Vita Coco (NASDAQ:COCO) Shares Down 7.7% – Here’s Why

Vita Coco Company, Inc. (NASDAQ:COCO)’s share price was down 7.7% on Friday . The stock traded as low as $77.69 and last traded at $76.1670. 709,380 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 1,197,730 shares. The stock had previously closed at $82.55.

Analyst Ratings Changes

Several research analysts recently issued reports on COCO shares. Morgan Stanley set a $65.00 target price on Vita Coco in a research report on Thursday, April 30th. Jefferies Financial Group upped their price target on Vita Coco from $63.00 to $78.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Piper Sandler reissued an “overweight” rating and issued a $70.00 price target on shares of Vita Coco in a research note on Wednesday, April 29th. Wells Fargo & Company raised their price objective on Vita Coco from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. Finally, Evercore reaffirmed an “outperform” rating and issued a $70.00 price objective on shares of Vita Coco in a research note on Thursday, March 12th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $70.43.

Vita Coco Stock Performance

The business has a 50 day moving average price of $71.57 and a 200-day moving average price of $59.95. The company has a market capitalization of $4.20 billion, a price-to-earnings ratio of 53.74, a P/E/G ratio of 1.77 and a beta of 0.74.

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

Insider Activity at Vita Coco

In related news, Chairman Michael Kirban sold 50,000 shares of the 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 directly owned 515,681 shares of the company’s stock, valued at $35,066,308. This represents a 8.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $79.14, for a total transaction of $7,609,944.12. Following the completion of the sale, the director owned 476,421 shares of the company’s stock, valued at $37,703,957.94. The trade was a 16.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 707,306 shares of company stock worth $49,251,613 over the last quarter. 32.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Vita Coco

Institutional investors and hedge funds have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd increased its position 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 valued at $28,000 after buying an additional 501 shares in the last quarter. Clearstead Advisors LLC grew its stake in Vita Coco by 22,500.0% in the third quarter. Clearstead Advisors LLC now owns 678 shares of the company’s stock valued at $29,000 after acquiring an additional 675 shares during the period. Quarry LP increased its holdings in shares of Vita Coco by 12,633.3% during the third quarter. Quarry LP now owns 764 shares of the company’s stock valued at $32,000 after acquiring an additional 758 shares in the last quarter. GAMMA Investing LLC increased its holdings 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 in the last quarter. Finally, Rockefeller Capital Management L.P. increased its holdings in shares of Vita Coco by 265.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,319 shares of the company’s stock valued at $70,000 after acquiring an additional 958 shares in the last quarter. Institutional investors 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.