Vita Coco (NASDAQ:COCO) Price Target Cut to $65.00 by Analysts at Wells Fargo & Company

Vita Coco (NASDAQ:COCO) had its price objective reduced by Wells Fargo & Company from $85.00 to $65.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

COCO has been the subject of a number of other reports. Oppenheimer started coverage on Vita Coco in a research note on Thursday. They issued an “outperform” rating and a $70.00 target price for the company. Morgan Stanley raised their price target on Vita Coco from $65.00 to $68.00 and gave the company an “equal weight” rating in a report on Tuesday, July 28th. Wall Street Zen downgraded shares of Vita Coco from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Zacks Research downgraded Vita Coco from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. Finally, Weiss Ratings cut Vita Coco from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, September 29th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $73.50.

Vita Coco Trading Down 1.2%

Shares of NASDAQ:COCO opened at $55.32 on Monday. The firm has a market cap of $3.18 billion, a PE ratio of 30.56, a price-to-earnings-growth ratio of 1.55 and a beta of 0.76. The company has a fifty day simple moving average of $60.21 and a 200 day simple moving average of $64.30. Vita Coco has a 12-month low of $38.07 and a 12-month high of $85.83.

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

Hedge Funds Weigh In On Vita Coco

Hedge funds have recently modified their holdings of the stock. IFP Advisors Inc increased its position in Vita Coco by 210.4% in the 2nd quarter. IFP Advisors Inc now owns 689 shares of the company’s stock worth $46,000 after purchasing an additional 467 shares during the last quarter. Rockefeller Capital Management L.P. boosted its position in Vita Coco by 265.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,319 shares of the company’s stock worth $70,000 after purchasing an additional 958 shares during the period. Ameritas Advisory Services LLC grew its stake in Vita Coco by 166,200.0% in the 2nd quarter. Ameritas Advisory Services LLC now owns 1,663 shares of the company’s stock valued at $110,000 after buying an additional 1,662 shares during the last quarter. KBC Group NV acquired a new stake in shares of Vita Coco in the first quarter valued at about $86,000. Finally, Nykredit A S bought a new position in Vita Coco in the 2nd quarter worth approximately $123,000. 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 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.