VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $1.12 Million Investment in Vita Coco Company, Inc. $COCO

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Vita Coco Company, Inc. (NASDAQ:COCO) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 16,900 shares of the company’s stock, valued at approximately $1,118,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Vita Coco during the second quarter worth about $463,654,000. California State Teachers Retirement System lifted its stake in shares of Vita Coco by 6,377.2% in the second quarter. California State Teachers Retirement System now owns 3,710,388 shares of the company’s stock worth $245,405,000 after acquiring an additional 3,653,104 shares during the period. Wasatch Advisors LP boosted its holdings 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. Wellington Management Group LLP increased its position in Vita Coco by 232.2% during the 3rd quarter. Wellington Management Group LLP now owns 1,992,404 shares of the company’s stock valued at $84,617,000 after purchasing an additional 1,392,678 shares during the period. Finally, Fuller & Thaler Asset Management Inc. bought a new position in Vita Coco during the 4th quarter worth approximately $73,242,000. Institutional investors and hedge funds own 88.49% of the company’s stock.

Analyst Upgrades and Downgrades

COCO has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Vita Coco in a research note on Wednesday, July 29th. Wall Street Zen downgraded shares of Vita Coco from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Morgan Stanley boosted 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. Evercore increased their price target on Vita Coco from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Finally, Piper Sandler decreased their price target on Vita Coco from $89.00 to $83.00 and set an “overweight” rating for the company in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.86.

Insider Activity at Vita Coco

In other news, Director Kenneth Sadowsky sold 3,900 shares of the firm’s 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 completion of the sale, the director directly owned 580,296 shares in the company, valued at $48,118,144.32. This trade represents a 0.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 12.90% of the stock is currently owned by corporate insiders.

Vita Coco Stock Performance

Vita Coco stock opened at $52.01 on Friday. The stock has a market capitalization of $2.99 billion, a price-to-earnings ratio of 28.73, a PEG ratio of 0.98 and a beta of 0.75. Vita Coco Company, Inc. has a 52-week low of $37.63 and a 52-week high of $85.83. The stock’s 50 day moving average price is $64.78 and its two-hundred day moving average price is $64.10.

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

About Vita Coco

The Vita Coco Company, Inc is a beverage company focused on better-for-you hydration products. Its flagship Vita Coco brand offers coconut water and related coconut-based beverages, including flavored and nutrient-enhanced varieties. The company also markets other functional hydration products, such as protein and electrolyte beverages, through its broader brand portfolio.

Founded in 2004 by Michael Kirban and Ira Liran, Vita Coco helped popularize coconut water in the United States. The company sells its products through grocery stores, mass retailers, convenience stores, club stores, e-commerce platforms and other retail channels.