Needham & Company LLC Begins Coverage on Vita Coco (NASDAQ:COCO)

Key Points

• Needham & Company LLC has initiated coverage on Vita Coco (NASDAQ:COCO), assigning a "hold" rating to the stock.
• A variety of analysts have provided updates on Vita Coco, with Wells Fargo setting a price target of $45.00 and Morgan Stanley adjusting theirs to $38.00, indicating a generally positive outlook.
• The company's recent earnings report showed a 17.1% year-over-year revenue increase, reporting $168.76 million for the quarter and exceeding EPS estimates.

Equities researchers at Needham & Company LLC started coverage on shares of Vita Coco (NASDAQ:COCO - Get Free Report) in a report released on Wednesday, Marketbeat reports. The firm set a "hold" rating on the stock.

A number of other research analysts also recently issued reports on COCO. Wells Fargo & Company boosted their price target on Vita Coco from $43.00 to $45.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Morgan Stanley boosted their price target on Vita Coco from $35.00 to $38.00 and gave the company an "equal weight" rating in a report on Thursday, July 31st. Piper Sandler upgraded Vita Coco from a "neutral" rating to an "overweight" rating and set a $39.00 price target on the stock in a report on Wednesday, August 20th. Finally, Wall Street Zen downgraded Vita Coco from a "buy" rating to a "hold" rating in a report on Saturday, June 7th. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $38.38.

Vita Coco Trading Up 0.5%

COCO opened at $41.19 on Wednesday. The company has a market cap of $2.34 billion, a P/E ratio of 38.50, a P/E/G ratio of 2.17 and a beta of 0.36. The business's 50-day moving average price is $36.60 and its 200-day moving average price is $34.86. Vita Coco has a 12 month low of $25.79 and a 12 month high of $42.81.

Vita Coco (NASDAQ:COCO - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $168.76 million for the quarter, compared to the consensus estimate of $162.20 million. Vita Coco had a return on equity of 24.99% and a net margin of 11.50%.The company's quarterly revenue was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.32 earnings per share. Vita Coco has set its FY 2025 guidance at EPS. Equities research analysts forecast that Vita Coco will post 1.07 earnings per share for the current fiscal year.

Insider Activity

In other Vita Coco news, Chairman Michael Kirban sold 30,000 shares of the company's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $39.16, for a total transaction of $1,174,800.00. Following the transaction, the chairman owned 1,599,049 shares in the company, valued at approximately $62,618,758.84. This represents a 1.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Beverages Sa Verlinvest sold 3,000,000 shares of the business's stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $40.77, for a total value of $122,310,000.00. Following the completion of the sale, the insider directly owned 4,097,161 shares in the company, valued at approximately $167,041,253.97. This represents a 42.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,371,133 shares of company stock worth $137,280,056. Company insiders own 34.20% of the company's stock.

Institutional Trading of Vita Coco

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Vita Coco by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 2,642,306 shares of the company's stock worth $80,987,000 after purchasing an additional 53,172 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Vita Coco by 2.9% in the 2nd quarter. Geode Capital Management LLC now owns 1,018,132 shares of the company's stock worth $36,759,000 after purchasing an additional 28,448 shares in the last quarter. Driehaus Capital Management LLC boosted its position in shares of Vita Coco by 14.4% in the 1st quarter. Driehaus Capital Management LLC now owns 977,291 shares of the company's stock worth $29,954,000 after purchasing an additional 122,674 shares in the last quarter. GW&K Investment Management LLC boosted its position in shares of Vita Coco by 16.2% in the 1st quarter. GW&K Investment Management LLC now owns 756,646 shares of the company's stock worth $23,191,000 after purchasing an additional 105,401 shares in the last quarter. Finally, Aberdeen Group plc boosted its position in shares of Vita Coco by 14.6% in the 1st quarter. Aberdeen Group plc now owns 725,922 shares of the company's stock worth $22,250,000 after purchasing an additional 92,590 shares in the last quarter. 88.49% of the stock is owned by institutional investors.

Vita Coco Company 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.

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