Vita Coco (NASDAQ:COCO) Shares Down 5.9% – Here’s Why

The Vita Coco Company, Inc. (NASDAQ:COCO)’s stock price traded down 5.9% during trading on Wednesday . The stock traded as low as $33.98 and last traded at $33.37. 213,086 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 548,437 shares. The stock had previously closed at $35.45.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Bank of America boosted their price target on shares of Vita Coco from $30.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Stephens restated an “equal weight” rating and set a $32.00 target price on shares of Vita Coco in a research report on Thursday. Wells Fargo & Company lowered their price target on Vita Coco from $40.00 to $39.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Finally, The Goldman Sachs Group lifted their price target on Vita Coco from $34.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $34.57.

Vita Coco Stock Down 5.1 %

The stock has a 50-day simple moving average of $36.21 and a two-hundred day simple moving average of $33.87. The firm has a market cap of $1.71 billion, a PE ratio of 30.23, a P/E/G ratio of 2.25 and a beta of 0.34.

Insider Activity

In other news, COO Jonathan Burth sold 4,052 shares of the company’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $37.60, for a total value of $152,355.20. Following the completion of the sale, the chief operating officer now owns 104,108 shares of the company’s stock, valued at approximately $3,914,460.80. This represents a 3.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Michael Kirban sold 20,000 shares of the stock in a transaction on Friday, March 14th. The shares were sold at an average price of $34.57, for a total transaction of $691,400.00. Following the transaction, the chairman now directly owns 2,006,229 shares in the company, valued at approximately $69,355,336.53. This represents a 0.99 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 83,410 shares of company stock worth $3,017,811. 34.20% of the stock is currently owned by insiders.

Institutional Trading of Vita Coco

Several institutional investors have recently added to or reduced their stakes in COCO. GAMMA Investing LLC increased its holdings in shares of Vita Coco by 84.9% in the fourth quarter. GAMMA Investing LLC now owns 784 shares of the company’s stock worth $29,000 after buying an additional 360 shares during the period. Coppell Advisory Solutions LLC grew its position in Vita Coco by 91.5% during the 4th quarter. Coppell Advisory Solutions LLC now owns 1,283 shares of the company’s stock worth $47,000 after acquiring an additional 613 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. purchased a new position in Vita Coco in the 4th quarter worth approximately $52,000. Venturi Wealth Management LLC bought a new stake in Vita Coco in the fourth quarter valued at approximately $66,000. Finally, Quest Partners LLC boosted its stake in shares of Vita Coco by 16,538.1% during the third quarter. Quest Partners LLC now owns 3,494 shares of the company’s stock valued at $99,000 after purchasing an additional 3,473 shares during the period. 88.49% of the stock is currently owned by hedge funds and other institutional investors.

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.