Vita Coco (NASDAQ:COCO) Reaches New 1-Year High – Here’s What Happened

Vita Coco Company, Inc. (NASDAQ:COCO) hit a new 52-week high during trading on Wednesday . The stock traded as high as $85.39 and last traded at $83.87, with a volume of 1088664 shares changing hands. The stock had previously closed at $82.85.

Analyst Ratings Changes

Several brokerages recently weighed in on COCO. Evercore reaffirmed an “outperform” rating and set a $70.00 price objective on shares of Vita Coco in a research report on Thursday, March 12th. Zacks Research raised shares of Vita Coco from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Weiss Ratings upgraded shares of Vita Coco from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Jefferies Financial Group increased their price target on shares of Vita Coco from $63.00 to $78.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Finally, Wall Street Zen upgraded shares of Vita Coco from a “sell” rating to a “buy” rating in a report on Saturday, May 2nd. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $70.43.

Vita Coco Stock Performance

The stock has a 50 day moving average of $67.74 and a two-hundred day moving average of $58.85. The firm has a market capitalization of $4.79 billion, a P/E ratio of 61.24, a P/E/G ratio of 2.01 and a beta of 0.74.

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

Insiders Place Their Bets

In related news, Director Ira Liran sold 96,158 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $79.14, for a total transaction of $7,609,944.12. Following the transaction, the director owned 476,421 shares of the company’s stock, valued at approximately $37,703,957.94. The trade was a 16.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Martin Roper sold 25,000 shares of the business’s stock in a transaction on Friday, April 24th. The stock was sold at an average price of $50.00, for a total transaction of $1,250,000.00. Following the transaction, the chief executive officer directly owned 298,484 shares in the company, valued at $14,924,200. This trade represents a 7.73% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 707,306 shares of company stock valued at $49,251,613 in the last three months. 32.30% of the stock is owned by corporate insiders.

Institutional Trading of Vita Coco

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC raised its position in shares of Vita Coco by 25.0% during the fourth 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. CWM LLC lifted its stake in shares of 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 buying an additional 232 shares during the period. Mariner LLC grew its position in Vita Coco by 2.8% during the third quarter. Mariner LLC now owns 8,742 shares of the company’s stock worth $371,000 after buying an additional 236 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Vita Coco by 0.9% during the third quarter. Envestnet Asset Management Inc. now owns 33,541 shares of the company’s stock worth $1,424,000 after buying an additional 298 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey increased its stake in Vita Coco by 4.1% during the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 12,472 shares of the company’s stock valued at $661,000 after acquiring an additional 489 shares during the period. 88.49% of the stock is currently owned by institutional investors and hedge funds.

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.