Vita Coco (NASDAQ:COCO) Reaches New 52-Week High – Here’s What Happened

The Vita Coco Company, Inc. (NASDAQ:COCO) reached a new 52-week high on Wednesday . The company traded as high as $37.29 and last traded at $37.13, with a volume of 180024 shares changing hands. The stock had previously closed at $36.35.

Analyst Ratings Changes

A number of analysts recently weighed in on COCO shares. Bank of America increased their price objective on Vita Coco from $30.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Craig Hallum increased their price objective on Vita Coco from $33.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Vita Coco presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.14.

Vita Coco Stock Up 1.8 %

The firm’s 50-day simple moving average is $32.62 and its 200-day simple moving average is $29.04. The firm has a market capitalization of $2.10 billion, a PE ratio of 36.72, a price-to-earnings-growth ratio of 2.37 and a beta of 0.31.

Vita Coco (NASDAQ:COCO) last posted its earnings results on Wednesday, October 30th. The company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.06. The company had revenue of $133.00 million during the quarter, compared to analyst estimates of $138.56 million. Vita Coco had a net margin of 11.99% and a return on equity of 26.49%. Vita Coco’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.26 earnings per share. On average, equities research analysts forecast that The Vita Coco Company, Inc. will post 1.07 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Martin F. Roper sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $35.07, for a total value of $175,350.00. Following the sale, the chief executive officer now owns 437,152 shares in the company, valued at approximately $15,330,920.64. This trade represents a 1.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Jonathan Burth sold 905 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $30.04, for a total transaction of $27,186.20. Following the completion of the sale, the chief operating officer now owns 123,300 shares in the company, valued at $3,703,932. This represents a 0.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 89,951 shares of company stock worth $3,201,769 over the last three months. Company insiders own 34.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of COCO. Price T Rowe Associates Inc. MD purchased a new position in shares of Vita Coco during the 1st quarter valued at $263,000. California State Teachers Retirement System lifted its stake in shares of Vita Coco by 14.3% during the 1st quarter. California State Teachers Retirement System now owns 37,001 shares of the company’s stock valued at $904,000 after buying an additional 4,634 shares in the last quarter. Comerica Bank lifted its stake in shares of Vita Coco by 1,155.7% during the 1st quarter. Comerica Bank now owns 3,993 shares of the company’s stock valued at $98,000 after buying an additional 3,675 shares in the last quarter. CWM LLC increased its holdings in shares of Vita Coco by 40.7% in the 2nd quarter. CWM LLC now owns 2,720 shares of the company’s stock worth $76,000 after buying an additional 787 shares during the last quarter. Finally, Diversified Trust Co bought a new stake in shares of Vita Coco in the 2nd quarter worth about $313,000. Hedge funds and other institutional investors own 88.49% of the company’s stock.

About Vita Coco

The Vita Coco Company, Inc develops, markets, and distributes coconut water products under the Vita Coco brand name in the United States, Canada, Europe, the Middle East, Africa, and the Asia Pacific. The company offers coconut oil and coconut milk; juice; Runa, a plant-based energy drink; packaged water under the Ever & Ever brand name; and PWR LIFT, a protein-infused fitness drink.