Vita Coco (NASDAQ:COCO) Stock Price Up 6.2% After Earnings Beat

The Vita Coco Company, Inc. (NASDAQ:COCO) shares rose 6.2% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $26.17 and last traded at $25.74. Approximately 466,765 shares were traded during trading, a decline of 33% from the average daily volume of 696,123 shares. The stock had previously closed at $24.24.

The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.05. The business had revenue of $112.00 million for the quarter, compared to the consensus estimate of $111.72 million. Vita Coco had a net margin of 10.93% and a return on equity of 26.99%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.12 EPS.

Analyst Ratings Changes

A number of research analysts have issued reports on COCO shares. Piper Sandler upped their target price on shares of Vita Coco from $24.00 to $28.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. Stephens raised Vita Coco from an “equal weight” rating to an “overweight” rating and set a $31.00 price target for the company in a research note on Thursday, February 29th. TheStreet cut Vita Coco from a “b-” rating to a “c+” rating in a research note on Monday, January 22nd. William Blair cut Vita Coco from an “outperform” rating to a “market perform” rating in a research note on Monday, January 22nd. Finally, The Goldman Sachs Group lowered their price target on Vita Coco from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Tuesday, January 30th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $29.71.

Insider Buying and Selling

In related news, Chairman Michael Kirban sold 6,900 shares of the stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $25.00, for a total transaction of $172,500.00. Following the completion of the sale, the chairman now directly owns 633,448 shares of the company’s stock, valued at approximately $15,836,200. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Ira Liran sold 6,915 shares of the firm’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $25.00, for a total transaction of $172,875.00. Following the completion of the transaction, the director now directly owns 985,729 shares of the company’s stock, valued at approximately $24,643,225. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Michael Kirban sold 6,900 shares of the firm’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $25.00, for a total transaction of $172,500.00. Following the transaction, the chairman now directly owns 633,448 shares of the company’s stock, valued at $15,836,200. The disclosure for this sale can be found here. In the last three months, insiders sold 52,353 shares of company stock valued at $1,309,536. 51.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Vita Coco

Hedge funds have recently made changes to their positions in the business. Syon Capital LLC bought a new position in shares of Vita Coco during the 4th quarter worth approximately $113,931,000. Oak Ridge Investments LLC acquired a new stake in shares of Vita Coco in the 4th quarter valued at approximately $1,922,000. AMI Asset Management Corp boosted its holdings in shares of Vita Coco by 51.4% in the 4th quarter. AMI Asset Management Corp now owns 121,856 shares of the company’s stock valued at $3,126,000 after buying an additional 41,374 shares during the last quarter. Great Lakes Advisors LLC boosted its holdings in shares of Vita Coco by 69.7% in the 3rd quarter. Great Lakes Advisors LLC now owns 124,227 shares of the company’s stock valued at $3,235,000 after buying an additional 51,043 shares during the last quarter. Finally, 12 West Capital Management LP acquired a new stake in shares of Vita Coco in the 3rd quarter valued at approximately $9,114,000. 88.49% of the stock is owned by institutional investors.

Vita Coco Stock Performance

The company has a market cap of $1.50 billion, a price-to-earnings ratio of 28.76, a P/E/G ratio of 2.09 and a beta of 0.18. The firm has a fifty day moving average price of $24.66 and a 200 day moving average price of $25.02.

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.