Vita Coco (NASDAQ:COCO) Stock Breaks Above Fifty Day Moving Average - What's Next?

Key Points

• Vita Coco shares broke above their 50-day moving average, reaching $58.72 and last trading at $58.48, compared with a 50-day average of $57.44. The stock remains below its 200-day average of $61.61.
• Analysts maintain a generally positive outlook, with eight Buy ratings and four Holds producing a “Moderate Buy” consensus and an average price target of $74.12, despite some recent target-price cuts.
• The company reported stronger-than-expected quarterly results, including EPS of $0.58 versus a $0.47 estimate and revenue of $243.83 million, up 33.7% year over year. Institutional investors and hedge funds own 88.49% of the stock.

Vita Coco Company, Inc. (NASDAQ:COCO - Get Free Report) crossed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $57.44 and traded as high as $58.72. Vita Coco shares last traded at $58.48, with a volume of 1,273,218 shares.

Analyst Upgrades and Downgrades

Several analysts recently commented on COCO shares. Wells Fargo & Company lowered their target price on Vita Coco from $85.00 to $65.00 and set an "overweight" rating on the stock in a research report on Monday, October 5th. Morgan Stanley lifted their target price on Vita Coco from $65.00 to $68.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 28th. Wall Street Zen lowered Vita Coco from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. William Blair reissued a "market perform" rating on shares of Vita Coco in a research note on Thursday, October 22nd. Finally, The Goldman Sachs Group set a $90.00 price target on Vita Coco and gave the stock a "buy" rating in a research note on Thursday, July 23rd. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $74.12.

Vita Coco Stock Performance

The business's 50 day moving average price is $57.44 and its two-hundred day moving average price is $61.61. The company has a market capitalization of $3.34 billion, a price-to-earnings ratio of 29.39, a price-to-earnings-growth ratio of 1.44 and a beta of 0.76.

Vita Coco (NASDAQ:COCO - Get Free Report) last posted its quarterly earnings data on Thursday, October 22nd. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.11. Vita Coco had a net margin of 15.70% and a return on equity of 31.84%. The business had revenue of $243.83 million during the quarter, compared to analysts' expectations of $230.10 million. During the same period last year, the firm posted $0.40 earnings per share. The business's revenue was up 33.7% on a year-over-year basis. On average, sell-side analysts expect that Vita Coco Company, Inc. will post 2.06 earnings per share for the current year.

Hedge Funds Weigh In On Vita Coco

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new position in Vita Coco in the second quarter worth approximately $463,654,000. Bank of America Corp DE bought a new position in shares of Vita Coco in the second quarter valued at $56,722,000. Bank of New York Mellon Corp bought a new position in shares of Vita Coco in the second quarter valued at $17,119,000. Principal Financial Group Inc. lifted its position in shares of Vita Coco by 146.7% during the 1st quarter. Principal Financial Group Inc. now owns 406,719 shares of the company's stock valued at $19,486,000 after acquiring an additional 241,836 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Vita Coco during the 2nd quarter valued at $7,057,000. 88.49% of the stock is currently owned by institutional investors and hedge funds.

Vita Coco Company Profile

The Vita Coco Company, Inc is a beverage company focused on hydration and wellness products. Its flagship brand, Vita Coco, offers coconut water in a variety of formats and flavors, including original, flavored and pressed coconut water products. The company also markets other beverages under brands such as Ever & Ever, a plant-based water brand, and PWR LIFT, a functional hydration beverage.

Vita Coco products are sold through grocery stores, mass merchandisers, convenience stores, club retailers, e-commerce platforms and foodservice channels.

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.