King Luther Capital Management Corp Acquires 35,937 Shares of Vita Coco Company, Inc. $COCO

King Luther Capital Management Corp grew its holdings in Vita Coco Company, Inc. (NASDAQ:COCO) by 35.6% in the fourth quarter, HoldingsChannel reports. The fund owned 136,987 shares of the company’s stock after buying an additional 35,937 shares during the period. King Luther Capital Management Corp’s holdings in Vita Coco were worth $7,262,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in COCO. Clearstead Advisors LLC increased its position in shares of Vita Coco by 22,500.0% in the third quarter. Clearstead Advisors LLC now owns 678 shares of the company’s stock worth $29,000 after purchasing an additional 675 shares during the period. Quarry LP increased its position in shares of Vita Coco by 12,633.3% in the third quarter. Quarry LP now owns 764 shares of the company’s stock worth $32,000 after purchasing an additional 758 shares during the period. EverSource Wealth Advisors LLC boosted its position 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 acquiring an additional 1,344 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Vita Coco by 25.0% during the 4th quarter. GAMMA Investing LLC now owns 1,134 shares of the company’s stock worth $60,000 after acquiring an additional 227 shares in the last quarter. Finally, CWM LLC boosted its position in shares of Vita Coco by 18.2% during the 4th quarter. CWM LLC now owns 1,505 shares of the company’s stock worth $80,000 after acquiring an additional 232 shares in the last quarter. 88.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on COCO shares. Evercore restated an “outperform” rating and set a $70.00 price objective on shares of Vita Coco in a research report on Thursday, March 12th. Wells Fargo & Company upped their price objective on shares of Vita Coco from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. Weiss Ratings upgraded Vita Coco from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Morgan Stanley set a $65.00 price objective on Vita Coco in a research report on Thursday, April 30th. Finally, Piper Sandler restated an “overweight” rating and set a $70.00 price objective on shares of Vita Coco in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $70.43.

Vita Coco Stock Up 2.8%

Shares of NASDAQ:COCO opened at $78.63 on Thursday. The firm has a market cap of $4.49 billion, a P/E ratio of 57.39, a P/E/G ratio of 1.83 and a beta of 0.72. Vita Coco Company, Inc. has a 12-month low of $31.79 and a 12-month high of $79.70. The business has a fifty day simple moving average of $59.27 and a 200 day simple moving average of $55.38.

Vita Coco (NASDAQ:COCO) last released its earnings results on Wednesday, April 29th. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.16. The business had revenue of $179.77 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm posted $0.31 EPS. As a group, equities research analysts expect that Vita Coco Company, Inc. will post 1.76 EPS for the current year.

Insider Transactions at Vita Coco

In related news, Director Kenneth Sadowsky sold 3,900 shares of Vita Coco stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $77.47, for a total transaction of $302,133.00. Following the completion of the sale, the director owned 582,666 shares of the company’s stock, valued at approximately $45,139,135.02. This trade represents a 0.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jonathan Burth sold 30,000 shares of Vita Coco stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $75.00, for a total value of $2,250,000.00. Following the sale, the chief operating officer directly owned 57,910 shares of the company’s stock, valued at $4,343,250. This represents a 34.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 477,261 shares of company stock valued at $28,097,055. Company insiders own 32.30% of the company’s stock.

Vita Coco 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.