Vita Coco (NASDAQ:COCO) Chairman Sells $1,174,800.00 in Stock

Key Points

• Michael Kirban, Chairman of Vita Coco, sold 30,000 shares for approximately $1.17 million, which reduced his ownership by 1.84% to 1,599,049 shares valued at about $62.6 million.
• Vita Coco's stock has seen a 1-year range low of $25.79 and high of $40.32, currently trading at $38.99, and has a market cap of $2.22 billion.
• The company reported an EPS of $0.38 for the last quarter, exceeding analyst expectations, with a revenue of $168.76 million indicating a 17.1% year-over-year growth.

Vita Coco Company, Inc. (NASDAQ:COCO - Get Free Report) Chairman Michael Kirban sold 30,000 shares of the stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $39.16, for a total transaction of $1,174,800.00. Following the completion of the sale, the chairman owned 1,599,049 shares of the company's stock, valued at approximately $62,618,758.84. The trade was a 1.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Vita Coco Stock Up 1.2%

Shares of COCO traded up $0.45 during midday trading on Thursday, reaching $38.99. The company had a trading volume of 796,187 shares, compared to its average volume of 738,660. Vita Coco Company, Inc. has a 1-year low of $25.79 and a 1-year high of $40.32. The stock has a market cap of $2.22 billion, a PE ratio of 36.44, a price-to-earnings-growth ratio of 2.04 and a beta of 0.36. The firm has a 50 day simple moving average of $36.13 and a 200-day simple moving average of $34.46.

Vita Coco (NASDAQ:COCO - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.36 by $0.02. Vita Coco had a return on equity of 24.99% and a net margin of 11.50%.The business had revenue of $168.76 million during the quarter, compared to the consensus estimate of $162.20 million. During the same period last year, the company earned $0.32 EPS. The company's revenue for the quarter was up 17.1% on a year-over-year basis. Vita Coco has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that Vita Coco Company, Inc. will post 1.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Vita Coco

Institutional investors have recently bought and sold shares of the company. Voya Investment Management LLC grew its position in shares of Vita Coco by 3,376.9% during the first quarter. Voya Investment Management LLC now owns 586,969 shares of the company's stock worth $17,991,000 after buying an additional 570,087 shares in the last quarter. Bank of America Corp DE grew its position in shares of Vita Coco by 382.2% during the fourth quarter. Bank of America Corp DE now owns 512,120 shares of the company's stock worth $18,902,000 after buying an additional 405,913 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Vita Coco during the second quarter worth about $9,627,000. Wellington Management Group LLP grew its position in shares of Vita Coco by 102.2% during the first quarter. Wellington Management Group LLP now owns 511,462 shares of the company's stock worth $15,676,000 after buying an additional 258,521 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Vita Coco by 62.2% during the first quarter. Victory Capital Management Inc. now owns 645,225 shares of the company's stock worth $19,776,000 after buying an additional 247,339 shares in the last quarter. 88.49% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on COCO. Wells Fargo & Company raised their target price on Vita Coco from $43.00 to $45.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Wall Street Zen downgraded Vita Coco from a "buy" rating to a "hold" rating in a research report on Saturday, June 7th. Morgan Stanley raised their price objective on Vita Coco from $35.00 to $38.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. Finally, Piper Sandler raised Vita Coco from a "neutral" rating to an "overweight" rating and set a $39.00 price objective for the company in a research report on Wednesday, August 20th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $38.38.

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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