.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $29.71.

Insider Activity

In other Vita Coco news, Director Ira Liran sold 13,998 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $25.02, for a total transaction of $350,229.96. Following the sale, the director now directly owns 645,942 shares in the company, valued at approximately $16,161,468.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Chairman Michael Kirban sold 2,562 shares of Vita Coco stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $25.05, for a total value of $64,178.10. Following the sale, the chairman now owns 640,348 shares of the company’s stock, valued at approximately $16,040,717.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ira Liran sold 13,998 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $25.02, for a total value of $350,229.96. Following the transaction, the director now directly owns 645,942 shares of the company’s stock, valued at approximately $16,161,468.84. The disclosure for this sale can be found here. Insiders have sold 52,353 shares of company stock worth $1,309,536 in the last 90 days. Corporate insiders own 51.10% of the company’s stock.

Institutional Investors Weigh In On Vita Coco

Several hedge funds have recently added to or reduced their stakes in COCO. Syon Capital LLC acquired a new position in Vita Coco in the 4th quarter valued at about $113,931,000. FMR LLC grew its position in shares of Vita Coco by 72.3% in the third quarter. FMR LLC now owns 2,384,817 shares of the company’s stock valued at $62,101,000 after purchasing an additional 1,000,408 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Vita Coco by 5.9% during the third quarter. Vanguard Group Inc. now owns 1,955,075 shares of the company’s stock worth $50,910,000 after purchasing an additional 108,844 shares during the period. Loomis Sayles & Co. L P lifted its holdings in Vita Coco by 41.3% during the 3rd quarter. Loomis Sayles & Co. L P now owns 1,042,656 shares of the company’s stock worth $27,151,000 after purchasing an additional 304,659 shares during the last quarter. Finally, abrdn plc bought a new stake in Vita Coco in the 4th quarter valued at $22,321,000. Institutional investors and hedge funds own 88.49% of the company’s stock.

Vita Coco Company Profile

The Vita Coco Company, Inc develops, markets, and distributes coconut water products under the Vita Coco brand name in the United States, Canada, Europe, the Middle East, Africa, and the Asia Pacific. The company offers coconut oil and coconut milk; juice; Runa, a plant-based energy drink; packaged water under the Ever & Ever brand name; and PWR LIFT, a protein-infused fitness drink.