Vita Coco (NASDAQ:COCO) Trading 5.2% Higher After Better-Than-Expected Earnings

The Vita Coco Company, Inc. (NASDAQ:COCO)’s share price shot up 5.2% on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $34.03 and last traded at $33.19. 258,179 shares were traded during trading, a decline of 64% from the average session volume of 714,990 shares. The stock had previously closed at $31.55.

The company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.09. The business had revenue of $130.92 million for the quarter, compared to analysts’ expectations of $125.64 million. Vita Coco had a net margin of 11.99% and a return on equity of 26.49%. The business’s quarterly revenue was up 17.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.24 earnings per share.

Wall Street Analyst Weigh In

COCO has been the subject of a number of research analyst reports. The Goldman Sachs Group boosted their target price on Vita Coco from $34.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. Wells Fargo & Company decreased their price objective on 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 boosted their price objective on Vita Coco from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Stephens restated an “equal weight” rating and set a $32.00 price objective on shares of Vita Coco in a report on Thursday, March 27th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $35.00.

Insider Activity at Vita Coco

In related news, Director Ira Liran sold 1,723 shares of Vita Coco stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $40.02, for a total transaction of $68,954.46. Following the transaction, the director now owns 812,579 shares of the company’s stock, valued at $32,519,411.58. The trade was a 0.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Jonathan Burth sold 10,000 shares of Vita Coco stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $32.69, for a total value of $326,900.00. Following the transaction, the chief operating officer now directly owns 94,108 shares in the company, valued at approximately $3,076,390.52. The trade was a 9.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 79,358 shares of company stock valued at $2,865,456 over the last 90 days. Insiders own 34.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of COCO. Barclays PLC boosted its position in Vita Coco by 200.6% in the third quarter. Barclays PLC now owns 69,504 shares of the company’s stock worth $1,969,000 after purchasing an additional 46,385 shares during the last quarter. Lord Abbett & CO. LLC boosted its position in Vita Coco by 21.1% in the third quarter. Lord Abbett & CO. LLC now owns 460,416 shares of the company’s stock worth $13,034,000 after purchasing an additional 80,128 shares during the last quarter. GAMMA Investing LLC boosted its position in Vita Coco by 84.9% in the fourth quarter. GAMMA Investing LLC now owns 784 shares of the company’s stock worth $29,000 after purchasing an additional 360 shares during the last quarter. West Coast Financial LLC boosted its position in Vita Coco by 1.2% in the fourth quarter. West Coast Financial LLC now owns 91,841 shares of the company’s stock worth $3,390,000 after purchasing an additional 1,109 shares during the last quarter. Finally, SG Americas Securities LLC boosted its position in Vita Coco by 94.2% in the fourth quarter. SG Americas Securities LLC now owns 23,707 shares of the company’s stock worth $875,000 after purchasing an additional 11,500 shares during the last quarter. Hedge funds and other institutional investors own 88.49% of the company’s stock.

Vita Coco Stock Up 1.3 %

The company has a 50-day simple moving average of $32.19 and a two-hundred day simple moving average of $34.28. The firm has a market cap of $1.91 billion, a PE ratio of 33.81, a PEG ratio of 2.25 and a beta of 0.38.

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.