HighTower Advisors LLC Takes $2.66 Million Position in Vita Coco Company, Inc. $COCO

Key Points

• HighTower Advisors acquired a new $2.66 million stake in Vita Coco during the second quarter, purchasing 40,177 shares. Institutional investors collectively own 88.49% of the company.
• Vita Coco reported strong quarterly results, with EPS of $0.82 versus the $0.56 consensus estimate and revenue of $216.15 million, up 28.1% year over year.
• Analysts maintain a broadly positive outlook, with the stock holding a “Moderate Buy” consensus rating and an average price target of $76.86.

HighTower Advisors LLC acquired a new position in shares of Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 40,177 shares of the company's stock, valued at approximately $2,657,000. HighTower Advisors LLC owned 0.07% of Vita Coco at the end of the most recent reporting period.

Several other large investors have also modified their holdings of COCO. Caitong International Asset Management Co. Ltd grew its holdings in Vita Coco by 2,636.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company's stock valued at $28,000 after purchasing an additional 501 shares during the period. Quarry LP raised its stake in Vita Coco by 12,633.3% during the third quarter. Quarry LP now owns 764 shares of the company's stock worth $32,000 after purchasing an additional 758 shares during the period. Rockefeller Capital Management L.P. boosted its holdings in shares of Vita Coco by 265.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,319 shares of the company's stock valued at $70,000 after purchasing an additional 958 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Vita Coco by 5,376.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,369 shares of the company's stock valued at $49,000 after purchasing an additional 1,344 shares during the last quarter. Finally, Ameritas Advisory Services LLC boosted its holdings in shares of Vita Coco by 166,200.0% in the 2nd quarter. Ameritas Advisory Services LLC now owns 1,663 shares of the company's stock valued at $110,000 after purchasing an additional 1,662 shares during the last quarter. 88.49% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Kenneth Sadowsky sold 3,900 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $82.92, for a total value of $323,388.00. Following the completion of the sale, the director directly owned 580,296 shares in the company, valued at approximately $48,118,144.32. This represents a 0.67% 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. Company insiders own 12.90% of the company's stock.

Vita Coco Stock Up 1.8%

Shares of COCO stock opened at $52.01 on Friday. Vita Coco Company, Inc. has a fifty-two week low of $37.63 and a fifty-two week high of $85.83. The firm's 50 day moving average price is $64.78 and its two-hundred day moving average price is $64.10. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of 28.73, a price-to-earnings-growth ratio of 0.98 and a beta of 0.75.

Vita Coco (NASDAQ:COCO - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.26. Vita Coco had a net margin of 15.50% and a return on equity of 31.09%. The company 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 business's quarterly revenue was up 28.1% compared to the same quarter last year. On average, equities analysts forecast that Vita Coco Company, Inc. will post 1.95 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently commented on COCO. Citigroup restated a "buy" rating on shares of Vita Coco in a report on Tuesday, May 26th. Evercore lifted 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. Weiss Ratings reiterated a "buy (b)" rating on shares of Vita Coco in a report on Wednesday, July 29th. Piper Sandler lowered their price target on Vita Coco from $89.00 to $83.00 and set an "overweight" rating for the company in a research report on Thursday. Finally, Morgan Stanley upped their price target on Vita Coco from $65.00 to $68.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $76.86.

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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