Summit Creek Advisors LLC Sells 53,610 Shares of Vita Coco Company, Inc. $COCO

Key Points

• Summit Creek Advisors LLC cut its Vita Coco stake by 17.8% in the fourth quarter, selling 53,610 shares and leaving it with 247,920 shares worth about $13.1 million.
• Vita Coco posted strong quarterly results, beating estimates with EPS of $0.50 on revenue of $179.77 million, while revenue rose 37.4% year over year.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $70.43, even as insiders sold shares during the quarter.

Summit Creek Advisors LLC decreased its holdings in Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 17.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 247,920 shares of the company's stock after selling 53,610 shares during the quarter. Vita Coco makes up 2.1% of Summit Creek Advisors LLC's investment portfolio, making the stock its 24th biggest holding. Summit Creek Advisors LLC owned approximately 0.44% of Vita Coco worth $13,142,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Clearstead Advisors LLC grew its stake in shares of Vita Coco by 22,500.0% in the third quarter. Clearstead Advisors LLC now owns 678 shares of the company's stock worth $29,000 after purchasing an additional 675 shares during the last quarter. Quarry LP grew its stake 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 purchasing an additional 758 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake 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 purchasing an additional 1,344 shares during the last quarter. GAMMA Investing LLC grew its stake 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 worth $60,000 after purchasing an additional 227 shares during the last quarter. Finally, CWM LLC grew its stake in shares of Vita Coco by 18.2% in the fourth quarter. CWM LLC now owns 1,505 shares of the company's stock worth $80,000 after purchasing an additional 232 shares during the last quarter. Institutional investors own 88.49% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Piper Sandler reaffirmed an "overweight" rating and set a $70.00 price target on shares of Vita Coco in a research report on Wednesday, April 29th. Weiss Ratings raised shares of Vita Coco from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st. Wall Street Zen raised shares of Vita Coco from a "sell" rating to a "buy" rating in a research report on Saturday, May 2nd. Evercore reaffirmed an "outperform" rating and set a $70.00 price target on shares of Vita Coco in a research report on Thursday, March 12th. Finally, Zacks Research raised shares of Vita Coco from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Vita Coco presently has an average rating of "Moderate Buy" and an average target price of $70.43.

Vita Coco Price Performance

COCO stock opened at $77.88 on Thursday. The stock has a market capitalization of $4.45 billion, a PE ratio of 56.85, a price-to-earnings-growth ratio of 1.83 and a beta of 0.72. The company's 50-day moving average is $57.34 and its 200-day moving average is $54.11. Vita Coco Company, Inc. has a 1 year low of $31.79 and a 1 year high of $79.70.

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

Insider Activity at Vita Coco

In other news, Chairman Michael Kirban sold 50,000 shares of the stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $68.00, for a total transaction of $3,400,000.00. Following the transaction, the chairman owned 515,681 shares of the company's stock, valued at $35,066,308. This represents a 8.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Martin Roper sold 25,000 shares of the stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $50.11, for a total transaction of $1,252,750.00. Following the transaction, the chief executive officer directly owned 298,484 shares in the company, valued at $14,957,033.24. 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. Insiders sold 488,361 shares of company stock worth $28,603,572 over the last quarter. Company insiders own 32.30% of the company's stock.

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.

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.