Vita Coco (NASDAQ:COCO) Shares Up 6.7% – Time to Buy?

Vita Coco Company, Inc. (NASDAQ:COCO) rose 6.7% during mid-day trading on Thursday. The stock traded as high as $52.46 and last traded at $54.0650. 29,865 shares changed hands during mid-day trading, a decline of 98% from the average daily volume of 1,207,726 shares. The stock had previously closed at $50.65.

Wall Street Analyst Weigh In

COCO has been the subject of a number of research analyst reports. Piper Sandler cut their price objective on shares of Vita Coco from $89.00 to $83.00 and set an “overweight” rating for the company in a research report on Thursday, September 10th. Morgan Stanley lifted their target price on Vita Coco from $65.00 to $68.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 28th. Evercore boosted their price target on Vita Coco from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Wells Fargo & Company cut their price target on Vita Coco from $85.00 to $65.00 and set an “overweight” rating for the company in a report on Monday. Finally, Weiss Ratings downgraded Vita Coco from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, September 29th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $73.50.

Vita Coco Stock Performance

The business’s 50 day moving average price is $59.57 and its 200-day moving average price is $64.26. The company has a market cap of $3.11 billion, a price-to-earnings ratio of 29.91, a PEG ratio of 1.51 and a beta of 0.76.

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

Hedge Funds Weigh In On Vita Coco

Hedge funds and other institutional investors have recently modified their holdings of the stock. IFP Advisors Inc grew its position in Vita Coco by 210.4% in the second quarter. IFP Advisors Inc now owns 689 shares of the company’s stock valued at $46,000 after acquiring an additional 467 shares during the period. Rockefeller Capital Management L.P. boosted its stake in shares of Vita Coco by 265.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,319 shares of the company’s stock valued at $70,000 after purchasing an additional 958 shares in the last quarter. KBC Group NV bought a new stake in shares of Vita Coco in the 1st quarter worth about $86,000. Ameritas Advisory Services LLC increased its holdings in shares of Vita Coco by 166,200.0% during the second quarter. Ameritas Advisory Services LLC now owns 1,663 shares of the company’s stock worth $110,000 after buying an additional 1,662 shares in the last quarter. Finally, Nykredit A S acquired a new stake in Vita Coco during the 2nd quarter valued at $123,000. Institutional investors own 88.49% of the company’s stock.

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 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.