Vita Coco (NASDAQ:COCO) Sets New 52-Week High – Time to Buy?

Vita Coco Company, Inc. (NASDAQ:COCO)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $80.34 and last traded at $79.5960, with a volume of 303584 shares trading hands. The stock had previously closed at $78.74.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Evercore reiterated an “outperform” rating and set a $70.00 target price on shares of Vita Coco in a research report on Thursday, March 12th. Zacks Research raised shares of Vita Coco from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Weiss Ratings raised shares of Vita Coco from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Morgan Stanley set a $65.00 price objective on shares of Vita Coco in a research report on Thursday, April 30th. Finally, Wall Street Zen raised shares of Vita Coco from a “sell” rating to a “buy” rating in a research report on Saturday, May 2nd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $70.43.

Vita Coco Stock Performance

The stock’s 50-day simple moving average is $63.69 and its 200-day simple moving average is $57.57. The firm has a market capitalization of $4.58 billion, a PE ratio of 58.54, a P/E/G ratio of 1.78 and a beta of 0.74.

Vita Coco (NASDAQ:COCO) last released its earnings results on Wednesday, April 29th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.16. The firm had revenue of $179.77 million for the quarter, compared to the consensus estimate of $148.39 million. Vita Coco had a net margin of 12.59% and a return on equity of 25.43%. The company’s revenue was up 37.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.31 EPS. As a group, analysts predict that Vita Coco Company, Inc. will post 1.76 earnings per share for the current fiscal year.

Insider Transactions at Vita Coco

In other news, COO Jonathan Burth sold 30,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $75.00, for a total value of $2,250,000.00. Following the sale, the chief operating officer directly owned 57,910 shares of the company’s stock, valued at $4,343,250. This represents a 34.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kenneth Sadowsky sold 3,900 shares of the company’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $77.47, for a total transaction of $302,133.00. Following the completion of the sale, the director directly owned 582,666 shares in the company, valued at $45,139,135.02. This represents a 0.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 435,306 shares of company stock worth $26,054,832. 32.30% of the stock is owned by insiders.

Institutional Trading of Vita Coco

A number of hedge funds and other institutional investors have recently modified their holdings of COCO. Wasatch Advisors LP grew its position in Vita Coco by 80.3% during the 1st quarter. Wasatch Advisors LP now owns 3,675,489 shares of the company’s stock valued at $176,093,000 after purchasing an additional 1,637,437 shares during the last quarter. Vanguard Group Inc. grew its position in Vita Coco by 8.2% during the 4th 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 during the last quarter. Wellington Management Group LLP grew its position in Vita Coco by 22.1% during the 4th quarter. Wellington Management Group LLP now owns 2,432,362 shares of the company’s stock valued at $128,940,000 after purchasing an additional 439,958 shares during the last quarter. Artisan Partners Limited Partnership grew its position in Vita Coco by 12.1% during the 3rd quarter. Artisan Partners Limited Partnership now owns 2,073,329 shares of the company’s stock valued at $88,054,000 after purchasing an additional 224,305 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Vita Coco during the 3rd quarter valued at about $62,815,000. 88.49% of the stock is owned by hedge funds and other institutional investors.

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.