Baird Financial Group Inc. Sells 64,497 Shares of Vita Coco Company, Inc. $COCO

Key Points

• Baird Financial Group cut its Vita Coco stake by 72.7% in the second quarter, selling 64,497 shares and retaining 24,245 shares valued at approximately $1.604 million.
• Institutional ownership remains high at 88.49%, with several firms initiating new positions and Ameritas Advisory Services significantly increasing its holdings.
• Vita Coco reported strong quarterly results, with EPS of $0.82 beating estimates of $0.56 and revenue rising 28.1% year over year to $216.15 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $76.86.

Baird Financial Group Inc. decreased its stake in Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 72.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,245 shares of the company's stock after selling 64,497 shares during the quarter. Baird Financial Group Inc.'s holdings in Vita Coco were worth $1,604,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in COCO. Nykredit A S purchased a new position in Vita Coco during the second quarter valued at approximately $123,000. Amundi purchased a new stake in Vita Coco in the 2nd quarter worth $686,000. HighTower Advisors LLC purchased a new stake in Vita Coco in the 2nd quarter worth $2,657,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Vita Coco during the second quarter valued at about $1,118,000. Finally, Ameritas Advisory Services LLC raised its holdings in Vita Coco by 166,200.0% during the second quarter. Ameritas Advisory Services LLC now owns 1,663 shares of the company's stock valued at $110,000 after acquiring an additional 1,662 shares during the period. Institutional investors own 88.49% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports 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. Citigroup restated a "buy" rating on shares of Vita Coco in a research note on Tuesday, May 26th. Zacks Research raised shares of Vita Coco from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. Evercore lifted 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. Finally, Morgan Stanley boosted their target price on shares of Vita Coco from $65.00 to $68.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $76.86.

Vita Coco Stock Performance

Shares of NASDAQ:COCO opened at $55.82 on Friday. The firm's 50 day simple moving average is $63.50 and its 200-day simple moving average is $64.10. Vita Coco Company, Inc. has a one year low of $37.63 and a one year high of $85.83. The firm has a market cap of $3.20 billion, a PE ratio of 30.84, a price-to-earnings-growth ratio of 1.07 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 (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.26. The firm had revenue of $216.15 million during the quarter, compared to analyst estimates of $210.64 million. Vita Coco had a return on equity of 31.09% and a net margin of 15.50%.Vita Coco's quarterly revenue was up 28.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.38 earnings per share. Equities research analysts predict that Vita Coco Company, Inc. will post 1.95 EPS for the current fiscal year.

Vita Coco 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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