Vita Coco (NASDAQ:COCO) Shares Gap Up – Here’s What Happened

Vita Coco Company, Inc. (NASDAQ:COCO)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $52.88, but opened at $56.50. Vita Coco shares last traded at $56.5640, with a volume of 251,424 shares traded.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on COCO. Zacks Research downgraded Vita Coco from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Weiss Ratings reissued a “buy (b-)” rating on shares of Vita Coco in a report on Monday, December 29th. Wells Fargo & Company raised their price target on Vita Coco from $50.00 to $63.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Morgan Stanley lifted their price target on Vita Coco from $49.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Monday, February 23rd. Finally, Piper Sandler boosted their price objective on shares of Vita Coco from $47.00 to $59.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 25th. Seven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Vita Coco has an average rating of “Moderate Buy” and an average target price of $56.38.

Vita Coco Stock Performance

The company has a 50-day moving average of $55.17 and a 200-day moving average of $49.29. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 47.51, a P/E/G ratio of 1.66 and a beta of 0.36.

Vita Coco (NASDAQ:COCO) last announced its earnings results on Wednesday, February 18th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The company had revenue of $127.79 million for the quarter, compared to analyst estimates of $117.80 million. Vita Coco had a net margin of 11.70% and a return on equity of 23.19%. Vita Coco’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter last year, the company posted $0.06 EPS. As a group, analysts expect that Vita Coco Company, Inc. will post 1.07 earnings per share for the current year.

Insider Buying and Selling at Vita Coco

In other Vita Coco news, CFO Corey Baker sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $58.04, for a total value of $116,080.00. Following the transaction, the chief financial officer directly owned 27,951 shares in the company, valued at approximately $1,622,276.04. This represents a 6.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jonathan Burth sold 60,000 shares of the firm’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $58.65, for a total transaction of $3,519,000.00. Following the sale, the chief operating officer directly owned 57,910 shares in the company, valued at $3,396,421.50. This represents a 50.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 190,800 shares of company stock valued at $10,704,346. 34.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Vita Coco

A number of institutional investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd lifted its stake in shares of Vita Coco by 2,636.8% during the fourth 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 during the period. Clearstead Advisors LLC raised 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 valued at $29,000 after acquiring an additional 675 shares during the last quarter. Quarry LP raised its holdings 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 last quarter. MAI Capital Management purchased a new position in shares of Vita Coco during the 2nd quarter worth $33,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Vita Coco by 5,376.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,369 shares of the company’s stock worth $49,000 after purchasing an additional 1,344 shares during the period. 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.