Summit Creek Advisors LLC Decreases Stake in Vita Coco Company, Inc. (NASDAQ:COCO)

Key Points

• Summit Creek Advisors LLC reduced its stake in Vita Coco Company, Inc. by 15.5%, selling 62,213 shares to own approximately 339,771 shares valued at $10.4 million as of its latest SEC filing.
• Vita Coco recently reported a 17.2% year-over-year revenue increase with quarterly earnings of $0.31 per share, surpassing estimates by $0.09.
• Institutional investors hold a significant majority of 88.49% of Vita Coco's stock, with several firms, like Bank of America and Driehaus Capital, significantly increasing their holdings in recent quarters.

Summit Creek Advisors LLC trimmed its position in Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 15.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 339,771 shares of the company's stock after selling 62,213 shares during the quarter. Summit Creek Advisors LLC owned 0.60% of Vita Coco worth $10,414,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Coppell Advisory Solutions LLC lifted its stake in Vita Coco by 91.5% in the fourth quarter. Coppell Advisory Solutions LLC now owns 1,283 shares of the company's stock worth $47,000 after acquiring an additional 613 shares during the period. CWM LLC lifted its position in shares of Vita Coco by 14.7% in the 1st quarter. CWM LLC now owns 2,868 shares of the company's stock worth $88,000 after purchasing an additional 367 shares during the period. Summit Investment Advisors Inc. boosted its stake in shares of Vita Coco by 9.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,107 shares of the company's stock valued at $152,000 after purchasing an additional 347 shares in the last quarter. IHT Wealth Management LLC purchased a new position in Vita Coco during the fourth quarter valued at approximately $216,000. Finally, Goldstone Financial Group LLC bought a new position in Vita Coco in the first quarter worth approximately $231,000. Institutional investors own 88.49% of the company's stock.

Vita Coco Price Performance

COCO traded down $0.81 during trading on Thursday, reaching $35.97. 721,601 shares of the company's stock were exchanged, compared to its average volume of 721,063. Vita Coco Company, Inc. has a 1 year low of $24.09 and a 1 year high of $40.32. The company's fifty day simple moving average is $36.27 and its 200-day simple moving average is $35.00. The stock has a market capitalization of $2.04 billion, a P/E ratio of 35.56, a price-to-earnings-growth ratio of 1.97 and a beta of 0.37.

Vita Coco (NASDAQ:COCO - Get Free Report) last posted its earnings results 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 company had revenue of $168.76 million during the quarter, compared to the consensus estimate of $162.20 million. Vita Coco had a net margin of 11.32% and a return on equity of 25.08%. The firm's quarterly revenue was up 17.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.32 earnings per share. Equities analysts forecast that Vita Coco Company, Inc. will post 1.07 EPS for the current year.

Insider Activity

In other Vita Coco news, Chairman Michael Kirban sold 14,000 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $37.03, for a total value of $518,420.00. Following the completion of the transaction, the chairman directly owned 1,629,049 shares of the company's stock, valued at approximately $60,323,684.47. The trade was a 0.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Beverages Sa Verlinvest sold 3,766,762 shares of the firm's stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $34.25, for a total transaction of $129,011,598.50. Following the sale, the insider directly owned 7,097,161 shares in the company, valued at $243,077,764.25. The trade was a 34.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,846,562 shares of company stock valued at $131,933,805 over the last 90 days. Company insiders own 32.30% of the company's stock.

Wall Street Analyst Weigh In

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

Vita Coco 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.