Vita Coco (NASDAQ:COCO) Stock Breaks Above Fifty Day Moving Average – What’s Next?

Vita Coco Company, Inc. (NASDAQ:COCO) crossed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $57.44 and traded as high as $58.72. Vita Coco shares last traded at $58.48, with a volume of 1,273,218 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. The Goldman Sachs Group set a $90.00 price target on Vita Coco and gave the company a “buy” rating in a research report on Thursday, July 23rd. Weiss Ratings downgraded Vita Coco from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday. Zacks Research lowered shares of Vita Coco from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. Wall Street Zen lowered shares of Vita Coco from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Finally, Evercore reiterated an “outperform” rating on shares of Vita Coco in a report on Friday, October 23rd. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Vita Coco presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.12.

Vita Coco Stock Performance

The firm’s 50 day simple moving average is $57.44 and its 200-day simple moving average is $61.61. The company has a market capitalization of $3.34 billion, a price-to-earnings ratio of 29.39, a P/E/G ratio of 1.44 and a beta of 0.76.

Vita Coco (NASDAQ:COCO) last released its earnings results on Thursday, October 22nd. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.11. The company had revenue of $243.83 million during the quarter, compared to analyst estimates of $230.10 million. Vita Coco had a return on equity of 31.84% and a net margin of 15.70%. The company’s revenue for the quarter was up 33.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.40 earnings per share. As a group, equities analysts anticipate that Vita Coco Company, Inc. will post 2.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Fortitude Family Office LLC boosted its position in Vita Coco by 611.4% during the 3rd quarter. Fortitude Family Office LLC now owns 626 shares of the company’s stock worth $36,000 after acquiring an additional 538 shares during the period. Signature Equity Partners LLC purchased a new position in Vita Coco during the 3rd quarter valued at about $42,000. IFP Advisors Inc grew its stake in Vita Coco by 210.4% during the 2nd quarter. IFP Advisors Inc now owns 689 shares of the company’s stock valued at $46,000 after acquiring an additional 467 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of Vita Coco by 265.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,319 shares of the company’s stock valued at $70,000 after purchasing an additional 958 shares during the period. Finally, KBC Group NV acquired a new position in shares of Vita Coco in the 1st quarter valued at about $86,000. 88.49% of the stock is owned by institutional investors and hedge funds.

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 in a variety of formats and flavors, including original, flavored and pressed coconut water products. The company also markets other beverages under brands such as Ever & Ever, a plant-based water brand, and PWR LIFT, a functional hydration beverage.

Vita Coco products are sold through grocery stores, mass merchandisers, convenience stores, club retailers, e-commerce platforms and foodservice channels.