Vita Coco (NASDAQ:COCO) Sets New 12-Month High – Here’s Why

Shares of Vita Coco Company, Inc. (NASDAQ:COCO) reached a new 52-week high during trading on Thursday . The company traded as high as $76.35 and last traded at $74.77, with a volume of 1762818 shares. The stock had previously closed at $74.61.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Weiss Ratings upgraded Vita Coco from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. The Goldman Sachs Group reaffirmed a “buy” rating and set a $71.00 price target on shares of Vita Coco in a research report on Thursday, April 30th. Evercore reaffirmed an “outperform” rating and set a $70.00 price target on shares of Vita Coco in a research report on Thursday, March 12th. Morgan Stanley set a $65.00 price target on shares of Vita Coco in a research report on Thursday, April 30th. Finally, Wall Street Zen raised shares of Vita Coco from a “sell” rating to a “buy” rating in a research report on Saturday, May 2nd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $69.00.

Vita Coco Trading Up 0.2%

The business’s 50-day moving average is $54.91 and its two-hundred day moving average is $52.86. The stock has a market capitalization of $4.27 billion, a PE ratio of 54.58, a PEG ratio of 1.79 and a beta of 0.72.

Vita Coco (NASDAQ:COCO) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.16. The firm had revenue of $179.77 million during the quarter, compared to analysts’ expectations of $148.39 million. Vita Coco had a net margin of 12.59% and a return on equity of 25.43%. The firm’s revenue was up 37.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.31 EPS. On average, analysts predict that Vita Coco Company, Inc. will post 1.76 EPS for the current year.

Insider Activity

In other Vita Coco news, Chairman Michael Kirban sold 50,000 shares of the company’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $68.00, for a total value of $3,400,000.00. Following the completion of the transaction, the chairman directly owned 515,681 shares of the company’s stock, valued at $35,066,308. This represents a 8.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Jane Prior sold 50,000 shares of the company’s stock in a transaction dated 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 transaction, the chief marketing officer directly owned 127,399 shares of the company’s stock, valued at approximately $6,741,955.08. The trade was a 28.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 488,361 shares of company stock valued at $28,603,572. Corporate insiders own 32.30% of the company’s stock.

Hedge Funds Weigh In On Vita Coco

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd boosted its position in 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. Clearstead Advisors LLC boosted its position in Vita Coco by 22,500.0% in the 3rd quarter. Clearstead Advisors LLC now owns 678 shares of the company’s stock valued at $29,000 after buying an additional 675 shares during the last quarter. Quarry LP boosted its position in Vita Coco by 12,633.3% in the 3rd quarter. Quarry LP now owns 764 shares of the company’s stock valued at $32,000 after buying an additional 758 shares during the last quarter. GAMMA Investing LLC boosted its position in Vita Coco by 25.0% in the 4th quarter. GAMMA Investing LLC now owns 1,134 shares of the company’s stock valued at $60,000 after buying an additional 227 shares during the last quarter. Finally, Rockefeller Capital Management L.P. lifted its position in shares of 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 last quarter. 88.49% of the stock is owned by hedge funds and other institutional investors.

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.