Vita Coco (NASDAQ:COCO) Stock Price Up 6.7% – Still a Buy?

Vita Coco Company, Inc. (NASDAQ:COCO)’s stock price shot up 6.7% on Thursday. The company traded as high as $52.46 and last traded at $54.0650. 29,865 shares were traded during trading, a decline of 98% from the average session volume of 1,207,726 shares. The stock had previously closed at $50.65.

Analysts Set New Price Targets

Several analysts have recently issued reports on COCO shares. Wells Fargo & Company lowered their price target on shares of Vita Coco from $85.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday, October 5th. Weiss Ratings lowered shares of Vita Coco from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, September 29th. Piper Sandler lowered their target price on shares of Vita Coco from $89.00 to $83.00 and set an “overweight” rating on the stock in a report on Thursday, September 10th. Wall Street Zen downgraded Vita Coco from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Finally, Zacks Research cut Vita Coco from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Vita Coco currently has a consensus rating of “Moderate Buy” and an average price target of $73.50.

Vita Coco Stock Performance

The firm has a market capitalization of $3.35 billion, a P/E ratio of 32.26, a price-to-earnings-growth ratio of 1.55 and a beta of 0.76. The business has a 50 day simple moving average of $59.20 and a two-hundred day simple moving average of $64.24.

Vita Coco (NASDAQ:COCO) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.26. Vita Coco had a return on equity of 31.09% and a net margin of 15.50%. The firm had revenue of $216.15 million during the quarter, compared to the consensus estimate of $210.64 million. During the same quarter last year, the company posted $0.38 EPS. The company’s revenue for the quarter was up 28.1% on a year-over-year basis. On average, equities analysts anticipate that Vita Coco Company, Inc. will post 1.95 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Vita Coco

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Vita Coco during the 2nd quarter worth $463,654,000. Wasatch Advisors LP increased its stake in Vita Coco by 80.3% in the first quarter. Wasatch Advisors LP now owns 3,675,489 shares of the company’s stock valued at $176,093,000 after acquiring an additional 1,637,437 shares during the last quarter. Congress Asset Management Co. increased its stake in Vita Coco by 2.8% in the third quarter. Congress Asset Management Co. now owns 1,240,321 shares of the company’s stock valued at $71,015,000 after acquiring an additional 33,219 shares during the last quarter. Bank of America Corp DE purchased a new stake in Vita Coco during the second quarter valued at about $56,722,000. Finally, Dimensional Fund Advisors LP raised its position in Vita Coco by 6.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,073,413 shares of the company’s stock valued at $51,422,000 after purchasing an additional 61,950 shares in the last quarter. Institutional investors own 88.49% of the company’s stock.

Vita Coco Company Profile

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.