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

Vita Coco Company, Inc. (NASDAQ:COCO)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $52.88, but opened at $56.50. Vita Coco shares last traded at $56.5640, with a volume of 251,424 shares trading hands.

Wall Street Analyst Weigh In

COCO has been the topic of a number of research reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Vita Coco in a report on Monday, December 29th. Wall Street Zen raised Vita Coco from a “sell” rating to a “hold” rating in a research note on Saturday. Wells Fargo & Company increased their price objective on Vita Coco from $50.00 to $63.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Zacks Research lowered Vita Coco from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Finally, Piper Sandler boosted their target price on Vita Coco from $47.00 to $59.00 and gave the company an “overweight” rating in a report on Tuesday, November 25th. Seven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $56.38.

Vita Coco Price Performance

The business’s 50 day moving average price is $55.17 and its 200-day moving average price is $49.29. The firm has a market capitalization of $3.24 billion, a price-to-earnings ratio of 47.51, a price-to-earnings-growth ratio of 1.66 and a beta of 0.36.

Vita Coco (NASDAQ:COCO) last announced its quarterly earnings data on Wednesday, February 18th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). Vita Coco had a net margin of 11.70% and a return on equity of 23.19%. The firm had revenue of $127.79 million during the quarter, compared to analyst estimates of $117.80 million. During the same quarter in the previous year, the business earned $0.06 EPS. Vita Coco’s revenue for the quarter was up .4% on a year-over-year basis. As a group, analysts expect that Vita Coco Company, Inc. will post 1.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CMO Jane Prior sold 50,000 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $52.92, for a total transaction of $2,646,000.00. Following the transaction, the chief marketing officer owned 127,399 shares of the company’s stock, valued at $6,741,955.08. This represents a 28.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Corey Baker sold 2,000 shares of the stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $58.04, for a total value of $116,080.00. Following the completion of the transaction, the chief financial officer owned 27,951 shares of the company’s stock, valued at $1,622,276.04. The trade was a 6.68% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 190,800 shares of company stock worth $10,704,346. Corporate insiders own 34.20% of the company’s stock.

Hedge Funds Weigh In On Vita Coco

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Vita Coco by 8.2% in the fourth quarter. Vanguard Group Inc. now owns 3,149,584 shares of the company’s stock valued at $166,959,000 after purchasing an additional 237,510 shares during the period. Wasatch Advisors LP grew its position in Vita Coco by 3.3% during the third quarter. Wasatch Advisors LP now owns 2,729,393 shares of the company’s stock worth $115,917,000 after buying an additional 86,541 shares during the period. Wellington Management Group LLP increased its holdings in Vita Coco by 22.1% in the fourth quarter. Wellington Management Group LLP now owns 2,432,362 shares of the company’s stock valued at $128,940,000 after buying an additional 439,958 shares in the last quarter. Artisan Partners Limited Partnership increased its holdings in Vita Coco by 12.1% in the third quarter. Artisan Partners Limited Partnership now owns 2,073,329 shares of the company’s stock valued at $88,054,000 after buying an additional 224,305 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Vita Coco during the 3rd quarter valued at approximately $62,815,000. 88.49% of the stock is owned by institutional investors and hedge funds.

Vita Coco Company Profile

Vita Coco, Inc (NASDAQ: COCO) is a global beverage company specializing in coconut-based products. Founded in 2004 by Michael Kirban and Ira Liran, the company pioneered the introduction of refrigerated coconut water to U.S. consumers. Headquartered in New York City, Vita Coco sources coconuts from growers in tropical regions such as the Philippines, Indonesia and Brazil, partnering with local farmers to promote sustainable agriculture and community development.

The company’s flagship offering, Vita Coco Original Coconut Water, is available in multiple pack sizes and a variety of flavors.