Allworth Financial LP Invests $6.92 Million in Vita Coco Company, Inc. $COCO

Key Points

• Allworth Financial LP acquired 104,613 Vita Coco shares worth approximately $6.92 million, while institutional investors collectively own 88.49% of the company.
• Vita Coco reported strong quarterly results, with EPS of $0.82 versus the $0.56 analyst consensus and revenue of $216.15 million, up 28.1% year over year.
• The stock opened at $65.17, below the analyst consensus price target of $77.71; analysts maintain a “Moderate Buy” consensus, although insiders sold roughly $28 million in shares during the last quarter.

Allworth Financial LP bought a new position in shares of Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 104,613 shares of the company's stock, valued at approximately $6,919,000. Allworth Financial LP owned about 0.18% of Vita Coco as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in COCO. BlackRock Inc. acquired a new stake in shares of Vita Coco in the 2nd quarter valued at approximately $463,654,000. Wasatch Advisors LP increased its position in Vita Coco by 80.3% during the 1st quarter. Wasatch Advisors LP now owns 3,675,489 shares of the company's stock worth $176,093,000 after buying an additional 1,637,437 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Vita Coco by 8.2% during the fourth quarter. Vanguard Group Inc. now owns 3,149,584 shares of the company's stock worth $166,959,000 after buying an additional 237,510 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Vita Coco by 22.1% during the fourth quarter. Wellington Management Group LLP now owns 2,432,362 shares of the company's stock worth $128,940,000 after buying an additional 439,958 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. bought a new stake in shares of Vita Coco in the fourth quarter valued at about $73,242,000. 88.49% of the stock is owned by institutional investors.

Vita Coco Stock Down 3.6%

Vita Coco stock opened at $65.17 on Friday. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of 36.01, a PEG ratio of 1.27 and a beta of 0.77. The business has a 50-day simple moving average of $71.17 and a 200 day simple moving average of $63.97. Vita Coco Company, Inc. has a 52 week low of $33.19 and a 52 week high of $85.83.

Vita Coco (NASDAQ:COCO - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $0.82 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.56 by $0.26. Vita Coco had a return on equity of 31.09% and a net margin of 15.50%.The firm had revenue of $216.15 million during the quarter, compared to analysts' expectations of $210.64 million. During the same period in the prior year, the business earned $0.38 EPS. The company's revenue for the quarter was up 28.1% compared to the same quarter last year. On average, research analysts anticipate that Vita Coco Company, Inc. will post 1.96 earnings per share for the current year.

Insider Activity

In other news, Director Ira Liran sold 73,842 shares of Vita Coco stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $80.32, for a total transaction of $5,930,989.44. Following the sale, the director owned 402,579 shares in the company, valued at $32,335,145.28. This trade represents a 15.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kenneth Sadowsky sold 3,900 shares of the business's stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $82.92, for a total transaction of $323,388.00. Following the completion of the sale, the director owned 580,296 shares in the company, valued at $48,118,144.32. This represents a 0.67% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 351,945 shares of company stock valued at $28,007,266 in the last quarter. 12.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have commented on COCO. Citigroup reiterated a "buy" rating on shares of Vita Coco in a research report on Tuesday, May 26th. The Goldman Sachs Group set a $90.00 price target on Vita Coco and gave the stock a "buy" rating in a report on Thursday, July 23rd. Zacks Research raised Vita Coco from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 28th. Morgan Stanley lifted their target price 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. Finally, Jefferies Financial Group boosted their target price on shares of Vita Coco from $63.00 to $78.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $77.71.

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.

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