Vita Coco (NASDAQ:COCO) Shares Gap Up – Here’s What Happened

Shares of Vita Coco Company, Inc. (NASDAQ:COCO) gapped up prior to trading on Thursday . The stock had previously closed at $63.54, but opened at $67.25. Vita Coco shares last traded at $65.96, with a volume of 24,044 shares.

Wall Street Analysts Forecast Growth

COCO has been the subject of several research reports. Morgan Stanley lifted their target price on shares of Vita Coco from $65.00 to $68.00 and gave the company an “equal weight” rating in a report on Tuesday, July 28th. Piper Sandler raised their price target on Vita Coco from $74.00 to $89.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Evercore upped their target price on shares of Vita Coco from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Wells Fargo & Company upped their price target on Vita Coco from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Vita Coco in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Vita Coco presently has an average rating of “Moderate Buy” and an average target price of $77.71.

Vita Coco Trading Down 2.8%

The stock’s fifty day moving average price is $70.82 and its two-hundred day moving average price is $63.96. The firm has a market capitalization of $3.64 billion, a price-to-earnings ratio of 35.00, a price-to-earnings-growth ratio of 1.23 and a beta of 0.77.

Vita Coco (NASDAQ:COCO) last issued its earnings results on Thursday, July 23rd. The company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.26. The firm had revenue of $216.15 million during the quarter, compared to the consensus estimate of $210.64 million. Vita Coco had a net margin of 15.50% and a return on equity of 31.09%. The company’s revenue was up 28.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.38 earnings per share. Analysts anticipate that Vita Coco Company, Inc. will post 1.96 earnings per share for the current fiscal year.

Insider Transactions at Vita Coco

In other news, Director Kenneth Sadowsky sold 3,900 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $82.92, for a total value of $323,388.00. Following the transaction, the director owned 580,296 shares in the company, valued at approximately $48,118,144.32. This represents a 0.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira Liran sold 96,158 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $79.14, for a total value of $7,609,944.12. Following the completion of the transaction, the director owned 476,421 shares in the company, valued at approximately $37,703,957.94. The trade was a 16.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 351,945 shares of company stock valued at $28,007,266. 12.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Vita Coco

Institutional investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd grew its position in shares of Vita Coco by 2,636.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company’s stock valued at $28,000 after buying an additional 501 shares during the last quarter. Quarry LP lifted its position in Vita Coco by 12,633.3% in the third quarter. Quarry LP now owns 764 shares of the company’s stock valued at $32,000 after acquiring an additional 758 shares during the last quarter. Rockefeller Capital Management L.P. lifted its position in Vita Coco by 265.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,319 shares of the company’s stock valued at $70,000 after acquiring an additional 958 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Vita Coco by 5,376.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,369 shares of the company’s stock valued at $49,000 after acquiring an additional 1,344 shares in the last quarter. Finally, CWM LLC boosted its stake in Vita Coco by 18.2% in the fourth quarter. CWM LLC now owns 1,505 shares of the company’s stock valued at $80,000 after acquiring an additional 232 shares in the last quarter. Hedge funds and other institutional investors own 88.49% of the company’s stock.

About Vita Coco

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.