Short Interest in The Vita Coco Company, Inc. (NASDAQ:COCO) Grows By 20.2%

The Vita Coco Company, Inc. (NASDAQ:COCO) was the target of a large growth in short interest in October. As of October 31st, there was short interest totalling 5,360,000 shares, a growth of 20.2% from the October 15th total of 4,460,000 shares. Based on an average daily volume of 712,900 shares, the days-to-cover ratio is currently 7.5 days. Approximately 17.6% of the shares of the company are sold short.

Vita Coco Trading Up 0.2 %

COCO traded up $0.06 during trading on Thursday, reaching $29.54. 60,990 shares of the company’s stock were exchanged, compared to its average volume of 553,292. Vita Coco has a one year low of $9.93 and a one year high of $33.29. The stock has a market capitalization of $1.68 billion, a PE ratio of 46.06 and a beta of 0.15. The firm has a fifty day moving average price of $27.01 and a two-hundred day moving average price of $26.45.

Vita Coco (NASDAQ:COCO) last issued its quarterly earnings results on Tuesday, October 31st. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The firm had revenue of $138.00 million for the quarter, compared to the consensus estimate of $139.05 million. Vita Coco had a net margin of 7.73% and a return on equity of 23.93%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.13 EPS. Sell-side analysts expect that Vita Coco will post 0.8 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of Vita Coco from $27.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, August 3rd. TheStreet raised shares of Vita Coco from a “c” rating to a “b-” rating in a report on Friday, October 20th. Morgan Stanley assumed coverage on shares of Vita Coco in a report on Tuesday, September 19th. They set an “equal weight” rating and a $29.00 price target on the stock. Piper Sandler lifted their price target on shares of Vita Coco from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, November 1st. Finally, Jefferies Financial Group assumed coverage on shares of Vita Coco in a report on Monday. They set a “buy” rating and a $33.00 price target on the stock. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Vita Coco currently has an average rating of “Moderate Buy” and an average target price of $27.50.

Insiders Place Their Bets

In other Vita Coco news, CMO Jane Prior sold 7,000 shares of Vita Coco stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $30.03, for a total value of $210,210.00. Following the completion of the sale, the chief marketing officer now owns 123,098 shares in the company, valued at approximately $3,696,632.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Vita Coco news, CMO Jane Prior sold 7,000 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $30.03, for a total value of $210,210.00. Following the transaction, the chief marketing officer now directly owns 123,098 shares of the company’s stock, valued at approximately $3,696,632.94. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Michael Kirban sold 45,302 shares of the firm’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $29.59, for a total transaction of $1,340,486.18. Following the completion of the transaction, the chairman now directly owns 750,379 shares in the company, valued at $22,203,714.61. The disclosure for this sale can be found here. Insiders sold 4,283,446 shares of company stock worth $118,714,589 in the last quarter. 51.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. RK Capital Management LLC lifted its position in shares of Vita Coco by 20.1% during the 1st quarter. RK Capital Management LLC now owns 806,500 shares of the company’s stock valued at $15,824,000 after acquiring an additional 134,800 shares during the period. Calamos Advisors LLC acquired a new position in shares of Vita Coco during the 1st quarter valued at $1,580,000. Pier Capital LLC acquired a new position in shares of Vita Coco during the 1st quarter valued at $4,385,000. Acadian Asset Management LLC acquired a new position in shares of Vita Coco during the 2nd quarter valued at $1,475,000. Finally, Isthmus Partners LLC lifted its position in shares of Vita Coco by 1.6% during the 1st quarter. Isthmus Partners LLC now owns 159,113 shares of the company’s stock valued at $3,122,000 after acquiring an additional 2,528 shares during the period. Institutional investors and hedge funds own 42.33% 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, and the Asia Pacific. The company offers coconut oil and coconut milk; Hydration Drink Mix, a powdered form of flavored coconut water; sparkling water; Runa, a plant-based energy drink; purified water under the Ever & Ever brand name; and PWR LIFT, a protein-infused fitness drink.