Vita Coco (NASDAQ:COCO) Reaches New 12-Month High – Still a Buy?

Vita Coco Company, Inc. (NASDAQ:COCO)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $61.22 and last traded at $61.13, with a volume of 226648 shares. The stock had previously closed at $58.35.

Analyst Ratings Changes

COCO has been the subject of several recent research reports. Piper Sandler boosted their price target on Vita Coco from $47.00 to $59.00 and gave the company an “overweight” rating in a report on Tuesday, November 25th. Bank of America upgraded Vita Coco from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $48.00 to $54.00 in a research note on Monday, November 17th. Zacks Research cut shares of Vita Coco from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Morgan Stanley lifted their price target on shares of Vita Coco from $49.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, February 23rd. Finally, Wells Fargo & Company increased their price objective on shares of Vita Coco from $50.00 to $63.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. Seven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Vita Coco presently has a consensus rating of “Moderate Buy” and an average price target of $56.38.

Vita Coco Stock Up 3.8%

The business has a 50 day moving average price of $54.93 and a two-hundred day moving average price of $48.58. The stock has a market cap of $3.46 billion, a P/E ratio of 51.32, a price-to-earnings-growth ratio of 1.84 and a beta of 0.36.

Vita Coco (NASDAQ:COCO) last posted its quarterly earnings results on Wednesday, February 18th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). Vita Coco had a return on equity of 23.19% and a net margin of 11.70%.The business had revenue of $127.79 million during the quarter, compared to analysts’ expectations of $117.80 million. During the same period in the prior year, the firm posted $0.06 earnings per share. The firm’s revenue for the quarter was up .4% on a year-over-year basis. On average, research analysts forecast that Vita Coco Company, Inc. will post 1.07 earnings per share for the current year.

Insider Activity at Vita Coco

In related news, Director Jane Cecil Morreau sold 15,000 shares of the firm’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $53.91, for a total transaction of $808,650.00. Following the completion of the transaction, the director directly owned 17,179 shares of the company’s stock, valued at approximately $926,119.89. This trade represents a 46.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CMO Jane Prior sold 50,000 shares of Vita Coco stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $52.92, for a total transaction of $2,646,000.00. Following the completion of the sale, the chief marketing officer owned 127,399 shares in the company, valued at approximately $6,741,955.08. This represents a 28.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 122,800 shares of company stock valued at $6,698,956. Insiders own 34.20% of the company’s stock.

Institutional Investors Weigh In On Vita Coco

A number of hedge funds have recently made changes to their positions in the company. Virtu Financial LLC purchased a new stake in shares of Vita Coco in the fourth quarter worth about $642,000. Invesco Ltd. grew its holdings in Vita Coco by 13.9% during the 4th quarter. Invesco Ltd. now owns 50,206 shares of the company’s stock valued at $2,661,000 after buying an additional 6,115 shares in the last quarter. Vident Advisory LLC bought a new stake in Vita Coco in the 4th quarter worth approximately $284,000. Fuller & Thaler Asset Management Inc. bought a new stake in Vita Coco in the 4th quarter worth approximately $73,242,000. Finally, Empowered Funds LLC purchased a new stake in shares of Vita Coco during the 4th quarter worth approximately $583,000. 88.49% of the stock is currently owned by hedge funds and other institutional investors.

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.