Bank of America Corp DE Has $18.90 Million Position in The Vita Coco Company, Inc. (NASDAQ:COCO)

Bank of America Corp DE raised its position in The Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 382.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 512,120 shares of the company's stock after buying an additional 405,913 shares during the quarter. Bank of America Corp DE owned 0.90% of Vita Coco worth $18,902,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in COCO. Summit Investment Advisors Inc. increased its holdings in shares of Vita Coco by 9.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,107 shares of the company's stock worth $152,000 after purchasing an additional 347 shares during the period. Coppell Advisory Solutions LLC increased its stake in Vita Coco by 91.5% during the 4th quarter. Coppell Advisory Solutions LLC now owns 1,283 shares of the company's stock worth $47,000 after acquiring an additional 613 shares during the period. Moran Wealth Management LLC raised its holdings in Vita Coco by 4.8% in the 4th quarter. Moran Wealth Management LLC now owns 19,075 shares of the company's stock valued at $704,000 after acquiring an additional 871 shares in the last quarter. Jane Street Group LLC lifted its position in shares of Vita Coco by 1.3% during the 4th quarter. Jane Street Group LLC now owns 82,108 shares of the company's stock valued at $3,031,000 after acquiring an additional 1,078 shares during the period. Finally, Summit Creek Advisors LLC lifted its position in shares of Vita Coco by 0.3% during the 4th quarter. Summit Creek Advisors LLC now owns 401,984 shares of the company's stock valued at $14,837,000 after acquiring an additional 1,193 shares during the period. 88.49% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Vita Coco

In related news, Chairman Michael Kirban sold 20,000 shares of Vita Coco stock in a transaction on Friday, March 14th. The shares were sold at an average price of $34.57, for a total value of $691,400.00. Following the transaction, the chairman now directly owns 2,006,229 shares of the company's stock, valued at $69,355,336.53. The trade was a 0.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Beverages Sa Verlinvest sold 3,766,762 shares of the stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $34.25, for a total value of $129,011,598.50. Following the completion of the sale, the insider now owns 7,097,161 shares of the company's stock, valued at approximately $243,077,764.25. This trade represents a 34.67% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,832,485 shares of company stock valued at $131,288,213. Corporate insiders own 32.30% of the company's stock.

Vita Coco Stock Up 1.4%

Shares of COCO stock opened at $36.12 on Tuesday. The firm has a market cap of $2.05 billion, a P/E ratio of 36.48, a PEG ratio of 2.25 and a beta of 0.38. The company has a 50 day moving average of $32.34 and a 200-day moving average of $34.75. The Vita Coco Company, Inc. has a 12-month low of $23.56 and a 12-month high of $40.32.

Vita Coco (NASDAQ:COCO - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.09. Vita Coco had a net margin of 11.99% and a return on equity of 26.49%. The business had revenue of $130.92 million during the quarter, compared to analyst estimates of $125.64 million. During the same period in the previous year, the business earned $0.24 EPS. Vita Coco's revenue was up 17.2% compared to the same quarter last year. As a group, equities analysts expect that The Vita Coco Company, Inc. will post 1.07 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on COCO shares. Evercore ISI upped their price objective on shares of Vita Coco from $35.00 to $38.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. The Goldman Sachs Group set a $41.00 target price on shares of Vita Coco and gave the company a "buy" rating in a research report on Wednesday, April 30th. Wells Fargo & Company reduced their price target on shares of Vita Coco from $40.00 to $39.00 and set an "overweight" rating on the stock in a research report on Thursday, February 27th. Finally, Stephens reissued an "equal weight" rating and issued a $32.00 price objective on shares of Vita Coco in a research note on Thursday, March 27th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $35.38.

About Vita Coco

The Vita Coco Company, Inc develops, markets, and distributes coconut water products under the Vita Coco brand name in the United States, Canada, Europe, the Middle East, Africa, and the Asia Pacific. The company offers coconut oil and coconut milk; juice; Runa, a plant-based energy drink; packaged water under the Ever & Ever brand name; and PWR LIFT, a protein-infused fitness drink.

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