Wells Fargo & Company Cuts Vita Coco (NASDAQ:COCO) Price Target to $65.00

Vita Coco (NASDAQ:COCO) had its price target trimmed by Wells Fargo & Company from $85.00 to $65.00 in a research report released on Monday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts have also weighed in on COCO. Wall Street Zen lowered shares of Vita Coco from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Weiss Ratings downgraded shares of Vita Coco from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, September 29th. Zacks Research cut Vita Coco from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. Piper Sandler lowered their price target on Vita Coco from $89.00 to $83.00 and set an “overweight” rating on the stock in a research report on Thursday, September 10th. Finally, Evercore boosted their price target on Vita Coco from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $73.50.

Vita Coco Trading Down 7.0%

NASDAQ:COCO opened at $50.65 on Monday. Vita Coco has a 1-year low of $38.07 and a 1-year high of $85.83. The firm has a fifty day simple moving average of $59.57 and a 200 day simple moving average of $64.26. The stock has a market capitalization of $2.91 billion, a PE ratio of 27.98, a P/E/G ratio of 1.51 and a beta of 0.76.

Vita Coco (NASDAQ:COCO) last issued its earnings results on Thursday, July 23rd. The company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.26. Vita Coco had a net margin of 15.50% and a return on equity of 31.09%. The business had revenue of $216.15 million for the quarter, compared to the consensus estimate of $210.64 million. During the same period in the previous year, the company earned $0.38 earnings per share. The firm’s revenue for the quarter was up 28.1% on a year-over-year basis. On average, equities analysts predict that Vita Coco will post 1.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Vita Coco

Several hedge funds have recently bought and sold shares of COCO. BlackRock Inc. acquired a new position in shares of Vita Coco in the second quarter valued at approximately $463,654,000. Wasatch Advisors LP increased its stake in shares of Vita Coco by 80.3% during the first quarter. Wasatch Advisors LP now owns 3,675,489 shares of the company’s stock worth $176,093,000 after purchasing an additional 1,637,437 shares during the period. Congress Asset Management Co. lifted its holdings in Vita Coco by 2.8% during the 3rd quarter. Congress Asset Management Co. now owns 1,240,321 shares of the company’s stock worth $71,015,000 after purchasing an additional 33,219 shares during the last quarter. Bank of America Corp DE acquired a new stake in Vita Coco during the 2nd quarter worth approximately $56,722,000. Finally, Dimensional Fund Advisors LP boosted its stake in 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 during the period. 88.49% of the stock is currently owned by institutional investors and hedge funds.

Vita Coco Company Profile

The Vita Coco Company, Inc is a beverage company focused on hydration and wellness products. Its flagship brand, Vita Coco, offers coconut water and related coconut-based beverages, including flavored and nutrient-enhanced varieties. The company also markets other functional and hydration-focused products under brands such as PWR LIFT and Ever & Ever.

Founded in 2004, Vita Coco helped expand the mainstream market for packaged coconut water. The company sells its products through grocery stores, mass retailers, convenience stores, clubs, e-commerce platforms, and food-service channels.