Vita Coco Company, Inc. (NASDAQ:COCO) Stock Has Consensus Target Price of $76.86 According to Brokerages

Shares of Vita Coco Company, Inc. (NASDAQ:COCO) have been given an average recommendation of “Moderate Buy” by the eleven research firms that are presently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $73.50.

Several equities analysts have commented on the stock. Evercore raised their target price on shares of Vita Coco from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Wall Street Zen downgraded Vita Coco from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Morgan Stanley upped their price objective on Vita Coco from $65.00 to $68.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 28th. The Goldman Sachs Group set a $90.00 price target on shares of Vita Coco and gave the company a “buy” rating in a research note on Thursday, July 23rd. Finally, Zacks Research lowered shares of Vita Coco from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st.

Vita Coco Stock Down 7.0%

Shares of Vita Coco stock opened at $50.65 on Thursday. Vita Coco has a twelve month low of $38.07 and a twelve month high of $85.83. The company has a 50-day simple moving average of $59.57 and a two-hundred day simple moving average of $64.26. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of 27.98, a price-to-earnings-growth ratio of 1.51 and a beta of 0.76.

Vita Coco (NASDAQ:COCO) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.26. The business had revenue of $216.15 million during the quarter, compared to analysts’ expectations of $210.64 million. Vita Coco had a return on equity of 31.09% and a net margin of 15.50%.The firm’s revenue for the quarter was up 28.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.38 earnings per share. On average, sell-side analysts anticipate that Vita Coco will post 1.95 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in shares of Vita Coco during the second quarter valued at approximately $463,654,000. Wasatch Advisors LP lifted 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 valued at $176,093,000 after buying an additional 1,637,437 shares in the last quarter. Bank of America Corp DE bought a new position in shares of Vita Coco in the second quarter valued at $56,722,000. Bank of New York Mellon Corp bought a new position in Vita Coco in the 2nd quarter valued at about $17,119,000. Finally, Principal Financial Group Inc. boosted its stake in Vita Coco by 146.7% during the 1st quarter. Principal Financial Group Inc. now owns 406,719 shares of the company’s stock valued at $19,486,000 after purchasing an additional 241,836 shares during the last quarter. Institutional investors own 88.49% of the company’s stock.

About Vita Coco

The Vita Coco Company, Inc is a beverage company focused on hydration and wellness products. Its flagship brand, Vita Coco, offers coconut water and related coconut-based beverages, including flavored and nutrient-enhanced varieties. The company also markets other functional and hydration-focused products under brands such as PWR LIFT and Ever & Ever.

Founded in 2004, Vita Coco helped expand the mainstream market for packaged coconut water. The company sells its products through grocery stores, mass retailers, convenience stores, clubs, e-commerce platforms, and food-service channels.