Vita Coco (NASDAQ:COCO) Stock Price Down 8.9% – Here’s What Happened

Vita Coco Company, Inc. (NASDAQ:COCO)’s stock price dropped 8.9% during trading on Friday . The stock traded as low as $47.86 and last traded at $47.0680. Approximately 1,023,881 shares traded hands during mid-day trading, a decline of 11% from the average daily volume of 1,155,627 shares. The stock had previously closed at $51.68.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on COCO. Wall Street Zen upgraded Vita Coco from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Vita Coco in a research note on Monday, December 29th. Zacks Research cut Vita Coco from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Wells Fargo & Company boosted their price objective on Vita Coco from $50.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Finally, Morgan Stanley increased their target price on shares of Vita Coco from $49.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, February 23rd. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $59.86.

Vita Coco Stock Performance

The company has a market cap of $2.68 billion, a P/E ratio of 39.81, a P/E/G ratio of 1.70 and a beta of 0.37. The firm’s fifty day moving average is $55.17 and its two-hundred day moving average is $49.58.

Vita Coco (NASDAQ:COCO) last announced its quarterly earnings data on Wednesday, February 18th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.04). The business had revenue of $127.79 million during the quarter, compared to analysts’ expectations of $117.80 million. Vita Coco had a net margin of 11.70% and a return on equity of 23.19%. Vita Coco’s revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.06 earnings per share. On average, equities research analysts expect that Vita Coco Company, Inc. will post 1.07 EPS for the current year.

Insider Buying and Selling

In other Vita Coco news, Director Kenneth Sadowsky sold 3,900 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $53.92, for a total value of $210,288.00. Following the completion of the transaction, the director directly owned 608,266 shares in the company, valued at $32,797,702.72. This represents a 0.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ira Liran sold 30,000 shares of the stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $56.65, for a total transaction of $1,699,500.00. Following the sale, the director directly owned 572,579 shares of the company’s stock, valued at approximately $32,436,600.35. This trade represents a 4.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 190,800 shares of company stock worth $10,704,346 in the last quarter. 32.30% of the stock is owned by insiders.

Institutional Trading of Vita Coco

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Vita Coco by 2,636.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company’s stock valued at $28,000 after purchasing an additional 501 shares during the last quarter. Clearstead Advisors LLC increased its holdings in shares of Vita Coco by 22,500.0% in the third quarter. Clearstead Advisors LLC now owns 678 shares of the company’s stock worth $29,000 after purchasing an additional 675 shares during the last quarter. Quarry LP lifted its position in shares of Vita Coco by 12,633.3% in the third quarter. Quarry LP now owns 764 shares of the company’s stock worth $32,000 after buying an additional 758 shares in the last quarter. MAI Capital Management bought a new position in Vita Coco during the second quarter valued at approximately $33,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Vita Coco by 5,376.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,369 shares of the company’s stock valued at $49,000 after buying an additional 1,344 shares during the last quarter. 88.49% of the stock is currently owned by institutional investors.

Vita Coco Company Profile

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.