Vita Coco (NASDAQ:COCO) Stock Price Up 5.2% on Strong Earnings

The Vita Coco Company, Inc. (NASDAQ:COCO - Get Free Report)'s share price rose 5.2% during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $34.03 and last traded at $33.19. Approximately 258,179 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 714,990 shares. The stock had previously closed at $31.55.

The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.22 by $0.09. The firm had revenue of $130.92 million during the quarter, compared to the consensus estimate of $125.64 million. Vita Coco had a return on equity of 26.49% and a net margin of 11.99%. The company's quarterly revenue was up 17.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.24 earnings per share.

Wall Street Analyst Weigh In

COCO has been the subject of a number of recent research reports. Wells Fargo & Company cut their target price on shares of Vita Coco from $40.00 to $39.00 and set an "overweight" rating for the company in a report on Thursday, February 27th. Evercore ISI lifted their price target on shares of Vita Coco from $35.00 to $38.00 and gave the company an "outperform" rating in a research note on Thursday. Stephens reaffirmed an "equal weight" rating and set a $32.00 target price on shares of Vita Coco in a research note on Thursday, March 27th. Finally, The Goldman Sachs Group upped their target price on shares of Vita Coco from $34.00 to $38.00 and gave the stock a "buy" rating in a research note on Thursday, February 27th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Vita Coco presently has a consensus rating of "Moderate Buy" and a consensus price target of $35.00.

Insider Transactions at Vita Coco

In related news, COO Jonathan Burth sold 700 shares of the firm's stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $40.25, for a total value of $28,175.00. Following the sale, the chief operating officer now directly owns 104,108 shares of the company's stock, valued at $4,190,347. This trade represents a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ira Liran sold 20,235 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $40.07, for a total transaction of $810,816.45. Following the sale, the director now owns 814,302 shares in the company, valued at approximately $32,629,081.14. The trade was a 2.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 79,358 shares of company stock valued at $2,865,456 over the last ninety days. 34.20% of the stock is currently owned by insiders.

Institutional Trading of Vita Coco

A number of hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC lifted its position in Vita Coco by 84.9% in the fourth quarter. GAMMA Investing LLC now owns 784 shares of the company's stock valued at $29,000 after acquiring an additional 360 shares during the last quarter. Coppell Advisory Solutions LLC increased its stake in Vita Coco by 91.5% during the 4th quarter. Coppell Advisory Solutions LLC now owns 1,283 shares of the company's stock worth $47,000 after buying an additional 613 shares during the period. E Fund Management Hong Kong Co. Ltd. bought a new stake in shares of Vita Coco in the 4th quarter worth about $52,000. Venturi Wealth Management LLC bought a new position in Vita Coco in the fourth quarter worth about $66,000. Finally, CWM LLC raised its holdings in shares of Vita Coco by 14.7% during the first quarter. CWM LLC now owns 2,868 shares of the company's stock valued at $88,000 after buying an additional 367 shares during the last quarter. Hedge funds and other institutional investors own 88.49% of the company's stock.

Vita Coco Stock Up 1.8 %

The company has a 50 day moving average of $32.11 and a two-hundred day moving average of $34.39. The firm has a market cap of $1.98 billion, a P/E ratio of 35.16, a PEG ratio of 2.25 and a beta of 0.38.

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.