Vita Coco (NASDAQ:COCO) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Vita Coco (NASDAQ:COCO) from a hold rating to a buy rating in a research report released on Saturday morning.

Several other equities research analysts also recently commented on the company. Bank of America raised Vita Coco from a “neutral” rating to a “buy” rating and upped their target price for the company from $48.00 to $54.00 in a report on Monday, November 17th. Morgan Stanley upped their price objective on shares of Vita Coco from $45.00 to $49.00 and gave the company an “equal weight” rating in a research note on Monday, November 17th. Wells Fargo & Company lifted their target price on shares of Vita Coco from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. The Goldman Sachs Group boosted their price target on shares of Vita Coco from $52.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, November 18th. Finally, Piper Sandler raised their price objective on shares of Vita Coco from $47.00 to $59.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $51.88.

Vita Coco Price Performance

COCO stock opened at $53.39 on Friday. The firm has a market cap of $3.04 billion, a PE ratio of 46.43, a P/E/G ratio of 1.78 and a beta of 0.37. Vita Coco has a 12 month low of $25.79 and a 12 month high of $55.29. The firm has a 50 day simple moving average of $47.07 and a 200 day simple moving average of $40.64.

Vita Coco (NASDAQ:COCO) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.08. Vita Coco had a net margin of 11.35% and a return on equity of 25.08%. The firm had revenue of $182.31 million for the quarter, compared to analyst estimates of $154.96 million. During the same quarter in the previous year, the business posted $0.32 earnings per share. The firm’s quarterly revenue was up 37.2% compared to the same quarter last year. As a group, sell-side analysts expect that Vita Coco will post 1.07 earnings per share for the current year.

Insider Buying and Selling at Vita Coco

In related news, Chairman Michael Kirban sold 30,000 shares of the business’s stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $45.70, for a total transaction of $1,371,000.00. Following the transaction, the chairman owned 1,499,049 shares of the company’s stock, valued at approximately $68,506,539.30. The trade was a 1.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ira Liran sold 40,000 shares of the company’s stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $45.58, for a total transaction of $1,823,200.00. Following the transaction, the director owned 558,341 shares of the company’s stock, valued at approximately $25,449,182.78. The trade was a 6.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 441,820 shares of company stock worth $20,179,480 in the last ninety days. 34.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in COCO. Clearstead Advisors LLC raised its position in shares of Vita Coco by 22,500.0% during the third quarter. Clearstead Advisors LLC now owns 678 shares of the company’s stock valued at $29,000 after buying an additional 675 shares during the last quarter. Quarry LP raised its holdings in Vita Coco by 12,633.3% in the 3rd quarter. Quarry LP now owns 764 shares of the company’s stock valued at $32,000 after acquiring an additional 758 shares in the last quarter. MAI Capital Management bought a new stake in shares of Vita Coco in the 2nd quarter worth approximately $33,000. Mather Group LLC. acquired a new stake in shares of Vita Coco during the 3rd quarter worth approximately $54,000. Finally, 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 valued at $49,000 after purchasing an additional 1,344 shares during the period. Institutional investors 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.