Vita Coco (NASDAQ:COCO) Sets New 52-Week High – Time to Buy?

Shares of Vita Coco Company, Inc. (NASDAQ:COCO) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $70.42 and last traded at $70.1670, with a volume of 219228 shares. The stock had previously closed at $68.21.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on COCO shares. Wall Street Zen upgraded Vita Coco from a “sell” rating to a “buy” rating in a report on Saturday, May 2nd. The Goldman Sachs Group reaffirmed a “buy” rating and set a $71.00 price target on shares of Vita Coco in a research report on Thursday, April 30th. Jefferies Financial Group lifted their price target on shares of Vita Coco from $63.00 to $78.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Zacks Research raised Vita Coco from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Finally, Morgan Stanley set a $65.00 target price on Vita Coco in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Vita Coco currently has an average rating of “Moderate Buy” and a consensus price target of $69.00.

Vita Coco Stock Up 6.2%

The business has a 50-day moving average price of $53.54 and a two-hundred day moving average price of $51.94. The firm has a market cap of $4.14 billion, a PE ratio of 52.66, a price-to-earnings-growth ratio of 1.65 and a beta of 0.72.

Vita Coco (NASDAQ:COCO) last posted its quarterly earnings data 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 business had revenue of $179.77 million for the quarter, compared to analyst estimates of $148.39 million. Vita Coco had a return on equity of 25.43% and a net margin of 12.59%.The company’s revenue was up 37.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.31 earnings per share. On average, equities research analysts predict that Vita Coco Company, Inc. will post 1.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CMO Jane Prior sold 50,000 shares of Vita Coco stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $52.92, for a total transaction of $2,646,000.00. Following the transaction, the chief marketing officer owned 127,399 shares in the company, valued at approximately $6,741,955.08. The trade was a 28.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Michael Kirban sold 50,000 shares of Vita Coco stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $68.00, for a total transaction of $3,400,000.00. Following the transaction, the chairman owned 515,681 shares in the company, valued at $35,066,308. The trade was a 8.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 429,800 shares of company stock valued at $24,354,302. Insiders own 32.30% of the company’s stock.

Hedge Funds Weigh In On Vita Coco

Institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd lifted its holdings in Vita Coco by 2,636.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company’s stock worth $28,000 after buying an additional 501 shares in the last quarter. Clearstead Advisors LLC lifted its holdings in Vita Coco by 22,500.0% in the 3rd quarter. Clearstead Advisors LLC now owns 678 shares of the company’s stock worth $29,000 after buying an additional 675 shares in the last quarter. Quarry LP lifted its holdings in Vita Coco by 12,633.3% in the 3rd quarter. Quarry LP now owns 764 shares of the company’s stock worth $32,000 after buying an additional 758 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Vita Coco by 5,376.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,369 shares of the company’s stock worth $49,000 after buying an additional 1,344 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Vita Coco by 25.0% in the 4th quarter. GAMMA Investing LLC now owns 1,134 shares of the company’s stock worth $60,000 after buying an additional 227 shares in the last quarter. Institutional investors and hedge funds own 88.49% of the company’s stock.

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.