Vita Coco (NASDAQ:COCO) Reaches New 52-Week High – Still a Buy?

Vita Coco Company, Inc. (NASDAQ:COCO) shares hit a new 52-week high during trading on Thursday . The company traded as high as $80.34 and last traded at $79.5960, with a volume of 303584 shares changing hands. The stock had previously closed at $78.74.

Analysts Set New Price Targets

A number of brokerages recently commented on COCO. Piper Sandler reiterated an “overweight” rating and issued a $70.00 price target on shares of Vita Coco in a research note on Wednesday, April 29th. Morgan Stanley set a $65.00 target price on shares of Vita Coco in a research report on Thursday, April 30th. Wells Fargo & Company boosted their target price on shares of Vita Coco from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Evercore reissued an “outperform” rating and issued a $70.00 target price on shares of Vita Coco in a research report on Thursday, March 12th. Finally, Jefferies Financial Group boosted their target price on shares of Vita Coco from $63.00 to $78.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Vita Coco currently has a consensus rating of “Moderate Buy” and an average price target of $70.43.

Vita Coco Price Performance

The stock’s 50-day moving average price is $64.96 and its 200-day moving average price is $57.94. The company has a market cap of $4.62 billion, a P/E ratio of 59.05, a PEG ratio of 1.89 and a beta of 0.74.

Vita Coco (NASDAQ:COCO) last announced its earnings results on Wednesday, April 29th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.16. The company had revenue of $179.77 million during the quarter, compared to analysts’ expectations of $148.39 million. Vita Coco had a net margin of 12.59% and a return on equity of 25.43%. Vita Coco’s quarterly revenue was up 37.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.31 earnings per share. As a group, analysts expect that Vita Coco Company, Inc. will post 1.76 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Chairman Michael Kirban sold 50,000 shares of the business’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $68.00, for a total value of $3,400,000.00. Following the completion of the transaction, the chairman owned 515,681 shares of the company’s stock, valued at $35,066,308. The trade was a 8.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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. This trade represents a 7.73% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 625,232 shares of company stock worth $41,126,136 in the last ninety days. 32.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wasatch Advisors LP raised its stake in Vita Coco by 80.3% during 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 in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Vita Coco during the third quarter worth about $62,815,000. Wellington Management Group LLP raised its stake in Vita Coco by 232.2% during the third quarter. Wellington Management Group LLP now owns 1,992,404 shares of the company’s stock worth $84,617,000 after acquiring an additional 1,392,678 shares in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in Vita Coco during the fourth quarter worth about $73,242,000. Finally, Westfield Capital Management Co. LP acquired a new position in Vita Coco during the third quarter worth about $45,135,000. 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.