Vita Coco (NASDAQ:COCO) Price Target Lowered to $60.00 at Wells Fargo & Company

Key Points

• Wells Fargo lowered its price target for Vita Coco from $63 to $60 while keeping an "overweight" rating, implying roughly a 19% upside from the stock's current price.
• Analyst sentiment is mixed: MarketBeat shows a consensus "Moderate Buy" with a $59.43 consensus price target, but individual ratings and targets range from sell to outperform and about $49 to $70.
• Recent results and insider activity: Vita Coco missed quarterly EPS ($0.09 vs. $0.13 expected) but beat revenue estimates ($127.8M vs. $117.8M), and insiders have sold about 192,800 shares (~$10.8M) in the past 90 days.

Vita Coco (NASDAQ:COCO - Get Free Report) had its price objective dropped by investment analysts at Wells Fargo & Company from $63.00 to $60.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's target price would suggest a potential upside of 19.37% from the stock's current price.

A number of other analysts have also weighed in on the company. Zacks Research lowered Vita Coco from a "strong-buy" rating to a "hold" rating in a research note on Friday, January 16th. Evercore restated an "outperform" rating and set a $70.00 price target on shares of Vita Coco in a research note on Thursday, March 12th. Wall Street Zen downgraded Vita Coco from a "hold" rating to a "sell" rating in a report on Saturday. Weiss Ratings reiterated a "buy (b-)" rating on shares of Vita Coco in a report on Friday, March 27th. Finally, Morgan Stanley raised their target price on shares of Vita Coco from $49.00 to $57.00 and gave the company an "equal weight" rating in a research report on Monday, February 23rd. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Vita Coco has a consensus rating of "Moderate Buy" and a consensus price target of $59.43.

Vita Coco Stock Performance

COCO stock traded up $1.05 during midday trading on Wednesday, reaching $50.27. The company's stock had a trading volume of 876,238 shares, compared to its average volume of 1,162,325. The stock has a fifty day simple moving average of $54.30 and a two-hundred day simple moving average of $50.21. Vita Coco has a 1 year low of $27.43 and a 1 year high of $61.39. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of 42.60, a PEG ratio of 1.52 and a beta of 0.47.

Vita Coco (NASDAQ:COCO - Get Free Report) last released its earnings results on Wednesday, February 18th. The company reported $0.09 earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.04). Vita Coco had a return on equity of 23.19% and a net margin of 11.70%.The business had revenue of $127.79 million during the quarter, compared to analysts' expectations of $117.80 million. During the same quarter in the previous year, the business earned $0.06 EPS. The business's revenue for the quarter was up .4% on a year-over-year basis. As a group, analysts forecast that Vita Coco will post 1.07 EPS for the current fiscal year.

Insider Buying and Selling at Vita Coco

In other Vita Coco news, CMO Jane Prior sold 50,000 shares of the firm's stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $52.92, for a total transaction of $2,646,000.00. Following the transaction, the chief marketing officer owned 127,399 shares of the company's stock, valued at approximately $6,741,955.08. This trade represents a 28.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jane Cecil Morreau sold 15,000 shares of the firm's stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $53.91, for a total transaction of $808,650.00. Following the transaction, the director directly owned 17,179 shares in the company, valued at $926,119.89. This trade represents a 46.61% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 192,800 shares of company stock worth $10,801,686. 32.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Vita Coco

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. grew its stake in Vita Coco by 265.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,319 shares of the company's stock valued at $70,000 after purchasing an additional 958 shares during the last quarter. Virtu Financial LLC purchased a new position in Vita Coco in the fourth quarter valued at about $642,000. Invesco Ltd. grew its stake in Vita Coco by 13.9% in the fourth quarter. Invesco Ltd. now owns 50,206 shares of the company's stock valued at $2,661,000 after purchasing an additional 6,115 shares during the last quarter. Vident Advisory LLC purchased a new position in Vita Coco in the fourth quarter valued at about $284,000. Finally, Fuller & Thaler Asset Management Inc. purchased a new position in Vita Coco in the fourth quarter valued at about $73,242,000. Hedge funds and other institutional investors own 88.49% of the company's stock.

About Vita Coco

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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