The Vita Coco Company, Inc. (NASDAQ:COCO) Chairman Michael Kirban Sells 45,302 Shares of Stock

The Vita Coco Company, Inc. (NASDAQ:COCO) Chairman Michael Kirban sold 45,302 shares of Vita Coco stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $29.59, for a total transaction of $1,340,486.18. Following the completion of the transaction, the chairman now owns 750,379 shares in the company, valued at $22,203,714.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Vita Coco Stock Performance

Shares of NASDAQ COCO opened at $26.49 on Tuesday. The firm has a market capitalization of $1.50 billion, a P/E ratio of 51.94 and a beta of 0.07. The company’s fifty day moving average is $26.91 and its two-hundred day moving average is $24.38. The Vita Coco Company, Inc. has a one year low of $7.39 and a one year high of $33.29.

Vita Coco (NASDAQ:COCO) last released its quarterly earnings results on Wednesday, August 2nd. The company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.08. The business had revenue of $139.65 million for the quarter, compared to analysts’ expectations of $131.40 million. Vita Coco had a return on equity of 20.71% and a net margin of 6.26%. On average, sell-side analysts forecast that The Vita Coco Company, Inc. will post 0.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Vita Coco

Several hedge funds have recently added to or reduced their stakes in COCO. Legal & General Group Plc lifted its holdings in shares of Vita Coco by 154.1% in the second quarter. Legal & General Group Plc now owns 3,008 shares of the company’s stock valued at $29,000 after purchasing an additional 1,824 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Vita Coco during the 1st quarter worth approximately $33,000. Tower Research Capital LLC TRC raised its position in shares of Vita Coco by 66.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,404 shares of the company’s stock worth $38,000 after purchasing an additional 560 shares during the last quarter. Pinebridge Investments L.P. purchased a new stake in Vita Coco in the 2nd quarter valued at approximately $44,000. Finally, JPMorgan Chase & Co. increased its position in Vita Coco by 25.2% during the first quarter. JPMorgan Chase & Co. now owns 5,268 shares of the company’s stock worth $47,000 after buying an additional 1,062 shares in the last quarter. 42.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

COCO has been the subject of several analyst reports. Piper Sandler upped their price target on Vita Coco from $25.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, August 3rd. Bank of America cut Vita Coco from a “buy” rating to a “neutral” rating and upped their price target for the stock from $25.00 to $32.00 in a research note on Wednesday, August 2nd. Stephens initiated coverage on shares of Vita Coco in a research report on Thursday, June 22nd. They issued an “equal weight” rating and a $30.00 price objective for the company. Finally, The Goldman Sachs Group raised their price objective on shares of Vita Coco from $27.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, August 3rd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Vita Coco presently has an average rating of “Moderate Buy” and a consensus price target of $26.63.

Vita Coco Company Profile

The Vita Coco Company, Inc develops, markets, and distributes coconut water products under the Vita Coco brand name in the United States, Canada, Europe, the Middle East, and the Asia Pacific. The company offers coconut oil and coconut milk; Hydration Drink Mix, a powdered form of flavored coconut water; sparkling water; Runa, a plant-based energy drink; purified water under the Ever & Ever brand name; and PWR LIFT, a protein-infused fitness drink.