Short Interest in The Vita Coco Company, Inc. (NASDAQ:COCO) Drops By 7.7%

The Vita Coco Company, Inc. (NASDAQ:COCO) saw a significant decrease in short interest in the month of July. As of July 31st, there was short interest totalling 6,500,000 shares, a decrease of 7.7% from the July 15th total of 7,040,000 shares. Based on an average daily trading volume, of 644,700 shares, the days-to-cover ratio is presently 10.1 days. Approximately 17.0% of the company’s shares are short sold.

Analyst Ratings Changes

Several equities analysts have recently weighed in on COCO shares. Bank of America upped their price objective on shares of Vita Coco from $27.00 to $30.00 and gave the company a “neutral” rating in a report on Wednesday, July 10th. Jefferies Financial Group cut their price target on Vita Coco from $35.00 to $31.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Piper Sandler cut Vita Coco from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $29.00 to $28.00 in a research note on Friday, July 12th. Wells Fargo & Company upped their target price on Vita Coco from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Finally, Stephens reissued an “overweight” rating and issued a $31.00 price target on shares of Vita Coco in a research report on Thursday, May 23rd. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Insider Transactions at Vita Coco

In related news, COO Jonathan Burth sold 6,836 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $30.04, for a total value of $205,353.44. Following the transaction, the chief operating officer now owns 127,168 shares in the company, valued at $3,820,126.72. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Vita Coco news, COO Jonathan Burth sold 6,836 shares of Vita Coco stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $30.04, for a total value of $205,353.44. Following the completion of the sale, the chief operating officer now directly owns 127,168 shares in the company, valued at $3,820,126.72. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Es Charles Van sold 2,805 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $30.06, for a total value of $84,318.30. Following the completion of the transaction, the insider now directly owns 97,668 shares in the company, valued at $2,935,900.08. The disclosure for this sale can be found here. Insiders sold a total of 31,874 shares of company stock worth $945,365 over the last three months. 34.20% of the stock is owned by company insiders.

Institutional Trading of Vita Coco

A number of institutional investors and hedge funds have recently modified their holdings of COCO. Syon Capital LLC bought a new position in Vita Coco in the 4th quarter valued at $113,931,000. Vanguard Group Inc. grew its position in Vita Coco by 10.8% during the first quarter. Vanguard Group Inc. now owns 2,375,421 shares of the company’s stock valued at $58,032,000 after buying an additional 230,991 shares during the period. abrdn plc purchased a new stake in Vita Coco during the fourth quarter worth about $22,321,000. Dimensional Fund Advisors LP raised its position in Vita Coco by 25.1% in the second quarter. Dimensional Fund Advisors LP now owns 776,469 shares of the company’s stock worth $21,623,000 after acquiring an additional 156,033 shares during the period. Finally, William Blair Investment Management LLC boosted its stake in Vita Coco by 8.0% in the second quarter. William Blair Investment Management LLC now owns 761,315 shares of the company’s stock valued at $21,203,000 after acquiring an additional 56,416 shares during the last quarter. 88.49% of the stock is owned by hedge funds and other institutional investors.

Vita Coco Stock Down 2.0 %

Shares of NASDAQ:COCO opened at $25.00 on Wednesday. The business’s 50 day moving average is $27.06 and its 200 day moving average is $25.62. Vita Coco has a 12-month low of $19.41 and a 12-month high of $33.29. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of 27.17, a PEG ratio of 1.63 and a beta of 0.22.

Vita Coco (NASDAQ:COCO) last announced its earnings results on Wednesday, July 31st. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.31 by $0.01. Vita Coco had a net margin of 11.05% and a return on equity of 27.42%. The company had revenue of $144.00 million during the quarter, compared to the consensus estimate of $144.08 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. As a group, equities research analysts expect that Vita Coco will post 1 earnings per share for the current year.

Vita Coco Company Profile

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.