Harvest Fund Management Co. Ltd Sells 10,580 Shares of Vita Coco Company, Inc. (NASDAQ:COCO)

Key Points

• Harvest Fund Management Co. Ltd significantly reduced its stake in Vita Coco, selling 10,580 shares to lower its ownership by 85.5%, leaving it with a total of 1,797 shares.
• Despite Harvest's divestment, other investors, including Coppell Advisory Solutions LLC and CWM LLC, have increased their positions in Vita Coco, indicating ongoing interest in the stock.
• Wall Street analysts maintain a Moderate Buy rating for Vita Coco, with price targets ranging from $38.00 to $45.00, suggesting potential growth despite recent insider sales.

Harvest Fund Management Co. Ltd reduced its stake in Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 85.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,797 shares of the company's stock after selling 10,580 shares during the period. Harvest Fund Management Co. Ltd's holdings in Vita Coco were worth $55,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of COCO. Wasatch Advisors LP lifted its stake in shares of Vita Coco by 17.8% in the 4th quarter. Wasatch Advisors LP now owns 2,828,868 shares of the company's stock valued at $104,414,000 after purchasing an additional 427,871 shares during the period. Bank of America Corp DE lifted its stake in shares of Vita Coco by 382.2% in the 4th quarter. Bank of America Corp DE now owns 512,120 shares of the company's stock valued at $18,902,000 after purchasing an additional 405,913 shares during the period. Driehaus Capital Management LLC lifted its stake in shares of Vita Coco by 77.3% in the 4th quarter. Driehaus Capital Management LLC now owns 854,617 shares of the company's stock valued at $31,544,000 after purchasing an additional 372,633 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Vita Coco by 62.2% in the 1st quarter. Victory Capital Management Inc. now owns 645,225 shares of the company's stock valued at $19,776,000 after purchasing an additional 247,339 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Vita Coco during the 4th quarter worth $7,985,000. 88.49% of the stock is currently owned by institutional investors.

Vita Coco Trading Down 1.4%

COCO stock traded down $0.50 during mid-day trading on Friday, hitting $34.76. 889,557 shares of the company were exchanged, compared to its average volume of 691,762. The business has a 50 day simple moving average of $36.22 and a 200-day simple moving average of $35.01. The stock has a market capitalization of $1.98 billion, a PE ratio of 32.49, a price-to-earnings-growth ratio of 1.84 and a beta of 0.37. Vita Coco Company, Inc. has a 1-year low of $24.09 and a 1-year high of $40.32.

Vita Coco (NASDAQ:COCO - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.02. The business had revenue of $168.76 million for the quarter, compared to analysts' expectations of $162.20 million. Vita Coco had a net margin of 11.50% and a return on equity of 24.99%. The firm's quarterly revenue was up 17.1% compared to the same quarter last year. During the same period last year, the firm posted $0.32 earnings per share. Equities research analysts expect that Vita Coco Company, Inc. will post 1.07 earnings per share for the current year.

Insiders Place Their Bets

In other Vita Coco news, Director John Zupo sold 8,000 shares of the business's stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $34.77, for a total transaction of $278,160.00. Following the sale, the director owned 8,876 shares of the company's stock, valued at approximately $308,618.52. The trade was a 47.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CMO Jane Prior sold 10,000 shares of the business's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $37.07, for a total transaction of $370,700.00. Following the sale, the chief marketing officer directly owned 134,188 shares in the company, valued at approximately $4,974,349.16. The trade was a 6.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,846,562 shares of company stock valued at $131,933,805 over the last three months. 32.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on COCO shares. Morgan Stanley raised their price objective on Vita Coco from $35.00 to $38.00 and gave the stock an "equal weight" rating in a research note on Thursday. Evercore ISI raised their price objective on Vita Coco from $35.00 to $38.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Wall Street Zen downgraded Vita Coco from a "buy" rating to a "hold" rating in a research note on Saturday, June 7th. The Goldman Sachs Group set a $41.00 target price on Vita Coco and gave the stock a "buy" rating in a report on Wednesday, April 30th. Finally, Wells Fargo & Company increased their target price on Vita Coco from $43.00 to $45.00 and gave the stock an "overweight" rating in a report on Thursday. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Vita Coco currently has an average rating of "Moderate Buy" and an average price target of $38.29.

Vita Coco Company Profile

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.