Vita Coco (NASDAQ:COCO) Shares Cross Above 50-Day Moving Average – Here’s What Happened

Vita Coco Company, Inc. (NASDAQ:COCO)’s stock price passed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $57.44 and traded as high as $58.72. Vita Coco shares last traded at $58.48, with a volume of 1,273,218 shares trading hands.

Wall Street Analyst Weigh In

COCO has been the topic of several recent analyst reports. Piper Sandler lifted their price target on Vita Coco from $83.00 to $88.00 and gave the stock an “overweight” rating in a research report on Friday, October 23rd. Zacks Research cut shares of Vita Coco from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. The Goldman Sachs Group set a $90.00 price objective on Vita Coco and gave the company a “buy” rating in a research report on Thursday, July 23rd. Evercore reiterated an “outperform” rating on shares of Vita Coco in a research note on Friday, October 23rd. Finally, Oppenheimer initiated coverage on Vita Coco in a research note on Thursday, October 1st. They set an “outperform” rating and a $70.00 target price on the stock. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Vita Coco has an average rating of “Moderate Buy” and an average price target of $74.12.

Vita Coco Trading Up 3.9%

The stock has a market capitalization of $3.34 billion, a PE ratio of 29.39, a price-to-earnings-growth ratio of 1.50 and a beta of 0.76. The firm has a 50-day moving average price of $57.44 and a 200-day moving average price of $61.61.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. TT International Asset Management LTD acquired a new stake in Vita Coco during the third quarter valued at $1,273,000. Oregon Public Employees Retirement Fund raised its position in Vita Coco by 11.0% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 11,071 shares of the company’s stock valued at $634,000 after purchasing an additional 1,100 shares in the last quarter. Signature Equity Partners LLC acquired a new stake in shares of Vita Coco during the 3rd quarter worth about $42,000. State of Wyoming boosted its holdings in shares of Vita Coco by 25.6% in the third quarter. State of Wyoming now owns 4,127 shares of the company’s stock valued at $236,000 after acquiring an additional 841 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al boosted its holdings in shares of Vita Coco by 137.9% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 40,200 shares of the company’s stock valued at $2,302,000 after acquiring an additional 23,300 shares in the last quarter. 88.49% of the stock is owned by hedge funds and other institutional investors.

Vita Coco Company Profile

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.