Vita Coco (NASDAQ:COCO) Stock Price Down 8.9% – Here’s What Happened

Vita Coco Company, Inc. (NASDAQ:COCO)’s stock price fell 8.9% during mid-day trading on Friday . The company traded as low as $47.86 and last traded at $47.0680. 1,023,881 shares were traded during mid-day trading, a decline of 11% from the average session volume of 1,155,627 shares. The stock had previously closed at $51.68.

Wall Street Analysts Forecast Growth

COCO has been the subject of a number of research reports. Zacks Research downgraded Vita Coco from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Evercore reaffirmed an “outperform” rating and set a $70.00 price target on shares of Vita Coco in a research note on Thursday, March 12th. Wall Street Zen upgraded shares of Vita Coco from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Morgan Stanley lifted their price objective on shares of Vita Coco from $49.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Monday, February 23rd. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Vita Coco in a research report on Monday, December 29th. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Vita Coco currently has an average rating of “Moderate Buy” and an average target price of $59.86.

Vita Coco Trading Down 9.1%

The company has a 50-day moving average price of $55.17 and a two-hundred day moving average price of $49.58. The stock has a market cap of $2.68 billion, a P/E ratio of 39.81, a P/E/G ratio of 1.70 and a beta of 0.37.

Vita Coco (NASDAQ:COCO) last issued its quarterly earnings results on Wednesday, February 18th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The company had revenue of $127.79 million during the quarter, compared to the consensus estimate of $117.80 million. Vita Coco had a return on equity of 23.19% and a net margin of 11.70%.The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.06 earnings per share. As a group, equities analysts forecast that Vita Coco Company, Inc. will post 1.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Jonathan Burth sold 60,000 shares of the firm’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $58.65, for a total value of $3,519,000.00. Following the completion of the sale, the chief operating officer owned 57,910 shares in the company, valued at approximately $3,396,421.50. This trade represents a 50.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction, the director directly owned 590,466 shares of the company’s stock, valued at approximately $33,609,324.72. This represents a 0.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 190,800 shares of company stock valued at $10,704,346. 32.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in shares of Vita Coco by 25.0% in the fourth quarter. GAMMA Investing LLC now owns 1,134 shares of the company’s stock worth $60,000 after buying an additional 227 shares during the period. CWM LLC grew its position in Vita Coco by 18.2% in the 4th quarter. CWM LLC now owns 1,505 shares of the company’s stock valued at $80,000 after acquiring an additional 232 shares during the last quarter. Mariner LLC grew its position in Vita Coco by 2.8% in the 3rd quarter. Mariner LLC now owns 8,742 shares of the company’s stock valued at $371,000 after acquiring an additional 236 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in Vita Coco by 0.9% in the third quarter. Envestnet Asset Management Inc. now owns 33,541 shares of the company’s stock worth $1,424,000 after purchasing an additional 298 shares during the period. Finally, Schroder Investment Management Group lifted its position in shares of Vita Coco by 3.2% during the second quarter. Schroder Investment Management Group now owns 12,041 shares of the company’s stock worth $435,000 after purchasing an additional 376 shares during the last quarter. 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.