Vita Coco (NASDAQ:COCO) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded Vita Coco from “strong buy” to “hold,” while Wall Street Zen also lowered its rating to “hold.” Despite this, the broader analyst consensus remains “Moderate Buy,” with an average price target of $76.86.
• Vita Coco reported stronger-than-expected quarterly results, earning $0.82 per share versus the $0.56 consensus estimate and generating $216.15 million in revenue. Revenue increased 28.1% year over year, supported by a 15.5% net margin.
• The stock opened at $59.60, below its 50-day and 200-day moving averages, and has traded between $37.63 and $85.83 over the past year. Institutional investors own approximately 88.49% of the company’s shares.

Vita Coco (NASDAQ:COCO - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Monday, Zacks reports.

Several other equities research analysts have also recently weighed in on the company. Wall Street Zen cut Vita Coco from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Evercore raised their price objective on shares of Vita Coco from $75.00 to $80.00 and gave the company an "outperform" rating in a research report on Friday, July 24th. The Goldman Sachs Group set a $90.00 price objective on shares of Vita Coco and gave the company a "buy" rating in a research note on Thursday, July 23rd. Piper Sandler lowered their target price on shares of Vita Coco from $89.00 to $83.00 and set an "overweight" rating on the stock in a research note on Thursday, September 10th. Finally, Citigroup reissued a "buy" rating on shares of Vita Coco in a report on Tuesday, May 26th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $76.86.

Vita Coco Price Performance

NASDAQ:COCO opened at $59.60 on Monday. Vita Coco has a 1 year low of $37.63 and a 1 year high of $85.83. The stock's fifty day moving average price is $62.86 and its two-hundred day moving average price is $64.22. The company has a market cap of $3.42 billion, a P/E ratio of 32.93, a P/E/G ratio of 1.09 and a beta of 0.75.

Vita Coco (NASDAQ:COCO - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.26. The company had revenue of $216.15 million during the quarter, compared to analysts' expectations of $210.64 million. Vita Coco had a return on equity of 31.09% and a net margin of 15.50%.The firm's quarterly revenue was up 28.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.38 earnings per share. On average, analysts expect that Vita Coco will post 1.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Vita Coco

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Vita Coco during the 2nd quarter valued at $463,654,000. Wasatch Advisors LP lifted its stake in Vita Coco by 80.3% in the first quarter. Wasatch Advisors LP now owns 3,675,489 shares of the company's stock worth $176,093,000 after purchasing an additional 1,637,437 shares during the last quarter. Westfield Capital Management Co. LP boosted its position in Vita Coco by 1.0% during the fourth quarter. Westfield Capital Management Co. LP now owns 1,073,610 shares of the company's stock valued at $56,912,000 after buying an additional 10,849 shares during the period. Bank of America Corp DE purchased a new stake in Vita Coco during the second quarter valued at about $56,722,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Vita Coco by 6.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,073,413 shares of the company's stock valued at $51,422,000 after buying an additional 61,950 shares during the last quarter. 88.49% of the stock is currently owned by institutional investors.

Vita Coco Company Profile

The Vita Coco Company, Inc is a beverage company focused on better-for-you hydration products. Its flagship Vita Coco brand offers coconut water and related coconut-based beverages, including flavored and nutrient-enhanced varieties. The company also markets other functional hydration products, such as protein and electrolyte beverages, through its broader brand portfolio.

Founded in 2004 by Michael Kirban and Ira Liran, Vita Coco helped popularize coconut water in the United States. The company sells its products through grocery stores, mass retailers, convenience stores, club stores, e-commerce platforms and other retail channels.

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