Morgan Stanley Forecasts Strong Price Appreciation for Vita Coco (NASDAQ:COCO) Stock

Key Points

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Vita Coco (NASDAQ:COCO - Free Report) had its price objective hoisted by Morgan Stanley from $35.00 to $38.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other brokerages have also recently commented on COCO. Evercore ISI boosted their price target on shares of Vita Coco from $35.00 to $38.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Wells Fargo & Company boosted their price target on shares of Vita Coco from $43.00 to $45.00 and gave the stock an "overweight" rating in a research report on Thursday. Wall Street Zen cut shares of Vita Coco from a "buy" rating to a "hold" rating in a research report on Saturday, June 7th. Finally, The Goldman Sachs Group set a $41.00 price target on shares of Vita Coco and gave the stock a "buy" rating in a research report on Wednesday, April 30th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Vita Coco currently has an average rating of "Moderate Buy" and a consensus target price of $38.29.

Vita Coco Trading Down 1.6%

COCO stock traded down $0.57 during trading on Thursday, hitting $34.20. The company had a trading volume of 61,134 shares, compared to its average volume of 721,466. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of 31.96, a P/E/G ratio of 1.84 and a beta of 0.37. The business has a 50 day moving average of $36.22 and a 200 day moving average of $35.01. Vita Coco has a fifty-two week low of $24.09 and a fifty-two week high of $40.32.

Vita Coco (NASDAQ:COCO - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. Vita Coco had a net margin of 11.50% and a return on equity of 24.99%. The firm had revenue of $168.76 million for the quarter, compared to analysts' expectations of $162.20 million. During the same period in the previous year, the business earned $0.32 earnings per share. Vita Coco's revenue for the quarter was up 17.1% compared to the same quarter last year. As a group, equities analysts predict that Vita Coco will post 1.07 EPS for the current year.

Insider Activity

In other Vita Coco news, major shareholder Beverages Sa Verlinvest sold 3,766,762 shares of the business's stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $34.25, for a total transaction of $129,011,598.50. Following the sale, the insider owned 7,097,161 shares in the company, valued at approximately $243,077,764.25. The trade was a 34.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Michael Kirban sold 14,000 shares of the business's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $37.03, for a total value of $518,420.00. Following the sale, the chairman owned 1,629,049 shares in the company, valued at approximately $60,323,684.47. The trade was a 0.85% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,846,562 shares of company stock worth $131,933,805. 34.20% of the stock is owned by company insiders.

Institutional Trading of Vita Coco

Institutional investors and hedge funds have recently bought and sold shares of the stock. Summit Investment Advisors Inc. increased its holdings in shares of Vita Coco by 9.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,107 shares of the company's stock valued at $152,000 after purchasing an additional 347 shares during the period. US Bancorp DE increased its holdings in shares of Vita Coco by 7.5% in the 1st quarter. US Bancorp DE now owns 5,247 shares of the company's stock valued at $161,000 after purchasing an additional 364 shares during the period. CWM LLC increased its holdings in shares of Vita Coco by 14.7% in the 1st quarter. CWM LLC now owns 2,868 shares of the company's stock valued at $88,000 after purchasing an additional 367 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Vita Coco by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 43,809 shares of the company's stock valued at $1,343,000 after purchasing an additional 521 shares during the period. Finally, Credit Agricole S A increased its holdings in shares of Vita Coco by 1.5% in the 1st quarter. Credit Agricole S A now owns 36,140 shares of the company's stock valued at $1,108,000 after purchasing an additional 521 shares during the period. Institutional investors and hedge funds own 88.49% of the company's stock.

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.