Castleark Management LLC Takes $5.75 Million Position in Vita Coco Company, Inc. $COCO

Castleark Management LLC acquired a new position in Vita Coco Company, Inc. (NASDAQ:COCO) in the second quarter, Holdings Channel.com reports. The fund acquired 86,960 shares of the company’s stock, valued at approximately $5,752,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd raised its stake in Vita Coco by 2,636.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company’s stock valued at $28,000 after buying an additional 501 shares during the last quarter. Quarry LP grew its stake in shares of Vita Coco by 12,633.3% during the third quarter. Quarry LP now owns 764 shares of the company’s stock worth $32,000 after acquiring an additional 758 shares during the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of Vita Coco by 265.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,319 shares of the company’s stock valued at $70,000 after acquiring an additional 958 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Vita Coco by 5,376.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,369 shares of the company’s stock valued at $49,000 after acquiring an additional 1,344 shares in the last quarter. Finally, CWM LLC raised its position in shares of Vita Coco by 18.2% in the 4th quarter. CWM LLC now owns 1,505 shares of the company’s stock valued at $80,000 after purchasing an additional 232 shares during the last quarter. 88.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on COCO. Wells Fargo & Company boosted their target price on shares of Vita Coco from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. Jefferies Financial Group raised their price target on shares of Vita Coco from $63.00 to $78.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Morgan Stanley lifted their price objective on shares of Vita Coco from $65.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 28th. The Goldman Sachs Group set a $90.00 price objective on shares of Vita Coco and gave the company a “buy” rating in a report on Thursday, July 23rd. Finally, Wall Street Zen downgraded Vita Coco from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Vita Coco currently has a consensus rating of “Moderate Buy” and an average price target of $77.71.

Vita Coco Stock Up 0.3%

Shares of NASDAQ COCO opened at $63.57 on Wednesday. The business’s 50 day moving average price is $70.03 and its 200 day moving average price is $64.12. The firm has a market cap of $3.65 billion, a P/E ratio of 35.12, a P/E/G ratio of 1.19 and a beta of 0.77. Vita Coco Company, Inc. has a 52 week low of $33.19 and a 52 week high of $85.83.

Vita Coco (NASDAQ:COCO) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.82 earnings per share for the quarter, topping 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 company had revenue of $216.15 million for the quarter, compared to the consensus estimate of $210.64 million. During the same quarter in the prior year, the company earned $0.38 EPS. Vita Coco’s quarterly revenue was up 28.1% on a year-over-year basis. As a group, research analysts expect that Vita Coco Company, Inc. will post 1.96 earnings per share for the current year.

Insider Activity

In related news, Director Ira Liran sold 73,842 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $80.32, for a total transaction of $5,930,989.44. Following the completion of the transaction, the director directly owned 402,579 shares in the company, valued at $32,335,145.28. The trade was a 15.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Es Charles Van sold 8,045 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $75.05, for a total transaction of $603,777.25. Following the transaction, the insider owned 59,085 shares of the company’s stock, valued at $4,434,329.25. This represents a 11.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 351,945 shares of company stock valued at $28,007,266 in the last ninety days. Insiders own 12.90% of the company’s stock.

Vita Coco 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.