Vita Coco (NASDAQ:COCO) Director Sells $5,960,087.28 in Stock

Key Points

• Vita Coco director Ira Liran sold 74,232 shares on June 12 for about $5.96 million at an average price of $80.29. The sale was made under a pre-arranged Rule 10b5-1 trading plan, and his remaining stake was still valued at nearly $24.9 million.
• COCO shares rose 2.4% to $82.85 in Monday trading, near the stock’s 12-month high of $83.00. The company now has a market cap of about $4.73 billion.
• Vita Coco recently reported strong quarterly results, with EPS of $0.50 versus $0.34 expected and revenue of $179.77 million, up 37.4% year over year. Analysts remain generally positive, with a consensus rating of Moderate Buy and an average target price around $70.43.

Vita Coco Company, Inc. (NASDAQ:COCO - Get Free Report) Director Ira Liran sold 74,232 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $80.29, for a total value of $5,960,087.28. Following the completion of the sale, the director directly owned 309,871 shares of the company's stock, valued at $24,879,542.59. This trade represents a 19.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Ira Liran also recently made the following trade(s):

• On Friday, June 12th, Ira Liran sold 73,842 shares of Vita Coco stock. The shares were sold at an average price of $80.32, for a total value of $5,930,989.44.
• On Thursday, June 11th, Ira Liran sold 96,158 shares of Vita Coco stock. The stock was sold at an average price of $79.14, for a total value of $7,609,944.12.
• On Thursday, June 11th, Ira Liran sold 95,768 shares of Vita Coco stock. The shares were sold at an average price of $79.14, for a total value of $7,579,079.52.

Vita Coco Stock Up 2.4%

Shares of NASDAQ:COCO traded up $1.95 during midday trading on Monday, reaching $82.85. 1,025,711 shares of the company traded hands, compared to its average volume of 1,218,585. Vita Coco Company, Inc. has a 12 month low of $31.79 and a 12 month high of $83.00. The firm has a market capitalization of $4.73 billion, a price-to-earnings ratio of 60.47, a price-to-earnings-growth ratio of 1.94 and a beta of 0.74. The firm's fifty day moving average price is $64.96 and its two-hundred day moving average price is $57.99.

Vita Coco (NASDAQ:COCO - Get Free Report) last posted its earnings results on Wednesday, April 29th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.34 by $0.16. The business had revenue of $179.77 million during the quarter, compared to analysts' expectations of $148.39 million. Vita Coco had a return on equity of 25.43% and a net margin of 12.59%.The firm's revenue was up 37.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.31 earnings per share. Analysts forecast that Vita Coco Company, Inc. will post 1.76 earnings per share for the current year.

Institutional Investors Weigh In On Vita Coco

A number of institutional investors have recently modified their holdings of COCO. Alpine Woods Capital Investors LLC acquired a new stake in Vita Coco in the 1st quarter worth about $219,000. Bank of America Corp DE lifted its position in shares of Vita Coco by 47.2% during the first quarter. Bank of America Corp DE now owns 401,469 shares of the company's stock worth $19,234,000 after purchasing an additional 128,709 shares in the last quarter. California State Teachers Retirement System increased its position in shares of Vita Coco by 25.2% during the first quarter. California State Teachers Retirement System now owns 57,284 shares of the company's stock worth $2,744,000 after acquiring an additional 11,515 shares during the period. Maverick Capital Ltd. increased its position in shares of Vita Coco by 31.4% during the first quarter. Maverick Capital Ltd. now owns 76,933 shares of the company's stock worth $3,686,000 after acquiring an additional 18,372 shares during the period. Finally, Quantinno Capital Management LP increased its position in shares of Vita Coco by 397.5% during the first quarter. Quantinno Capital Management LP now owns 61,682 shares of the company's stock worth $2,955,000 after acquiring an additional 49,283 shares during the period. 88.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have commented on the company. The Goldman Sachs Group reiterated a "buy" rating and set a $71.00 target price on shares of Vita Coco in a research note on Thursday, April 30th. Weiss Ratings upgraded Vita Coco from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st. Wells Fargo & Company boosted their price objective on Vita Coco from $75.00 to $85.00 and gave the company an "overweight" rating in a research report on Monday, May 18th. Evercore restated an "outperform" rating and issued a $70.00 price objective on shares of Vita Coco in a research report on Thursday, March 12th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $70.00 target price on shares of Vita Coco in a report on Wednesday, April 29th. One research 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. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $70.43.

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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