Vita Coco (NASDAQ:COCO) Rating Lowered to “Hold” at Zacks Research

Vita Coco (NASDAQ:COCO) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on COCO. Evercore restated an “outperform” rating and set a $70.00 target price on shares of Vita Coco in a research note on Thursday, March 12th. Weiss Ratings raised Vita Coco from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Morgan Stanley set a $65.00 price objective on Vita Coco in a research report on Thursday, April 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $70.00 price objective on shares of Vita Coco in a research note on Wednesday, April 29th. Finally, Jefferies Financial Group lifted their target price on Vita Coco from $63.00 to $78.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.43.

Vita Coco Stock Performance

Shares of NASDAQ COCO opened at $66.14 on Monday. Vita Coco has a 52 week low of $31.79 and a 52 week high of $85.83. The stock’s fifty day moving average is $72.41 and its 200 day moving average is $60.21. The stock has a market capitalization of $3.78 billion, a P/E ratio of 48.28, a PEG ratio of 1.74 and a beta of 0.74.

Vita Coco (NASDAQ:COCO) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.16. The company had revenue of $179.77 million during the quarter, compared to the consensus estimate of $148.39 million. Vita Coco had a net margin of 12.59% and a return on equity of 25.43%. The firm’s quarterly revenue was up 37.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.31 EPS. Equities research analysts forecast that Vita Coco will post 1.76 earnings per share for the current year.

Insider Transactions at Vita Coco

In other news, CEO Martin Roper sold 25,000 shares of Vita Coco stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $50.00, for a total transaction of $1,250,000.00. Following the sale, the chief executive officer directly owned 298,484 shares of the company’s stock, valued at approximately $14,924,200. This trade represents a 7.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira Liran sold 96,158 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $79.14, for a total value of $7,609,944.12. Following the completion of the transaction, the director directly owned 476,421 shares of the company’s stock, valued at $37,703,957.94. This represents a 16.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 705,306 shares of company stock worth $49,154,273 in the last 90 days. 34.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Vita Coco

Several institutional investors and hedge funds have recently added to or reduced their stakes in COCO. GAMMA Investing LLC raised its stake in shares of Vita Coco by 25.0% during the fourth quarter. GAMMA Investing LLC now owns 1,134 shares of the company’s stock valued at $60,000 after acquiring an additional 227 shares during the last quarter. CWM LLC grew its stake in shares of Vita Coco by 18.2% in the fourth quarter. CWM LLC now owns 1,505 shares of the company’s stock worth $80,000 after purchasing an additional 232 shares during the last quarter. Mariner LLC grew its stake in shares of Vita Coco by 2.8% in the third quarter. Mariner LLC now owns 8,742 shares of the company’s stock worth $371,000 after purchasing an additional 236 shares during the last quarter. Police & Firemen s Retirement System of New Jersey grew its stake in shares of Vita Coco by 4.1% in the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 12,472 shares of the company’s stock worth $661,000 after purchasing an additional 489 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its holdings in Vita Coco by 2,636.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company’s stock valued at $28,000 after purchasing an additional 501 shares during the period. 88.49% of the stock is currently owned by institutional investors and hedge funds.

Vita Coco Company Profile

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.