Insider Selling: Vita Coco (NASDAQ:COCO) CFO Sells $325,000.00 in Stock

Vita Coco Company, Inc. (NASDAQ:COCO) CFO Corey Baker sold 5,000 shares of the company’s stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $65.00, for a total transaction of $325,000.00. Following the sale, the chief financial officer owned 24,951 shares of the company’s stock, valued at approximately $1,621,815. The trade was a 16.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Corey Baker also recently made the following trade(s):

• On Tuesday, November 3rd, Corey Baker sold 1,000 shares of Vita Coco stock. The stock was sold at an average price of $60.00, for a total value of $60,000.00.

Vita Coco Price Performance

Shares of Vita Coco stock opened at $62.45 on Friday. The business’s 50 day simple moving average is $57.33 and its two-hundred day simple moving average is $61.82. The stock has a market capitalization of $3.56 billion, a P/E ratio of 31.38, a price-to-earnings-growth ratio of 1.60 and a beta of 0.76. Vita Coco Company, Inc. has a one year low of $40.62 and a one year high of $85.83.

Vita Coco (NASDAQ:COCO) last announced its quarterly earnings results on Thursday, October 22nd. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.11. The business had revenue of $243.83 million during the quarter, compared to analysts’ expectations of $230.10 million. Vita Coco had a net margin of 15.70% and a return on equity of 31.84%. The firm’s revenue for the quarter was up 33.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.40 EPS. Sell-side analysts expect that Vita Coco Company, Inc. will post 2.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Vita Coco

Hedge funds have recently made changes to their positions in the company. Allworth Financial LP boosted its position in Vita Coco by 0.4% in the third quarter. Allworth Financial LP now owns 104,989 shares of the company’s stock worth $6,011,000 after purchasing an additional 376 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Vita Coco by 1.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 167,708 shares of the company’s stock valued at $9,602,000 after purchasing an additional 3,048 shares during the period. Fifth Third Bancorp increased its position in shares of Vita Coco by 20.0% during the 3rd quarter. Fifth Third Bancorp now owns 14,934 shares of the company’s stock valued at $855,000 after purchasing an additional 2,484 shares during the last quarter. Maryland State Retirement & Pension System increased its position in shares of Vita Coco by 70.9% during the 3rd quarter. Maryland State Retirement & Pension System now owns 10,982 shares of the company’s stock valued at $629,000 after purchasing an additional 4,555 shares during the last quarter. Finally, Illinois Municipal Retirement Fund lifted its stake in shares of Vita Coco by 16.8% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 25,788 shares of the company’s stock worth $1,476,000 after purchasing an additional 3,711 shares during the period. 88.49% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

COCO has been the subject of several research analyst reports. Weiss Ratings cut Vita Coco from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, October 29th. Evercore reissued an “outperform” rating on shares of Vita Coco in a research note on Friday, October 23rd. Piper Sandler upped their target price on Vita Coco from $83.00 to $88.00 and gave the company an “overweight” rating in a report on Friday, October 23rd. Oppenheimer started coverage on Vita Coco in a research note on Thursday, October 1st. They issued an “outperform” rating and a $70.00 price target for the company. Finally, Zacks Research cut shares of Vita Coco from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $74.12.

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 in a variety of formats and flavors, including original, flavored and pressed coconut water products. The company also markets other beverages under brands such as Ever & Ever, a plant-based water brand, and PWR LIFT, a functional hydration beverage.

Vita Coco products are sold through grocery stores, mass merchandisers, convenience stores, club retailers, e-commerce platforms and foodservice channels.