Vita Coco (NASDAQ:COCO) Hits New 12-Month High – Time to Buy?

Vita Coco Company, Inc. (NASDAQ:COCO) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $56.84 and last traded at $56.5370, with a volume of 51559 shares traded. The stock had previously closed at $55.73.

Analysts Set New Price Targets

COCO has been the subject of several recent analyst reports. Bank of America upgraded shares of Vita Coco from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $48.00 to $54.00 in a research report on Monday, November 17th. Morgan Stanley boosted their target price on shares of Vita Coco from $45.00 to $49.00 and gave the company an “equal weight” rating in a research report on Monday, November 17th. Jefferies Financial Group increased their target price on shares of Vita Coco from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, November 17th. Evercore ISI lifted their price target on shares of Vita Coco from $50.00 to $55.00 and gave the company an “outperform” rating in a research note on Monday, November 17th. Finally, Wall Street Zen raised shares of Vita Coco from a “hold” rating to a “buy” rating in a research report on Saturday, December 20th. Seven investment analysts have rated the stock with a Buy rating and four have issued 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 a consensus target price of $53.50.

Vita Coco Price Performance

The business’s fifty day moving average price is $53.70 and its 200-day moving average price is $44.38. The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of 49.01, a PEG ratio of 1.51 and a beta of 0.38.

Insider Buying and Selling

In related news, insider Es Charles Van sold 20,000 shares of Vita Coco stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $50.00, for a total transaction of $1,000,000.00. Following the transaction, the insider owned 84,328 shares of the company’s stock, valued at $4,216,400. The trade was a 19.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ira Liran sold 33,862 shares of the stock in a transaction on Monday, November 24th. The shares were sold at an average price of $50.27, for a total value of $1,702,242.74. Following the completion of the sale, the director directly owned 602,579 shares of the company’s stock, valued at $30,291,646.33. The trade was a 5.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 211,421 shares of company stock valued at $10,080,091. Company insiders own 34.20% of the company’s stock.

Institutional Trading of Vita Coco

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Vita Coco by 8.2% during the fourth quarter. Vanguard Group Inc. now owns 3,149,584 shares of the company’s stock valued at $166,959,000 after purchasing an additional 237,510 shares in the last quarter. Wasatch Advisors LP grew its position in Vita Coco by 3.3% in the 3rd quarter. Wasatch Advisors LP now owns 2,729,393 shares of the company’s stock worth $115,917,000 after purchasing an additional 86,541 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in Vita Coco by 12.1% in the 3rd quarter. Artisan Partners Limited Partnership now owns 2,073,329 shares of the company’s stock valued at $88,054,000 after buying an additional 224,305 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Vita Coco by 232.2% during the 3rd quarter. Wellington Management Group LLP now owns 1,992,404 shares of the company’s stock worth $84,617,000 after buying an additional 1,392,678 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Vita Coco in the 3rd quarter worth approximately $62,815,000. Institutional investors own 88.49% of the company’s stock.

About Vita Coco

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.