Vita Coco (NASDAQ:COCO) Stock Price Up 6.7% - Time to Buy?

Key Points

• Vita Coco shares rose 6.7% to $54.065 during mid-day trading, though trading volume was about 98% below the stock’s average session volume.
• Analyst sentiment remains positive overall, with eight Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $73.50. However, several firms recently downgraded the stock or reduced their targets.
• The company reported strong quarterly results, including EPS of $0.82 versus the $0.56 estimate and revenue growth of 28.1% year over year to $216.15 million. Institutional investors own 88.49% of the outstanding shares.

Shares of Vita Coco Company, Inc. (NASDAQ:COCO - Get Free Report) rose 6.7% during mid-day trading on Thursday. The company traded as high as $52.46 and last traded at $54.0650. 29,865 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 1,207,726 shares. The stock had previously closed at $50.65.

Analysts Set New Price Targets

COCO has been the subject of a number of research reports. Wells Fargo & Company decreased their target price on shares of Vita Coco from $85.00 to $65.00 and set an "overweight" rating for the company in a research note on Monday. Wall Street Zen downgraded shares of Vita Coco from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Zacks Research lowered Vita Coco from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. The Goldman Sachs Group set a $90.00 price objective on Vita Coco and gave the company a "buy" rating in a research report on Thursday, July 23rd. Finally, Weiss Ratings downgraded Vita Coco from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, September 29th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $73.50.

Vita Coco Stock Up 6.9%

The company has a market capitalization of $3.11 billion, a P/E ratio of 29.91, a P/E/G ratio of 1.51 and a beta of 0.76. The company's 50-day simple moving average is $59.57 and its 200 day simple moving average is $64.26.

Vita Coco (NASDAQ:COCO - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.56 by $0.26. Vita Coco had a net margin of 15.50% and a return on equity of 31.09%. The company had revenue of $216.15 million for the quarter, compared to analyst estimates of $210.64 million. During the same quarter in the prior year, the business posted $0.38 EPS. Vita Coco's quarterly revenue was up 28.1% on a year-over-year basis. As a group, equities research analysts forecast that Vita Coco Company, Inc. will post 1.95 earnings per share for the current year.

Hedge Funds Weigh In On Vita Coco

Several institutional investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in Vita Coco in the 2nd quarter valued at approximately $463,654,000. Wasatch Advisors LP lifted its holdings in shares of Vita Coco by 80.3% during the first quarter. Wasatch Advisors LP now owns 3,675,489 shares of the company's stock worth $176,093,000 after buying an additional 1,637,437 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of Vita Coco in the second quarter valued at approximately $56,722,000. Bank of New York Mellon Corp acquired a new stake in shares of Vita Coco in the second quarter worth $17,119,000. Finally, Principal Financial Group Inc. increased its position in Vita Coco by 146.7% during the first quarter. Principal Financial Group Inc. now owns 406,719 shares of the company's stock worth $19,486,000 after acquiring an additional 241,836 shares during the period. 88.49% of the stock is currently owned by institutional investors.

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 and related coconut-based beverages, including flavored and nutrient-enhanced varieties. The company also markets other functional and hydration-focused products under brands such as PWR LIFT and Ever & Ever.

Founded in 2004, Vita Coco helped expand the mainstream market for packaged coconut water. The company sells its products through grocery stores, mass retailers, convenience stores, clubs, e-commerce platforms, and food-service channels.

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