Wells Fargo & Company Issues Positive Forecast for Vita Coco (NASDAQ:COCO) Stock Price

Key Points

• Wells Fargo raised its price target on Vita Coco from $75 to $85 and maintained an overweight rating, implying about 8.5% upside from the previous close.
• Analyst sentiment on COCO is broadly positive, with multiple firms recently upgrading or reaffirming bullish ratings. MarketBeat data shows an average rating of Moderate Buy and an average target price of $70.43.
• Vita Coco recently reported strong quarterly results, including EPS of $0.50 versus $0.34 expected and revenue of $179.77 million, up 37.4% year over year.

Vita Coco (NASDAQ:COCO - Get Free Report) had its price objective boosted by analysts at Wells Fargo & Company from $75.00 to $85.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's price objective would suggest a potential upside of 8.54% from the company's previous close.

Several other equities research analysts also recently issued reports on COCO. Wall Street Zen upgraded Vita Coco from a "sell" rating to a "buy" rating in a report on Saturday, May 2nd. Zacks Research upgraded shares of Vita Coco from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 30th. Piper Sandler reaffirmed an "overweight" rating and issued a $70.00 price target on shares of Vita Coco in a report on Wednesday, April 29th. The Goldman Sachs Group reiterated a "buy" rating and set a $71.00 price objective on shares of Vita Coco in a research note on Thursday, April 30th. Finally, Morgan Stanley set a $65.00 target price on shares of Vita Coco in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $70.43.

Vita Coco Trading Down 0.2%

COCO stock traded down $0.13 during trading on Monday, reaching $78.32. The stock had a trading volume of 143,612 shares, compared to its average volume of 1,267,651. The firm has a fifty day moving average price of $55.82 and a 200 day moving average price of $53.38. The company has a market capitalization of $4.47 billion, a P/E ratio of 57.11, a PEG ratio of 1.88 and a beta of 0.72. Vita Coco has a 1-year low of $31.79 and a 1-year high of $78.95.

Vita Coco (NASDAQ:COCO - Get Free Report) last announced its 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. Vita Coco had a return on equity of 25.43% and a net margin of 12.59%.The company had revenue of $179.77 million during the quarter, compared to the consensus estimate of $148.39 million. During the same period last year, the firm earned $0.31 earnings per share. The company's revenue was up 37.4% on a year-over-year basis. Sell-side analysts predict that Vita Coco will post 1.76 EPS for the current year.

Insider Buying and Selling at Vita Coco

In other Vita Coco news, Chairman Michael Kirban sold 50,000 shares of Vita Coco stock in a transaction that occurred 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 completion of the transaction, the chairman directly owned 515,681 shares in the company, valued at $35,066,308. The trade was a 8.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jonathan Burth sold 60,000 shares of the company's stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $58.65, for a total value of $3,519,000.00. Following the transaction, the chief operating officer directly owned 57,910 shares of the company's stock, valued at $3,396,421.50. This trade represents a 50.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 488,361 shares of company stock valued at $28,603,572. Corporate insiders own 34.20% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Maverick Capital Ltd. increased its position in Vita Coco by 31.4% in the first quarter. Maverick Capital Ltd. now owns 76,933 shares of the company's stock worth $3,686,000 after buying an additional 18,372 shares during the period. Quantinno Capital Management LP boosted its holdings in shares of Vita Coco by 397.5% during the first quarter. Quantinno Capital Management LP now owns 61,682 shares of the company's stock valued at $2,955,000 after acquiring an additional 49,283 shares during the period. Castleark Management LLC boosted its holdings in shares of Vita Coco by 167.0% during the first quarter. Castleark Management LLC now owns 97,610 shares of the company's stock valued at $4,676,000 after acquiring an additional 61,050 shares during the period. OMERS ADMINISTRATION Corp grew its position in shares of Vita Coco by 10.6% during the first quarter. OMERS ADMINISTRATION Corp now owns 13,602 shares of the company's stock worth $652,000 after acquiring an additional 1,300 shares during the last quarter. Finally, Sei Investments Co. increased its holdings in shares of Vita Coco by 118.6% in the 1st quarter. Sei Investments Co. now owns 163,091 shares of the company's stock worth $7,814,000 after acquiring an additional 88,481 shares during the period. 88.49% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.