Wells Fargo & Company Issues Pessimistic Forecast for Vita Coco (NASDAQ:COCO) Stock Price

Vita Coco (NASDAQ:COCO) had its price objective reduced by research analysts at Wells Fargo & Company from $85.00 to $65.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 19.31% from the stock’s current price.

Several other brokerages also recently commented on COCO. Morgan Stanley raised their price objective on shares of Vita Coco from $65.00 to $68.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 28th. Wall Street Zen downgraded shares of Vita Coco from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Evercore increased their price target on Vita Coco from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. The Goldman Sachs Group set a $90.00 price target on Vita Coco and gave the company a “buy” rating in a report on Thursday, July 23rd. Finally, Oppenheimer initiated coverage on Vita Coco in a research report on Thursday, October 1st. They issued an “outperform” rating and a $70.00 price objective on the stock. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Vita Coco currently has an average rating of “Moderate Buy” and an average target price of $73.50.

Vita Coco Trading Down 1.5%

Vita Coco stock opened at $54.48 on Monday. The firm has a 50 day moving average of $59.91 and a 200 day moving average of $64.29. The firm has a market capitalization of $3.13 billion, a price-to-earnings ratio of 30.10, a P/E/G ratio of 1.53 and a beta of 0.76. Vita Coco has a 12-month low of $38.07 and a 12-month high of $85.83.

Vita Coco (NASDAQ:COCO) last issued its quarterly earnings results 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. The business had revenue of $216.15 million for 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 for the quarter was up 28.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.38 earnings per share. On average, analysts predict that Vita Coco will post 1.95 EPS for the current year.

Hedge Funds Weigh In On Vita Coco

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in Vita Coco in the 2nd quarter worth $463,654,000. Wasatch Advisors LP grew its position in shares of Vita Coco by 80.3% during the first quarter. Wasatch Advisors LP now owns 3,675,489 shares of the company’s stock valued at $176,093,000 after purchasing an additional 1,637,437 shares in the last quarter. Bank of America Corp DE bought a new stake in shares of Vita Coco in the second quarter worth about $56,722,000. Bank of New York Mellon Corp bought a new stake in shares of Vita Coco in the second quarter worth about $17,119,000. Finally, Principal Financial Group Inc. grew its holdings in Vita Coco by 146.7% during the 1st quarter. Principal Financial Group Inc. now owns 406,719 shares of the company’s stock valued at $19,486,000 after buying an additional 241,836 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.