Vita Coco (NASDAQ:COCO) Shares Down 7.7% – What’s Next?

Shares of Vita Coco Company, Inc. (NASDAQ:COCO) were down 7.7% on Friday . The stock traded as low as $77.69 and last traded at $76.1670. 709,380 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 1,197,730 shares. The stock had previously closed at $82.55.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on COCO shares. Weiss Ratings upgraded shares of Vita Coco from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Morgan Stanley set a $65.00 price target on shares of Vita Coco in a research note on Thursday, April 30th. Wall Street Zen raised shares of Vita Coco from a “sell” rating to a “buy” rating in a research report on Saturday, May 2nd. The Goldman Sachs Group restated a “buy” rating and issued a $71.00 price objective on shares of Vita Coco in a research note on Thursday, April 30th. Finally, Wells Fargo & Company upped their target price on shares of Vita Coco from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Vita Coco presently has a consensus rating of “Moderate Buy” and an average target price of $70.43.

Vita Coco Trading Down 9.5%

The company has a market capitalization of $4.26 billion, a PE ratio of 54.72, a P/E/G ratio of 1.99 and a beta of 0.74. The firm has a 50 day simple moving average of $71.09 and a two-hundred day simple moving average of $59.85.

Vita Coco (NASDAQ:COCO) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.34 by $0.16. Vita Coco had a return on equity of 25.43% and a net margin of 12.59%.The business had revenue of $179.77 million during the quarter, compared to analysts’ expectations of $148.39 million. During the same quarter in the prior year, the business earned $0.31 earnings per share. The company’s quarterly revenue was up 37.4% compared to the same quarter last year. Research analysts expect that Vita Coco Company, Inc. will post 1.76 earnings per share for the current fiscal year.

Insider Activity

In other news, Chairman Michael Kirban sold 50,000 shares of the firm’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $68.00, for a total value of $3,400,000.00. Following the completion of the sale, the chairman owned 515,681 shares in the company, valued at approximately $35,066,308. This trade represents a 8.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira Liran sold 96,158 shares of Vita Coco stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $79.14, for a total transaction of $7,609,944.12. Following the completion of the sale, the director directly owned 476,421 shares in the company, valued at approximately $37,703,957.94. The trade was a 16.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 707,306 shares of company stock worth $49,251,613 in the last 90 days. Corporate insiders own 32.30% of the company’s stock.

Hedge Funds Weigh In On Vita Coco

A number of large investors have recently modified their holdings of the business. Westfield Capital Management Co. LP acquired a new stake in Vita Coco in the third quarter valued at $45,135,000. Vanguard Group Inc. raised its stake in shares of Vita Coco by 8.2% during the 4th quarter. Vanguard Group Inc. now owns 3,149,584 shares of the company’s stock worth $166,959,000 after buying an additional 237,510 shares during the last quarter. Night Squared LP purchased a new stake in shares of Vita Coco in the 3rd quarter worth about $5,193,000. King Luther Capital Management Corp grew its stake in Vita Coco by 35.6% in the 4th quarter. King Luther Capital Management Corp now owns 136,987 shares of the company’s stock valued at $7,262,000 after acquiring an additional 35,937 shares during the last quarter. Finally, Maven Securities LTD acquired a new stake in Vita Coco in the 3rd quarter valued at about $1,062,000. 88.49% of the stock is owned by hedge funds and other 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.