The Vita Coco Company, Inc. (NASDAQ:COCO) Sees Significant Drop in Short Interest

The Vita Coco Company, Inc. (NASDAQ:COCO) was the recipient of a large drop in short interest in October. As of October 15th, there was short interest totalling 5,640,000 shares, a drop of 6.3% from the September 30th total of 6,020,000 shares. Approximately 14.7% of the shares of the stock are short sold. Based on an average trading volume of 484,700 shares, the short-interest ratio is presently 11.6 days.

Analyst Upgrades and Downgrades

COCO has been the topic of a number of research reports. Wells Fargo & Company raised their price target on Vita Coco from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Bank of America raised their price objective on Vita Coco from $27.00 to $30.00 and gave the company a “neutral” rating in a report on Wednesday, July 10th. Jefferies Financial Group cut their target price on Vita Coco from $35.00 to $31.00 and set a “buy” rating for the company in a research note on Wednesday, July 24th. Craig Hallum lifted their price target on shares of Vita Coco from $33.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Piper Sandler lowered shares of Vita Coco from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $29.00 to $28.00 in a report on Friday, July 12th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Vita Coco presently has an average rating of “Moderate Buy” and a consensus price target of $31.00.

Insider Buying and Selling at Vita Coco

In related news, COO Jonathan Burth sold 905 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $30.04, for a total value of $27,186.20. Following the transaction, the chief operating officer now directly owns 123,300 shares in the company, valued at approximately $3,703,932. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 4,949 shares of company stock valued at $148,585 in the last 90 days. Corporate insiders own 34.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Vita Coco by 10.8% in the 1st quarter. Vanguard Group Inc. now owns 2,375,421 shares of the company’s stock worth $58,032,000 after buying an additional 230,991 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Vita Coco by 25.1% in the second quarter. Dimensional Fund Advisors LP now owns 776,469 shares of the company’s stock valued at $21,623,000 after acquiring an additional 156,033 shares in the last quarter. William Blair Investment Management LLC increased its position in Vita Coco by 8.0% during the 2nd quarter. William Blair Investment Management LLC now owns 761,315 shares of the company’s stock valued at $21,203,000 after purchasing an additional 56,416 shares during the period. Champlain Investment Partners LLC purchased a new stake in shares of Vita Coco in the 1st quarter worth about $18,210,000. Finally, Victory Capital Management Inc. increased its position in shares of Vita Coco by 1,310.1% during the second quarter. Victory Capital Management Inc. now owns 433,968 shares of the company’s stock valued at $12,086,000 after buying an additional 403,192 shares during the period. Hedge funds and other institutional investors own 88.49% of the company’s stock.

Vita Coco Trading Up 4.1 %

Shares of NASDAQ:COCO traded up $1.20 during trading on Friday, reaching $30.81. 171,193 shares of the company traded hands, compared to its average volume of 614,734. Vita Coco has a 52-week low of $19.41 and a 52-week high of $31.54. The business’s fifty day moving average is $27.84 and its 200-day moving average is $27.05. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of 29.91, a P/E/G ratio of 2.45 and a beta of 0.23.

Vita Coco (NASDAQ:COCO) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Vita Coco had a net margin of 11.99% and a return on equity of 27.64%. The business had revenue of $133.00 million for the quarter, compared to analyst estimates of $138.56 million. During the same quarter last year, the firm earned $0.26 EPS. The company’s revenue was down 3.6% on a year-over-year basis. On average, sell-side analysts predict that Vita Coco will post 1 earnings per share for the current fiscal year.

Vita Coco Company Profile

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.