Vita Coco (NASDAQ:COCO) Sets New 12-Month High - Here's Why

Key Points

• Vita Coco shares hit a new 52-week high, trading as high as $76.35 after a strong move in midday trading. The stock’s recent run has pushed it well above its 50-day and 200-day moving averages.
• Recent earnings were well above expectations, with the company reporting $0.50 EPS versus the $0.34 consensus and revenue of $179.77 million versus $148.39 million expected. Revenue also rose 37.4% year over year.
• Analysts have turned more upbeat on the stock, with Jefferies raising its target to $78 and Zacks upgrading it to strong-buy. Even so, the overall consensus price target remains $69, below the current trading level.

Vita Coco Company, Inc. (NASDAQ:COCO - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $76.35 and last traded at $74.77, with a volume of 1762818 shares traded. The stock had previously closed at $74.61.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on COCO shares. Morgan Stanley set a $65.00 price objective on Vita Coco in a research report on Thursday, April 30th. Piper Sandler restated an "overweight" rating and set a $70.00 price objective on shares of Vita Coco in a research report on Wednesday, April 29th. Weiss Ratings upgraded Vita Coco from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 1st. Zacks Research upgraded Vita Coco from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 30th. Finally, Jefferies Financial Group boosted their price target on Vita Coco from $63.00 to $78.00 and gave the company a "buy" rating in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Vita Coco presently has a consensus rating of "Moderate Buy" and a consensus price target of $69.00.

Vita Coco Stock Performance

The company has a fifty day simple moving average of $54.91 and a two-hundred day simple moving average of $52.86. The company has a market capitalization of $4.27 billion, a price-to-earnings ratio of 54.58, a P/E/G ratio of 1.79 and a beta of 0.72.

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

Insiders Place Their Bets

In other news, CMO Jane Prior sold 50,000 shares of the company's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $52.92, for a total transaction of $2,646,000.00. Following the completion of the sale, the chief marketing officer directly owned 127,399 shares in the company, valued at $6,741,955.08. This represents a 28.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Michael Kirban sold 50,000 shares of the company's stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $68.00, for a total value of $3,400,000.00. Following the sale, the chairman owned 515,681 shares of the company's stock, valued at approximately $35,066,308. The trade was a 8.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 488,361 shares of company stock valued at $28,603,572. Insiders own 32.30% of the company's stock.

Institutional Trading of Vita Coco

Institutional investors and hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd increased its holdings in shares of Vita Coco by 2,636.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 520 shares of the company's stock worth $28,000 after buying an additional 501 shares during the last quarter. Clearstead Advisors LLC increased its holdings in shares of Vita Coco by 22,500.0% during the 3rd quarter. Clearstead Advisors LLC now owns 678 shares of the company's stock worth $29,000 after buying an additional 675 shares during the last quarter. Quarry LP increased its holdings in shares of Vita Coco by 12,633.3% during the 3rd quarter. Quarry LP now owns 764 shares of the company's stock worth $32,000 after buying an additional 758 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Vita Coco by 5,376.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,369 shares of the company's stock worth $49,000 after buying an additional 1,344 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Vita Coco by 25.0% during the 4th quarter. GAMMA Investing LLC now owns 1,134 shares of the company's stock worth $60,000 after buying an additional 227 shares during the last quarter. 88.49% of the stock is currently owned by institutional investors and hedge funds.

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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