Vita Coco (NASDAQ:COCO) Lowered to Hold Rating by Zacks Research

Zacks Research lowered shares of Vita Coco (NASDAQ:COCO) from a strong-buy rating to a hold rating in a report issued on Monday,Zacks reports.

A number of other brokerages have also recently commented on COCO. Morgan Stanley boosted their price objective on Vita Coco from $65.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 28th. Piper Sandler lowered their target price on Vita Coco from $89.00 to $83.00 and set an “overweight” rating for the company in a research note on Thursday, September 10th. Citigroup reiterated a “buy” rating on shares of Vita Coco in a report on Tuesday, May 26th. Evercore boosted their price target on Vita Coco from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Finally, Wall Street Zen cut Vita Coco from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $76.86.

Vita Coco Stock Up 4.1%

Shares of COCO stock opened at $59.60 on Monday. Vita Coco has a fifty-two week low of $37.63 and a fifty-two week high of $85.83. The firm’s 50 day moving average price is $62.86 and its two-hundred day moving average price is $64.22. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of 32.93, a price-to-earnings-growth ratio of 1.09 and a beta of 0.75.

Vita Coco (NASDAQ:COCO) last posted its earnings results on Thursday, July 23rd. The company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.26. Vita Coco had a net margin of 15.50% and a return on equity of 31.09%. The business had revenue of $216.15 million for the quarter, compared to analyst estimates of $210.64 million. During the same quarter in the previous year, the business posted $0.38 EPS. The business’s quarterly revenue was up 28.1% on a year-over-year basis. On average, equities analysts forecast that Vita Coco will post 1.95 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in COCO. BlackRock Inc. acquired a new position in shares of Vita Coco during the second quarter valued at $463,654,000. Wasatch Advisors LP grew its position in Vita Coco by 80.3% in the 1st quarter. Wasatch Advisors LP now owns 3,675,489 shares of the company’s stock valued at $176,093,000 after buying an additional 1,637,437 shares in the last quarter. Bank of America Corp DE acquired a new position in Vita Coco during the 2nd quarter valued at about $56,722,000. Bank of New York Mellon Corp bought a new stake in shares of Vita Coco during the 2nd quarter worth about $17,119,000. Finally, Principal Financial Group Inc. raised its position in shares of Vita Coco by 146.7% during the 1st quarter. Principal Financial Group Inc. now owns 406,719 shares of the company’s stock worth $19,486,000 after buying an additional 241,836 shares in the last quarter. 88.49% of the stock is currently owned by institutional investors.

About Vita Coco

The Vita Coco Company, Inc is a beverage company focused on better-for-you hydration products. Its flagship Vita Coco brand offers coconut water and related coconut-based beverages, including flavored and nutrient-enhanced varieties. The company also markets other functional hydration products, such as protein and electrolyte beverages, through its broader brand portfolio.

Founded in 2004 by Michael Kirban and Ira Liran, Vita Coco helped popularize coconut water in the United States. The company sells its products through grocery stores, mass retailers, convenience stores, club stores, e-commerce platforms and other retail channels.