Vita Coco (NASDAQ:COCO) Releases Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Vita Coco (NASDAQ:COCO) posted its earnings results on Wednesday. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05, Briefing.com reports. The company had revenue of $112.00 million during the quarter, compared to analysts’ expectations of $111.72 million. Vita Coco had a net margin of 10.93% and a return on equity of 26.99%. Vita Coco’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.12 earnings per share. Vita Coco updated its FY 2024 guidance to EPS.

Vita Coco Price Performance

NASDAQ COCO opened at $26.51 on Friday. Vita Coco has a 1 year low of $19.41 and a 1 year high of $33.29. The company has a market capitalization of $1.50 billion, a PE ratio of 28.82, a P/E/G ratio of 2.01 and a beta of 0.18. The company has a fifty day moving average of $24.76 and a 200 day moving average of $25.02.

Insiders Place Their Bets

In other news, Director Ira Liran sold 13,998 shares of the business’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $25.02, for a total value of $350,229.96. Following the completion of the transaction, the director now owns 645,942 shares of the company’s stock, valued at approximately $16,161,468.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Chairman Michael Kirban sold 2,562 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $25.05, for a total value of $64,178.10. Following the completion of the transaction, the chairman now directly owns 640,348 shares in the company, valued at approximately $16,040,717.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Ira Liran sold 13,998 shares of the firm’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $25.02, for a total transaction of $350,229.96. Following the sale, the director now owns 645,942 shares in the company, valued at approximately $16,161,468.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,353 shares of company stock valued at $1,309,536. Company insiders own 51.10% of the company’s stock.

Analyst Upgrades and Downgrades

COCO has been the topic of a number of recent analyst reports. TheStreet downgraded Vita Coco from a “b-” rating to a “c+” rating in a research report on Monday, January 22nd. The Goldman Sachs Group dropped their price target on Vita Coco from $32.00 to $28.00 and set a “buy” rating on the stock in a research note on Tuesday, January 30th. William Blair lowered shares of Vita Coco from an “outperform” rating to a “market perform” rating in a research report on Monday, January 22nd. Piper Sandler lifted their target price on shares of Vita Coco from $24.00 to $28.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. Finally, Stephens upgraded Vita Coco from an “equal weight” rating to an “overweight” rating and set a $31.00 target price for the company in a research note on Thursday, February 29th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.71.

Vita Coco Company Profile

The Vita Coco Company, Inc develops, markets, and distributes coconut water products under the Vita Coco brand name in the United States, Canada, Europe, the Middle East, Africa, and the Asia Pacific. The company offers coconut oil and coconut milk; juice; Runa, a plant-based energy drink; packaged water under the Ever & Ever brand name; and PWR LIFT, a protein-infused fitness drink.