Bank of America Corp DE Makes New Investment in Vita Coco Company, Inc. $COCO

Key Points

• Bank of America acquired 857,603 Vita Coco shares worth approximately $56.7 million, representing about 1.49% of the company. Institutional investors collectively own 88.49% of Vita Coco.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $76.86. Evercore raised its target to $80, while Piper Sandler lowered its target to $83.
• Vita Coco exceeded quarterly expectations, reporting $0.82 in earnings per share versus the $0.56 consensus and $216.15 million in revenue, up 28.1% year over year.

Bank of America Corp DE purchased a new stake in Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 857,603 shares of the company's stock, valued at approximately $56,722,000. Bank of America Corp DE owned about 1.49% of Vita Coco at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Bank of New York Mellon Corp acquired a new stake in Vita Coco during the 2nd quarter worth about $17,119,000. Wasatch Advisors LP increased its stake in shares of Vita Coco by 80.3% in the first quarter. Wasatch Advisors LP now owns 3,675,489 shares of the company's stock worth $176,093,000 after acquiring an additional 1,637,437 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of Vita Coco during the second quarter worth $463,654,000. King Luther Capital Management Corp raised its holdings in shares of Vita Coco by 35.6% during the fourth quarter. King Luther Capital Management Corp now owns 136,987 shares of the company's stock worth $7,262,000 after acquiring an additional 35,937 shares in the last quarter. Finally, Moran Wealth Management LLC boosted its position in Vita Coco by 219.0% during the first quarter. Moran Wealth Management LLC now owns 72,167 shares of the company's stock valued at $3,458,000 after purchasing an additional 49,546 shares during the last quarter. Institutional investors own 88.49% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Evercore raised their target price on Vita Coco from $75.00 to $80.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Zacks Research raised Vita Coco from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. Citigroup reissued a "buy" rating on shares of Vita Coco in a research note on Tuesday, May 26th. Piper Sandler decreased their target price on Vita Coco from $89.00 to $83.00 and set an "overweight" rating for the company in a research report on Thursday, September 10th. Finally, Morgan Stanley upped their target price on Vita Coco from $65.00 to $68.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 28th. One research 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $76.86.

Vita Coco Price Performance

NASDAQ COCO opened at $55.82 on Monday. The company's fifty day moving average is $63.50 and its two-hundred day moving average is $64.17. Vita Coco Company, Inc. has a 52-week low of $37.63 and a 52-week high of $85.83. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of 30.84, a P/E/G ratio of 1.06 and a beta of 0.75.

Vita Coco (NASDAQ:COCO - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.26. Vita Coco had a net margin of 15.50% and a return on equity of 31.09%. The business had revenue of $216.15 million during the quarter, compared to analyst estimates of $210.64 million. During the same quarter in the prior year, the business earned $0.38 earnings per share. The firm's revenue for the quarter was up 28.1% on a year-over-year basis. As a group, sell-side analysts expect that Vita Coco Company, Inc. will post 1.95 earnings per share for the current fiscal year.

Vita Coco Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.