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

Vita Coco (NASDAQ:COCO) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday, Zacks reports.

A number of other equities research analysts have also recently issued reports on COCO. Wall Street Zen cut shares of Vita Coco from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Piper Sandler reduced their price target on shares of Vita Coco from $89.00 to $83.00 and set an “overweight” rating on the stock in a research report on Thursday, September 10th. Weiss Ratings cut shares of Vita Coco from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, September 16th. Citigroup reaffirmed a “buy” rating on shares of Vita Coco in a report on Tuesday, May 26th. Finally, Evercore lifted their target price on shares of Vita Coco from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Vita Coco presently has an average rating of “Moderate Buy” and a consensus target price of $76.86.

Vita Coco Price Performance

Shares of NASDAQ:COCO opened at $59.60 on Monday. The business’s fifty day moving average price is $62.86 and its two-hundred day moving average price is $64.22. Vita Coco has a fifty-two week low of $37.63 and a fifty-two week high of $85.83. The stock has a market capitalization 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 issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.26. The company had revenue of $216.15 million during the quarter, compared to analysts’ expectations of $210.64 million. Vita Coco had a return on equity of 31.09% and a net margin of 15.50%.The business’s revenue was up 28.1% on a year-over-year basis. During the same period last year, the business earned $0.38 earnings per share. Research analysts expect that Vita Coco will post 1.95 EPS for the current fiscal year.

Institutional Trading of Vita Coco

A number of hedge funds and other institutional investors have recently modified their holdings of COCO. BlackRock Inc. acquired a new stake in shares of Vita Coco in the 2nd quarter valued at about $463,654,000. Wasatch Advisors LP boosted its position in shares of Vita Coco by 80.3% during the first quarter. Wasatch Advisors LP now owns 3,675,489 shares of the company’s stock worth $176,093,000 after buying an additional 1,637,437 shares during the period. Bank of America Corp DE acquired a new position in shares of Vita Coco during the second quarter worth about $56,722,000. Bank of New York Mellon Corp bought a new position in shares of Vita Coco during the second quarter worth about $17,119,000. Finally, Principal Financial Group Inc. grew its holdings in shares of Vita Coco by 146.7% during the first 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. Institutional investors and hedge funds own 88.49% of the company’s stock.

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.