Wells Fargo & Company Boosts Vita Coco (NASDAQ:COCO) Price Target to $85.00

Vita Coco (NASDAQ:COCO) had its price target boosted by analysts at Wells Fargo & Company from $75.00 to $85.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 8.54% from the company’s previous close.

Several other research firms have also recently commented on COCO. Weiss Ratings raised shares of Vita Coco from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Zacks Research upgraded shares of Vita Coco from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Evercore reissued an “outperform” rating and set a $70.00 target price on shares of Vita Coco in a report on Thursday, March 12th. Jefferies Financial Group upped their target price on Vita Coco from $63.00 to $78.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Finally, Morgan Stanley set a $65.00 price target on Vita Coco in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $70.43.

Vita Coco Price Performance

COCO stock traded down $0.13 on Monday, reaching $78.32. The company’s stock had a trading volume of 143,612 shares, compared to its average volume of 1,267,651. Vita Coco has a 52 week low of $31.79 and a 52 week high of $78.95. The company has a market capitalization of $4.47 billion, a P/E ratio of 57.11, a price-to-earnings-growth ratio of 1.88 and a beta of 0.72. The firm has a fifty day moving average of $55.82 and a two-hundred day moving average of $53.38.

Vita Coco (NASDAQ:COCO) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.16. Vita Coco had a return on equity of 25.43% and a net margin of 12.59%.The company had revenue of $179.77 million during the quarter, compared to analyst estimates of $148.39 million. During the same quarter in the previous year, the firm posted $0.31 EPS. The firm’s quarterly revenue was up 37.4% on a year-over-year basis. As a group, equities analysts expect that Vita Coco will post 1.76 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Martin Roper sold 20,544 shares of the company’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $59.35, for a total transaction of $1,219,286.40. Following the completion of the sale, the chief executive officer directly owned 298,484 shares of the company’s stock, valued at $17,715,025.40. This represents a 6.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Michael Kirban sold 50,000 shares of Vita Coco stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $68.00, for a total value of $3,400,000.00. Following the completion of the transaction, the chairman directly owned 515,681 shares in the company, valued at $35,066,308. This represents a 8.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 488,361 shares of company stock valued at $28,603,572 over the last ninety days. 34.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Vita Coco

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in COCO. GAMMA Investing LLC raised its stake in Vita Coco by 25.0% during the 4th quarter. GAMMA Investing LLC now owns 1,134 shares of the company’s stock valued at $60,000 after purchasing an additional 227 shares during the period. CWM LLC grew its holdings in shares of Vita Coco by 18.2% during the fourth quarter. CWM LLC now owns 1,505 shares of the company’s stock valued at $80,000 after buying an additional 232 shares in the last quarter. Mariner LLC grew its holdings in shares of Vita Coco by 2.8% during the third quarter. Mariner LLC now owns 8,742 shares of the company’s stock valued at $371,000 after buying an additional 236 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Vita Coco by 0.9% during the third quarter. Envestnet Asset Management Inc. now owns 33,541 shares of the company’s stock valued at $1,424,000 after buying an additional 298 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey lifted its stake in Vita Coco by 4.1% in the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 12,472 shares of the company’s stock worth $661,000 after acquiring an additional 489 shares in the last quarter. Institutional investors and hedge funds own 88.49% of the company’s stock.

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.