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

Vita Coco Company, Inc. (NASDAQ:COCO) hit a new 52-week high during trading on Thursday . The stock traded as high as $76.35 and last traded at $74.77, with a volume of 1762818 shares. The stock had previously closed at $74.61.

Wall Street Analyst Weigh In

Several brokerages have recently commented on COCO. Piper Sandler reiterated an “overweight” rating and set a $70.00 target price on shares of Vita Coco in a research note on Wednesday, April 29th. Zacks Research upgraded Vita Coco from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Weiss Ratings upgraded Vita Coco from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Morgan Stanley set a $65.00 price target on shares of Vita Coco in a research note on Thursday, April 30th. Finally, Wells Fargo & Company upped their price target on shares of Vita Coco from $60.00 to $75.00 and gave the company an “overweight” rating in a research note 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. According to data from MarketBeat.com, Vita Coco has an average rating of “Moderate Buy” and an average price target of $69.00.

Vita Coco Trading Up 2.6%

The firm has a market cap of $4.48 billion, a price-to-earnings ratio of 57.26, a price-to-earnings-growth ratio of 1.83 and a beta of 0.72. The stock’s 50 day moving average is $55.82 and its 200 day moving average is $53.30.

Vita Coco (NASDAQ:COCO) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.16. Vita Coco had a net margin of 12.59% and a return on equity of 25.43%. The business had revenue of $179.77 million for the quarter, compared to analyst estimates of $148.39 million. During the same quarter in the prior year, the business earned $0.31 EPS. Vita Coco’s quarterly revenue was up 37.4% on a year-over-year basis. On average, equities research analysts predict that Vita Coco Company, Inc. will post 1.76 EPS for the current year.

Insider Buying and Selling at Vita Coco

In other Vita Coco news, insider Es Charles Van sold 8,561 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $70.00, for a total value of $599,270.00. Following the completion of the sale, the insider owned 67,130 shares of the company’s stock, valued at $4,699,100. The trade was a 11.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Martin Roper sold 20,544 shares of the business’s stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $59.35, for a total transaction of $1,219,286.40. Following the completion of the sale, the chief executive officer directly owned 298,484 shares of the company’s stock, valued at $17,715,025.40. This represents a 6.44% 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 sold 488,361 shares of company stock worth $28,603,572. 32.30% of the stock is currently owned by company insiders.

Institutional Trading of Vita Coco

A number of institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted 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 valued at $60,000 after purchasing an additional 227 shares during the period. CWM LLC boosted its holdings in Vita Coco by 18.2% in the 4th quarter. CWM LLC now owns 1,505 shares of the company’s stock valued at $80,000 after purchasing an additional 232 shares during the period. Mariner LLC boosted its holdings in Vita Coco by 2.8% in the 3rd quarter. Mariner LLC now owns 8,742 shares of the company’s stock valued at $371,000 after purchasing an additional 236 shares during the period. Envestnet Asset Management Inc. boosted its holdings in Vita Coco by 0.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 33,541 shares of the company’s stock valued at $1,424,000 after purchasing an additional 298 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey boosted its holdings in Vita Coco by 4.1% in the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 12,472 shares of the company’s stock valued at $661,000 after purchasing an additional 489 shares during the period. Institutional investors own 88.49% of the company’s stock.

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.