Vita Coco (NASDAQ:COCO) Stock Price Down 4.1% - Here's What Happened

Key Points

• Vita Coco's stock price fell 4.1% recently, closing at $33.35 after a trading session with significantly lower volume than average.
• Recent analyst ratings show mixed opinions, with upgrades from Evercore ISI and Morgan Stanley setting price targets at $38.00, while Wall Street Zen downgraded the stock to a "hold" rating.
• Vita Coco reported quarterly earnings that exceeded expectations, with earnings per share of $0.38, up 17.1% in revenue year-over-year.

Shares of Vita Coco Company, Inc. (NASDAQ:COCO - Get Free Report) traded down 4.1% during mid-day trading on Monday . The company traded as low as $33.21 and last traded at $33.35. 454,970 shares were traded during mid-day trading, a decline of 37% from the average session volume of 724,150 shares. The stock had previously closed at $34.76.

Wall Street Analyst Weigh In

COCO has been the topic of several research analyst reports. Morgan Stanley boosted their price target on shares of Vita Coco from $35.00 to $38.00 and gave the company an "equal weight" rating in a report on Thursday, July 31st. Wall Street Zen cut Vita Coco from a "buy" rating to a "hold" rating in a research report on Saturday, June 7th. The Goldman Sachs Group set a $41.00 target price on Vita Coco and gave the stock a "buy" rating in a research report on Wednesday, April 30th. Wells Fargo & Company lifted their price target on Vita Coco from $43.00 to $45.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Finally, Evercore ISI boosted their price target on Vita Coco from $35.00 to $38.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $38.29.

Vita Coco Trading Up 0.6%

The stock has a market cap of $1.88 billion, a P/E ratio of 30.84, a P/E/G ratio of 1.72 and a beta of 0.37. The firm's fifty day moving average is $35.97 and its 200 day moving average is $34.96.

Vita Coco (NASDAQ:COCO - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.02. Vita Coco had a return on equity of 24.99% and a net margin of 11.50%. The firm had revenue of $168.76 million for the quarter, compared to analyst estimates of $162.20 million. During the same quarter last year, the firm posted $0.32 EPS. The company's revenue was up 17.1% on a year-over-year basis. Research analysts forecast that Vita Coco Company, Inc. will post 1.07 earnings per share for the current fiscal year.

Insider Activity at Vita Coco

In related news, insider Es Charles Van sold 10,000 shares of the stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $38.02, for a total value of $380,200.00. Following the completion of the sale, the insider owned 94,127 shares in the company, valued at approximately $3,578,708.54. This trade represents a 9.60% decrease in their ownership of the stock. 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 Vita Coco stock in a transaction that occurred on 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 directly owned 1,629,049 shares in the company, valued at $60,323,684.47. The trade was a 0.85% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 71,800 shares of company stock valued at $2,644,046. Company insiders own 32.30% of the company's stock.

Institutional Trading of Vita Coco

Institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC grew its holdings in shares of Vita Coco by 2.9% in the 2nd quarter. Geode Capital Management LLC now owns 1,018,132 shares of the company's stock worth $36,759,000 after purchasing an additional 28,448 shares during the last quarter. Bryce Point Capital LLC acquired a new position in shares of Vita Coco in the 2nd quarter worth approximately $769,000. Versor Investments LP grew its position in Vita Coco by 27.9% during the 2nd quarter. Versor Investments LP now owns 13,428 shares of the company's stock worth $485,000 after acquiring an additional 2,928 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in Vita Coco by 6.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 33,243 shares of the company's stock valued at $1,200,000 after purchasing an additional 1,872 shares in the last quarter. Finally, Cookson Peirce & Co. Inc. raised its position in Vita Coco by 8.4% in the 2nd quarter. Cookson Peirce & Co. Inc. now owns 27,167 shares of the company's stock valued at $981,000 after purchasing an additional 2,096 shares during the last quarter. Institutional investors and hedge funds own 88.49% of the company's stock.

About Vita Coco

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.