Vita Coco (NASDAQ:COCO) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Vita Coco (NASDAQ:COCO) from a hold rating to a strong-buy rating in a report issued on Monday,Zacks.com reports.

A number of other analysts have also issued reports on COCO. Weiss Ratings reissued a “buy (b)” rating on shares of Vita Coco in a research note on Monday, December 1st. Bank of America upgraded shares of Vita Coco from a “neutral” rating to a “buy” rating and upped their target price for the stock from $48.00 to $54.00 in a research note on Monday, November 17th. Piper Sandler raised their target price on shares of Vita Coco from $47.00 to $59.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 25th. Evercore ISI boosted their price target on Vita Coco from $50.00 to $55.00 and gave the company an “outperform” rating in a report on Monday, November 17th. Finally, Needham & Company LLC initiated coverage on Vita Coco in a research note on Wednesday, September 24th. They issued a “hold” rating on the stock. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $51.88.

Vita Coco Price Performance

Shares of NASDAQ COCO opened at $54.35 on Monday. Vita Coco has a 1 year low of $25.79 and a 1 year high of $55.09. The firm has a 50-day simple moving average of $45.06 and a two-hundred day simple moving average of $39.50. The company has a market cap of $3.09 billion, a P/E ratio of 47.26, a PEG ratio of 1.78 and a beta of 0.37.

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

Insider Buying and Selling at Vita Coco

In other news, insider Es Charles Van sold 20,000 shares of the firm’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $50.00, for a total value of $1,000,000.00. Following the sale, the insider directly owned 84,328 shares in the company, valued at approximately $4,216,400. This trade represents a 19.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Zupo sold 10,000 shares of the stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $43.72, for a total transaction of $437,200.00. Following the sale, the director directly owned 12,162 shares of the company’s stock, valued at $531,722.64. The trade was a 45.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 3,752,153 shares of company stock valued at $155,133,163. 34.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. grew its holdings in shares of Vita Coco by 398.5% during the first quarter. Invesco Ltd. now owns 97,862 shares of the company’s stock valued at $2,999,000 after buying an additional 78,229 shares during the last quarter. Northern Trust Corp raised its stake in shares of Vita Coco by 3.4% in the first quarter. Northern Trust Corp now owns 424,987 shares of the company’s stock worth $13,026,000 after purchasing an additional 13,814 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Vita Coco by 102.2% during the first quarter. Wellington Management Group LLP now owns 511,462 shares of the company’s stock worth $15,676,000 after purchasing an additional 258,521 shares during the period. Nuveen LLC purchased a new stake in Vita Coco in the first quarter valued at approximately $3,041,000. Finally, PDT Partners LLC increased its holdings in Vita Coco by 133.1% in the 1st quarter. PDT Partners LLC now owns 64,108 shares of the company’s stock worth $1,965,000 after buying an additional 36,610 shares during the period. 88.49% of the stock is currently owned by hedge funds and other institutional investors.

About Vita Coco

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.