Vita Coco (NASDAQ:COCO) Releases Earnings Results, Beats Expectations By $0.11 EPS

Key Points

• Vita Coco reported quarterly EPS of $0.58, beating analyst expectations by $0.11, while revenue increased 33.7% year over year to support stronger profitability.
• Shares traded down 6.2% and opened at $59.55, well below the 52-week high of $85.83; the company’s market capitalization stood at approximately $3.42 billion.
• Analysts remain broadly positive, with nine Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $73.50.

Vita Coco (NASDAQ:COCO - Get Free Report) issued its earnings results on Thursday. The company reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.47 by $0.11, Zacks reports. Vita Coco had a return on equity of 31.09% and a net margin of 15.50%. The firm's quarterly revenue was up 33.7% on a year-over-year basis. During the same period last year, the business earned $0.40 earnings per share.

Vita Coco Trading Down 6.2%

Shares of COCO opened at $59.55 on Thursday. The stock has a market cap of $3.42 billion, a PE ratio of 32.80, a PEG ratio of 1.66 and a beta of 0.76. Vita Coco has a 1 year low of $39.60 and a 1 year high of $85.83. The stock has a 50 day simple moving average of $58.44 and a 200-day simple moving average of $64.84.

Wall Street Analysts Forecast Growth

COCO has been the topic of a number of recent research reports. Evercore lifted their price target on shares of Vita Coco from $75.00 to $80.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. Piper Sandler dropped 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 downgraded shares of Vita Coco from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Weiss Ratings upgraded shares of Vita Coco from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, October 14th. Finally, Oppenheimer began coverage on shares of Vita Coco in a research report on Thursday, October 1st. They set an "outperform" rating and a $70.00 target price on the stock. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $73.50.

About Vita Coco

The Vita Coco Company, Inc is a beverage company focused on hydration and wellness products. Its flagship brand, Vita Coco, offers coconut water in a variety of formats and flavors, including original, flavored and pressed coconut water products. The company also markets other beverages under brands such as Ever & Ever, a plant-based water brand, and PWR LIFT, a functional hydration beverage.

Vita Coco products are sold through grocery stores, mass merchandisers, convenience stores, club retailers, e-commerce platforms and foodservice channels.

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