Brokerages Set Vita Coco Company, Inc. (NASDAQ:COCO) PT at $69.00

Vita Coco Company, Inc. (NASDAQ:COCO) has been assigned an average recommendation of “Moderate Buy” from the ten research firms that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $69.00.

COCO has been the topic of a number of recent analyst reports. Evercore restated an “outperform” rating and issued a $70.00 price target on shares of Vita Coco in a research report on Thursday, March 12th. Zacks Research upgraded shares of Vita Coco from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Wells Fargo & Company boosted their target price on shares of Vita Coco from $60.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Morgan Stanley set a $65.00 target price on shares of Vita Coco in a research note on Thursday, April 30th. Finally, Wall Street Zen raised shares of Vita Coco from a “sell” rating to a “buy” rating in a research note on Saturday, May 2nd.

Vita Coco Price Performance

NASDAQ:COCO opened at $71.60 on Monday. The firm has a market cap of $4.09 billion, a PE ratio of 52.26, a price-to-earnings-growth ratio of 1.72 and a beta of 0.72. Vita Coco has a 12 month low of $30.54 and a 12 month high of $72.98. The company’s 50-day moving average price is $53.54 and its two-hundred day moving average price is $51.94.

Vita Coco (NASDAQ:COCO) last released 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. The firm had revenue of $179.77 million for the quarter, compared to analyst estimates of $148.39 million. Vita Coco had a net margin of 12.59% and a return on equity of 25.43%. The company’s revenue for the quarter was up 37.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.31 earnings per share. On average, research analysts expect that Vita Coco will post 1.76 EPS for the current fiscal year.

Insider Activity at Vita Coco

In other Vita Coco news, CEO Martin Roper sold 25,000 shares of the business’s stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $50.11, for a total value of $1,252,750.00. Following the completion of the transaction, the chief executive officer directly owned 298,484 shares of the company’s stock, valued at approximately $14,957,033.24. The trade was a 7.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jonathan Burth sold 60,000 shares of the business’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 completion of the transaction, the chief operating officer directly owned 57,910 shares of the company’s stock, valued at approximately $3,396,421.50. This represents a 50.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 429,800 shares of company stock valued at $24,354,302. Insiders own 34.20% of the company’s stock.

Hedge Funds Weigh In On Vita Coco

A number of institutional investors have recently modified their holdings of the stock. Wasatch Advisors LP raised its stake in shares of Vita Coco by 80.3% in the first quarter. Wasatch Advisors LP now owns 3,675,489 shares of the company’s stock worth $176,093,000 after acquiring an additional 1,637,437 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Vita Coco by 8.2% during the fourth quarter. Vanguard Group Inc. now owns 3,149,584 shares of the company’s stock worth $166,959,000 after buying an additional 237,510 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Vita Coco by 22.1% during the fourth quarter. Wellington Management Group LLP now owns 2,432,362 shares of the company’s stock worth $128,940,000 after buying an additional 439,958 shares during the last quarter. Artisan Partners Limited Partnership raised its stake in shares of Vita Coco by 12.1% during the third quarter. Artisan Partners Limited Partnership now owns 2,073,329 shares of the company’s stock worth $88,054,000 after buying an additional 224,305 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Vita Coco during the third quarter worth approximately $62,815,000. 88.49% of the stock is owned by institutional investors.

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.