Vita Coco (NASDAQ:COCO) Hits New 1-Year High – What’s Next?

Vita Coco Company, Inc. (NASDAQ:COCO)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $55.53 and last traded at $55.0650, with a volume of 318162 shares changing hands. The stock had previously closed at $51.99.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Bank of America raised Vita Coco from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $48.00 to $54.00 in a research report on Monday, November 17th. Wall Street Zen raised Vita Coco from a “hold” rating to a “buy” rating in a report on Saturday, December 20th. Needham & Company LLC initiated coverage on Vita Coco in a research note on Wednesday, September 24th. They set a “hold” rating on the stock. Piper Sandler increased their price objective on shares of Vita Coco from $47.00 to $59.00 and gave the company an “overweight” rating in a research report on Tuesday, November 25th. Finally, Evercore ISI lifted their target price on shares of Vita Coco from $50.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday, November 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Vita Coco presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.50.

Vita Coco Price Performance

The firm has a fifty day moving average of $49.85 and a 200 day moving average of $42.12. The stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of 47.73, a price-to-earnings-growth ratio of 1.52 and a beta of 0.38.

Vita Coco (NASDAQ:COCO) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.08. The company had revenue of $182.31 million during the quarter, compared to the consensus estimate of $154.96 million. Vita Coco had a return on equity of 25.08% and a net margin of 11.35%.Vita Coco’s revenue for the quarter was up 37.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.32 earnings per share. Research analysts predict that Vita Coco Company, Inc. will post 1.07 EPS for the current year.

Insider Buying and Selling

In other Vita Coco news, Director Ira Liran sold 40,000 shares of the company’s stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $45.58, for a total value of $1,823,200.00. Following the completion of the transaction, the director owned 558,341 shares in the company, valued at approximately $25,449,182.78. This represents a 6.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Michael Kirban sold 30,000 shares of the stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $45.70, for a total transaction of $1,371,000.00. Following the sale, the chairman directly owned 1,499,049 shares in the company, valued at approximately $68,506,539.30. The trade was a 1.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 349,153 shares of company stock valued at $16,297,267 in the last ninety days. Company insiders own 34.20% of the company’s stock.

Institutional Trading of Vita Coco

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Clearstead Advisors LLC raised its stake in shares of Vita Coco by 22,500.0% during the 3rd quarter. Clearstead Advisors LLC now owns 678 shares of the company’s stock worth $29,000 after buying an additional 675 shares during the period. Quarry LP grew its stake 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 during the period. MAI Capital Management purchased a new stake in Vita Coco in the 2nd quarter worth $33,000. GAMMA Investing LLC raised its position in Vita Coco by 25.0% during the fourth quarter. GAMMA Investing LLC now owns 1,134 shares of the company’s stock worth $60,000 after acquiring an additional 227 shares during the period. Finally, Mather Group LLC. acquired a new position in Vita Coco during the third quarter worth $54,000. 88.49% of the stock is currently owned by hedge funds and other institutional investors.

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.