Moran Wealth Management LLC Increases Holdings in Vita Coco Company, Inc. $COCO

Key Points

• Moran Wealth Management boosted its Vita Coco stake by 219% in the first quarter, ending with 72,167 shares worth about $3.46 million.
• Institutional ownership remains high, with several other funds also increasing their positions and hedge funds and institutions holding 88.49% of the stock.
• Analysts are broadly positive: Vita Coco has a “Moderate Buy” consensus, and recent reports included higher price targets from Jefferies and Wells Fargo. The company also beat quarterly earnings and revenue estimates, with revenue up 37.4% year over year.

Moran Wealth Management LLC grew its position in Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 219.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,167 shares of the company's stock after buying an additional 49,546 shares during the quarter. Moran Wealth Management LLC owned 0.13% of Vita Coco worth $3,458,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Caitong International Asset Management Co. Ltd increased its position in Vita Coco by 2,636.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company's stock worth $28,000 after buying an additional 501 shares in 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 lifted its position 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 valued at $49,000 after acquiring an additional 1,344 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Vita Coco by 25.0% in the fourth quarter. GAMMA Investing LLC now owns 1,134 shares of the company's stock valued at $60,000 after acquiring an additional 227 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its stake in shares of Vita Coco by 265.4% during 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 during the last quarter. 88.49% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

COCO has been the subject of several recent analyst reports. Citigroup reaffirmed a "buy" rating on shares of Vita Coco in a research note on Tuesday, May 26th. Jefferies Financial Group increased their price target on Vita Coco from $63.00 to $78.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. Morgan Stanley set a $65.00 price objective on Vita Coco in a report on Thursday, April 30th. Weiss Ratings raised Vita Coco from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st. Finally, Wells Fargo & Company upped their target price on Vita Coco from $75.00 to $85.00 and gave the company an "overweight" rating in a research note on Monday, May 18th. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $70.43.

Insider Buying and Selling at Vita Coco

In other Vita Coco news, Chairman Michael Kirban sold 50,000 shares of the company's stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $68.00, for a total value of $3,400,000.00. Following the completion of the sale, the chairman directly owned 515,681 shares in the company, valued at $35,066,308. This represents a 8.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Martin Roper sold 25,000 shares of the company's stock in a transaction on Friday, April 24th. The shares were sold at an average price of $50.00, for a total value of $1,250,000.00. Following the completion of the sale, the chief executive officer owned 298,484 shares of the company's stock, valued at approximately $14,924,200. This trade represents a 7.73% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 705,306 shares of company stock worth $49,154,273. Insiders own 34.20% of the company's stock.

Vita Coco Stock Performance

Shares of NASDAQ COCO opened at $66.16 on Monday. Vita Coco Company, Inc. has a 1 year low of $31.79 and a 1 year high of $85.83. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of 48.29, a PEG ratio of 1.59 and a beta of 0.77. The stock's 50-day simple moving average is $73.61 and its 200-day simple moving average is $60.48.

Vita Coco (NASDAQ:COCO - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.16. Vita Coco had a net margin of 12.59% and a return on equity of 25.43%. The firm had revenue of $179.77 million for the quarter, compared to analysts' expectations of $148.39 million. During the same period in the prior year, the company posted $0.31 earnings per share. The firm's quarterly revenue was up 37.4% on a year-over-year basis. As a group, research analysts predict that Vita Coco Company, Inc. will post 1.76 EPS for the current year.

Vita Coco Profile

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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