Wells Fargo & Company Issues Pessimistic Forecast for Vita Coco (NASDAQ:COCO) Stock Price

Key Points

• Wells Fargo cut Vita Coco’s price target from $85 to $65 while maintaining an “overweight” rating, implying approximately 13.16% upside from the stock’s current price.
• Analyst sentiment remains generally positive but has softened: Vita Coco has a consensus “Moderate Buy” rating and an average price target of $73.50, with eight Buy ratings and three Holds.
• Vita Coco reported stronger-than-expected quarterly results, posting $0.82 in EPS and $216.15 million in revenue, with revenue rising 28.1% year over year; institutional investors own 88.49% of the stock.

Vita Coco (NASDAQ:COCO - Get Free Report) had its price objective reduced by investment analysts at Wells Fargo & Company from $85.00 to $65.00 in a report released on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 13.16% from the stock's current price.

COCO has been the subject of a number of other reports. Piper Sandler lowered their price objective on shares of Vita Coco from $89.00 to $83.00 and set an "overweight" rating for the company in a research note on Thursday, September 10th. Wall Street Zen cut shares of Vita Coco from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. The Goldman Sachs Group set a $90.00 price objective on shares of Vita Coco and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Weiss Ratings downgraded shares of Vita Coco from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, September 29th. Finally, Oppenheimer assumed coverage on Vita Coco in a research report on Thursday. They set an "outperform" rating and a $70.00 price target on the stock. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $73.50.

Vita Coco Trading Up 2.6%

COCO stock opened at $57.44 on Monday. Vita Coco has a 12 month low of $38.07 and a 12 month high of $85.83. The stock has a market cap of $3.30 billion, a PE ratio of 31.55, a P/E/G ratio of 1.55 and a beta of 0.76. The company has a 50-day moving average price of $60.45 and a 200 day moving average price of $64.32.

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

Institutional Trading of Vita Coco

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Vita Coco in the 2nd quarter worth approximately $463,654,000. Wasatch Advisors LP raised its holdings in shares of Vita Coco by 80.3% during 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. Dimensional Fund Advisors LP lifted its position in 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 purchasing an additional 61,950 shares during the period. Bank of America Corp DE purchased a new stake in Vita Coco in the second quarter valued at $56,722,000. Finally, Principal Financial Group Inc. raised its stake in shares of Vita Coco by 146.7% during the 1st quarter. Principal Financial Group Inc. now owns 406,719 shares of the company's stock valued at $19,486,000 after buying an additional 241,836 shares during the last quarter. Hedge funds and other institutional investors own 88.49% of the company's stock.

Vita Coco Company Profile

The Vita Coco Company, Inc is a beverage company focused on hydration and wellness products. Its flagship brand, Vita Coco, offers coconut water and related coconut-based beverages, including flavored and nutrient-enhanced varieties. The company also markets other functional and hydration-focused products under brands such as PWR LIFT and Ever & Ever.

Founded in 2004, Vita Coco helped expand the mainstream market for packaged coconut water. The company sells its products through grocery stores, mass retailers, convenience stores, clubs, e-commerce platforms, and food-service channels.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.