Vita Coco (NASDAQ:COCO) Rating Lowered to “Hold” at Zacks Research

Vita Coco (NASDAQ:COCO) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other equities research analysts have also recently weighed in on the company. Citigroup restated a “buy” rating on shares of Vita Coco in a research note on Tuesday, May 26th. Piper Sandler reiterated an “overweight” rating and issued a $70.00 target price on shares of Vita Coco in a report on Wednesday, April 29th. Weiss Ratings raised shares of Vita Coco from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Wall Street Zen upgraded shares of Vita Coco from a “sell” rating to a “buy” rating in a report on Saturday, May 2nd. Finally, Jefferies Financial Group lifted their price objective on shares of Vita Coco from $63.00 to $78.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Vita Coco presently has an average rating of “Moderate Buy” and an average price target of $70.43.

Vita Coco Stock Down 8.8%

Shares of NASDAQ:COCO opened at $66.14 on Monday. The firm has a 50 day moving average of $72.41 and a 200 day moving average of $60.21. The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of 48.28, a price-to-earnings-growth ratio of 1.74 and a beta of 0.74. Vita Coco has a 52 week low of $31.79 and a 52 week high of $85.83.

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

Insider Transactions at Vita Coco

In related news, Chairman Michael Kirban sold 50,000 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $68.00, for a total value of $3,400,000.00. Following the completion of the transaction, the chairman owned 515,681 shares in the company, valued at $35,066,308. This trade represents a 8.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Martin Roper sold 25,000 shares of Vita Coco stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $50.00, for a total value of $1,250,000.00. Following the sale, the chief executive officer directly owned 298,484 shares of the company’s stock, valued at approximately $14,924,200. This represents a 7.73% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 705,306 shares of company stock valued at $49,154,273 in the last quarter. Insiders own 34.20% of the company’s stock.

Institutional Investors Weigh In On Vita Coco

A number of institutional investors and hedge funds have recently modified their holdings of COCO. Vanguard Group Inc. lifted its holdings in Vita Coco by 8.2% in the fourth quarter. Vanguard Group Inc. now owns 3,149,584 shares of the company’s stock valued at $166,959,000 after acquiring an additional 237,510 shares during the period. Night Squared LP acquired a new stake in shares of Vita Coco during the 3rd quarter worth approximately $5,193,000. King Luther Capital Management Corp grew its stake in shares of Vita Coco by 35.6% during the 4th quarter. King Luther Capital Management Corp now owns 136,987 shares of the company’s stock worth $7,262,000 after purchasing an additional 35,937 shares during the period. Maven Securities LTD purchased a new position in shares of Vita Coco during the 3rd quarter valued at approximately $1,062,000. Finally, Pier Capital LLC purchased a new position in shares of Vita Coco during the 4th quarter valued at approximately $7,318,000. 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.