Bank of America Corp DE Increases Holdings in Vita Coco Company, Inc. $COCO

Bank of America Corp DE boosted its position in Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 47.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 401,469 shares of the company's stock after purchasing an additional 128,709 shares during the period. Bank of America Corp DE owned about 0.70% of Vita Coco worth $19,234,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd raised its position in shares of Vita Coco by 2,636.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company's stock worth $28,000 after purchasing an additional 501 shares during the last quarter. Quarry LP raised its holdings in shares of Vita Coco by 12,633.3% in the third quarter. Quarry LP now owns 764 shares of the company's stock worth $32,000 after acquiring an additional 758 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Vita Coco by 5,376.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,369 shares of the company's stock worth $49,000 after acquiring an additional 1,344 shares during the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of Vita Coco by 265.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,319 shares of the company's stock valued at $70,000 after acquiring an additional 958 shares in the last quarter. Finally, CWM LLC boosted its stake in shares of Vita Coco by 18.2% during the fourth quarter. CWM LLC now owns 1,505 shares of the company's stock valued at $80,000 after acquiring an additional 232 shares during the last quarter. 88.49% of the stock is owned by institutional investors and hedge funds.

Vita Coco Price Performance

NASDAQ COCO opened at $67.57 on Thursday. The firm has a market capitalization of $3.88 billion, a P/E ratio of 37.33, a P/E/G ratio of 1.20 and a beta of 0.77. Vita Coco Company, Inc. has a 1-year low of $33.19 and a 1-year high of $85.83. The business's 50-day simple moving average is $71.44 and its 200-day simple moving average is $63.88.

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

Insider Transactions at Vita Coco

In related news, insider Es Charles Van sold 8,045 shares of the company's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $75.05, for a total transaction of $603,777.25. Following the completion of the sale, the insider directly owned 59,085 shares of the company's stock, valued at approximately $4,434,329.25. This represents a 11.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $82.92, for a total value of $323,388.00. Following the completion of the sale, the director owned 580,296 shares of the company's stock, valued at approximately $48,118,144.32. This represents a 0.67% decrease in their ownership of the stock. 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 over the last 90 days. Corporate insiders own 12.90% of the company's stock.

Analyst Upgrades and Downgrades

COCO has been the topic of a number of recent research reports. Wells Fargo & Company upped their target price on shares of Vita Coco from $75.00 to $85.00 and gave the company an "overweight" rating in a report on Monday, May 18th. Weiss Ratings reissued a "buy (b)" rating on shares of Vita Coco in a research report on Wednesday, July 29th. Citigroup reissued a "buy" rating on shares of Vita Coco in a research note on Tuesday, May 26th. Piper Sandler raised their target price on shares of Vita Coco from $74.00 to $89.00 and gave the stock an "overweight" rating in a research report on Friday, July 24th. Finally, The Goldman Sachs Group set a $90.00 target price on shares of Vita Coco and gave the stock a "buy" rating in a research note on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Vita Coco currently has a consensus rating of "Moderate Buy" and a consensus target price of $77.71.

About Vita Coco

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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