Vita Coco (NASDAQ:COCO) Stock: Insider Corey Baker Sells 1,000 Shares

Vita Coco Company, Inc. (NASDAQ:COCO) CFO Corey Baker sold 1,000 shares of the company’s stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $60.00, for a total transaction of $60,000.00. Following the completion of the sale, the chief financial officer directly owned 24,951 shares of the company’s stock, valued at $1,497,060. This trade represents a 3.85% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Corey Baker also recently made the following trade(s):

• On Wednesday, November 4th, Corey Baker sold 5,000 shares of Vita Coco stock. The shares were sold at an average price of $65.00, for a total transaction of $325,000.00.

Vita Coco Stock Down 1.9%

Shares of COCO stock opened at $62.45 on Friday. Vita Coco Company, Inc. has a 52-week low of $40.62 and a 52-week high of $85.83. The firm has a market cap of $3.56 billion, a price-to-earnings ratio of 29.25, a PEG ratio of 1.49 and a beta of 0.76. The company’s 50 day moving average is $57.33 and its 200 day moving average is $61.82.

Vita Coco (NASDAQ:COCO) last issued its quarterly earnings results on Thursday, October 22nd. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.11. The company had revenue of $243.83 million for the quarter, compared to analyst estimates of $230.10 million. Vita Coco had a net margin of 15.70% and a return on equity of 31.84%. The business’s revenue for the quarter was up 33.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.40 earnings per share. Analysts anticipate that Vita Coco Company, Inc. will post 2.06 EPS for the current fiscal year.

Institutional Trading of Vita Coco

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Vita Coco in the second quarter worth about $463,654,000. Congress Asset Management Co. increased its stake in shares of Vita Coco by 2.8% during the third quarter. Congress Asset Management Co. now owns 1,240,321 shares of the company’s stock worth $71,015,000 after buying an additional 33,219 shares during the period. Bank of America Corp DE purchased a new position in Vita Coco during the 2nd quarter worth $56,722,000. Dimensional Fund Advisors LP increased its holdings in shares of Vita Coco by 6.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,073,413 shares of the company’s stock valued at $51,422,000 after purchasing an additional 61,950 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Vita Coco by 7,660.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 724,283 shares of the company’s stock valued at $41,291,000 after buying an additional 714,950 shares in the last quarter. Hedge funds and other institutional investors own 88.49% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on COCO. Piper Sandler increased their price objective on shares of Vita Coco from $83.00 to $88.00 and gave the stock an “overweight” rating in a research note on Friday, October 23rd. William Blair reaffirmed a “market perform” rating on shares of Vita Coco in a research note on Thursday, October 22nd. Oppenheimer began coverage on Vita Coco in a research note on Thursday, October 1st. They issued an “outperform” rating and a $70.00 target price for the company. Morgan Stanley increased their target price on Vita Coco from $65.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 28th. Finally, Zacks Research downgraded Vita Coco from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Vita Coco presently has an average rating of “Moderate Buy” and a consensus price target of $74.12.

About Vita Coco

The Vita Coco Company, Inc is a beverage company focused on hydration and wellness products. Its flagship brand, Vita Coco, offers coconut water in a variety of formats and flavors, including original, flavored and pressed coconut water products. The company also markets other beverages under brands such as Ever & Ever, a plant-based water brand, and PWR LIFT, a functional hydration beverage.

Vita Coco products are sold through grocery stores, mass merchandisers, convenience stores, club retailers, e-commerce platforms and foodservice channels.