Vita Coco (NASDAQ:COCO) Stock Price Up 6.8% After Analyst Upgrade

The Vita Coco Company, Inc. (NASDAQ:COCO) traded up 6.8% on Wednesday after Bank of America raised their price target on the stock from $27.00 to $30.00. Bank of America currently has a neutral rating on the stock. Vita Coco traded as high as $30.16 and last traded at $30.16. 337,855 shares were traded during mid-day trading, a decline of 50% from the average session volume of 670,549 shares. The stock had previously closed at $28.25.

A number of other equities research analysts also recently commented on COCO. Stephens reiterated an “overweight” rating and issued a $31.00 target price on shares of Vita Coco in a research report on Thursday, May 23rd. Wells Fargo & Company upped their price objective on Vita Coco from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $30.29.

Insider Buying and Selling at Vita Coco

In other Vita Coco news, Director John Zupo sold 5,017 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $27.62, for a total transaction of $138,569.54. Following the sale, the director now owns 8,247 shares of the company’s stock, valued at approximately $227,782.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Es Charles Van sold 2,805 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $30.06, for a total value of $84,318.30. Following the completion of the transaction, the insider now owns 97,668 shares in the company, valued at approximately $2,935,900.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Zupo sold 5,017 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $27.62, for a total value of $138,569.54. Following the completion of the transaction, the director now owns 8,247 shares of the company’s stock, valued at approximately $227,782.14. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,502 shares of company stock valued at $814,205. 34.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Vita Coco

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Penserra Capital Management LLC raised its stake in shares of Vita Coco by 40.2% during the 3rd quarter. Penserra Capital Management LLC now owns 17,270 shares of the company’s stock valued at $449,000 after buying an additional 4,950 shares during the last quarter. Graham Capital Management L.P. raised its stake in shares of Vita Coco by 21.6% during the 3rd quarter. Graham Capital Management L.P. now owns 35,389 shares of the company’s stock valued at $922,000 after buying an additional 6,282 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Vita Coco during the 3rd quarter valued at about $305,000. Headinvest LLC acquired a new stake in shares of Vita Coco during the 3rd quarter valued at about $29,000. Finally, Vanguard Group Inc. grew its position in shares of Vita Coco by 5.9% during the 3rd quarter. Vanguard Group Inc. now owns 1,955,075 shares of the company’s stock valued at $50,910,000 after acquiring an additional 108,844 shares during the period. Hedge funds and other institutional investors own 88.49% of the company’s stock.

Vita Coco Trading Up 6.6 %

The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 32.68, a PEG ratio of 1.80 and a beta of 0.23. The stock has a 50-day moving average price of $27.68 and a 200 day moving average price of $25.12.

Vita Coco (NASDAQ:COCO) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.05. The company had revenue of $112.00 million for the quarter, compared to analysts’ expectations of $111.72 million. Vita Coco had a return on equity of 26.27% and a net margin of 10.93%. Vita Coco’s revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.12 EPS. Equities research analysts anticipate that The Vita Coco Company, Inc. will post 1.04 earnings per share for the current year.

About Vita Coco

The Vita Coco Company, Inc develops, markets, and distributes coconut water products under the Vita Coco brand name in the United States, Canada, Europe, the Middle East, Africa, and the Asia Pacific. The company offers coconut oil and coconut milk; juice; Runa, a plant-based energy drink; packaged water under the Ever & Ever brand name; and PWR LIFT, a protein-infused fitness drink.