Vita Coco Company, Inc. $COCO Shares Sold by Wasatch Advisors LP

Key Points

• Wasatch Advisors cut its Vita Coco stake by 38.6% in the second quarter, selling 1.42 million shares and retaining 2.26 million shares worth about $149.2 million. Institutional investors collectively own 88.49% of the company.
• Vita Coco beat quarterly expectations, reporting EPS of $0.82 versus the $0.56 consensus and revenue of $216.15 million, up 28.1% year over year. The stock opened at $64.46, below its 50-day average of $72.57.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $77.71. However, insiders sold roughly $28.3 million of shares over the last quarter, including sales by directors Ira Liran and Kenneth Sadowsky.

Wasatch Advisors LP trimmed its position in Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 38.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,255,360 shares of the company's stock after selling 1,420,129 shares during the quarter. Wasatch Advisors LP owned about 3.95% of Vita Coco worth $149,170,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Vita Coco by 8.2% in the 4th quarter. Vanguard Group Inc. now owns 3,149,584 shares of the company's stock worth $166,959,000 after buying an additional 237,510 shares during the period. Wellington Management Group LLP lifted its stake in Vita Coco by 22.1% during the 4th quarter. Wellington Management Group LLP now owns 2,432,362 shares of the company's stock valued at $128,940,000 after acquiring an additional 439,958 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new stake in Vita Coco during the 4th quarter valued at approximately $73,242,000. Ameriprise Financial Inc. boosted its holdings in shares of Vita Coco by 135.5% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,282,310 shares of the company's stock valued at $54,460,000 after acquiring an additional 737,823 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Vita Coco by 164.7% in the 3rd quarter. Millennium Management LLC now owns 1,225,803 shares of the company's stock valued at $52,060,000 after acquiring an additional 762,731 shares during the last quarter. Institutional investors and hedge funds own 88.49% of the company's stock.

Vita Coco Price Performance

NASDAQ:COCO opened at $64.46 on Wednesday. The firm has a market cap of $3.70 billion, a price-to-earnings ratio of 35.61, a price-to-earnings-growth ratio of 1.18 and a beta of 0.77. The company has a 50 day moving average price of $72.57 and a 200-day moving average price of $63.39. Vita Coco Company, Inc. has a 1-year low of $31.92 and a 1-year high of $85.83.

Vita Coco (NASDAQ:COCO - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.82 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.56 by $0.26. The firm had revenue of $216.15 million for the quarter, compared to the consensus estimate of $210.64 million. Vita Coco had a net margin of 15.50% and a return on equity of 31.09%. The firm's quarterly revenue was up 28.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.38 earnings per share. On average, sell-side analysts anticipate that Vita Coco Company, Inc. will post 1.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently issued reports on COCO shares. The Goldman Sachs Group set a $90.00 target price on shares of Vita Coco and gave the stock a "buy" rating in a report on Thursday, July 23rd. Wall Street Zen lowered shares of Vita Coco from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Vita Coco in a research report on Wednesday, July 29th. Jefferies Financial Group lifted their price objective on Vita Coco from $63.00 to $78.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Finally, Morgan Stanley boosted their price objective on Vita Coco from $65.00 to $68.00 and gave the company an "equal weight" rating in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $77.71.

Insiders Place Their Bets

In related news, Director Ira Liran sold 96,158 shares of Vita Coco stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $79.14, for a total value of $7,609,944.12. Following the completion of the transaction, the director owned 476,421 shares in the company, valued at $37,703,957.94. The trade was a 16.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kenneth Sadowsky sold 3,900 shares of the company's stock in a transaction dated 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 transaction, the director directly owned 580,296 shares of the company's stock, valued at $48,118,144.32. The trade was a 0.67% 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 quarter, insiders sold 355,845 shares of company stock worth $28,309,399. Company insiders own 12.90% of the company's stock.

Vita Coco Company 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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