714,950 Vita Coco Company, Inc. $COCO Shares Purchased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its Vita Coco stake by 7,660.5% in the third quarter, buying 714,950 shares to hold 724,283 shares worth about $41.3 million.
• Vita Coco beat quarterly earnings and revenue estimates, reporting EPS of $0.58 versus $0.47 expected and revenue of $243.8 million, up 33.7% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $74.12; shares opened at $65.31 in the session described.

Allspring Global Investments Holdings LLC boosted its position in shares of Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 7,660.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 724,283 shares of the company's stock after buying an additional 714,950 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 1.27% of Vita Coco worth $41,291,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in COCO. BlackRock Inc. acquired a new position in Vita Coco in the 2nd quarter worth about $463,654,000. Bank of America Corp DE purchased a new stake in shares of Vita Coco in the second quarter valued at approximately $56,722,000. Bank of New York Mellon Corp purchased a new stake in shares of Vita Coco in the second quarter valued at approximately $17,119,000. 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 worth $19,486,000 after buying an additional 241,836 shares during the period. Finally, Legal & General Group Plc acquired a new position in shares of Vita Coco during the 2nd quarter worth approximately $7,057,000. Hedge funds and other institutional investors own 88.49% of the company's stock.

Vita Coco Trading Down 0.9%

NASDAQ:COCO opened at $65.31 on Thursday. The company's 50-day moving average price is $57.68 and its 200-day moving average price is $62.01. The company has a market cap of $3.73 billion, a P/E ratio of 33.12, a P/E/G ratio of 1.69 and a beta of 0.76. Vita Coco Company, Inc. has a twelve month low of $41.50 and a twelve month high of $85.83.

Vita Coco (NASDAQ:COCO - Get Free Report) last released its quarterly earnings data on Thursday, October 22nd. The company reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.47 by $0.11. The company had revenue of $243.83 million during the quarter, compared to the consensus estimate of $230.10 million. Vita Coco had a net margin of 15.70% and a return on equity of 31.84%. Vita Coco's quarterly revenue was up 33.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.40 EPS. On average, analysts expect that Vita Coco Company, Inc. will post 2.06 earnings per share for the current year.

Wall Street Analysts Forecast Growth

COCO has been the topic of a number of research analyst reports. Wells Fargo & Company dropped their price target on shares of Vita Coco from $85.00 to $65.00 and set an "overweight" rating on the stock in a research note on Monday, October 5th. Morgan Stanley upped their price objective on shares of Vita Coco from $65.00 to $68.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 28th. Wall Street Zen downgraded shares of Vita Coco from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. William Blair reiterated a "market perform" rating on shares of Vita Coco in a research report on Thursday, October 22nd. Finally, Oppenheimer initiated coverage on shares of Vita Coco in a research note on Thursday, October 1st. They set an "outperform" rating and a $70.00 target price for the company. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $74.12.

Insider Activity at Vita Coco

In other Vita Coco news, CFO Corey Baker sold 5,000 shares of the firm's stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $65.00, for a total value of $325,000.00. Following the completion of the sale, the chief financial officer directly owned 24,951 shares of the company's stock, valued at $1,621,815. This trade represents a 16.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 12.90% of the company's stock.

Vita Coco Profile

The Vita Coco Company, Inc. develops, markets and distributes plant-based beverages. Its best-known product is Vita Coco coconut water, and its portfolio also includes coconut milk, coconut oil and other hydration products, including the PWR LIFT brand. Founded in 2004 by Michael Kirban and Ira Liran, the company helped build the packaged coconut water category in the United States. It sells products through retail and online channels in the U.S. and international markets.

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