Vita Coco (NASDAQ:COCO) Shares Gap Down – What’s Next?

The Vita Coco Company, Inc. (NASDAQ:COCO)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $35.01, but opened at $32.32. Vita Coco shares last traded at $33.45, with a volume of 254,524 shares traded.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Stephens reissued an “equal weight” rating and set a $32.00 price target on shares of Vita Coco in a research report on Thursday, March 27th. Wells Fargo & Company cut their price target on Vita Coco from $40.00 to $39.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. The Goldman Sachs Group set a $41.00 price objective on Vita Coco and gave the company a “buy” rating in a research note on Wednesday, April 30th. Finally, Evercore ISI boosted their target price on Vita Coco from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $35.38.

Vita Coco Stock Down 5.0 %

The stock has a market capitalization of $1.89 billion, a P/E ratio of 33.61, a P/E/G ratio of 2.25 and a beta of 0.38. The business has a fifty day moving average price of $32.29 and a 200-day moving average price of $34.53.

Vita Coco (NASDAQ:COCO) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.09. The firm had revenue of $130.92 million during the quarter, compared to analyst estimates of $125.64 million. Vita Coco had a net margin of 11.99% and a return on equity of 26.49%. The business’s revenue for the quarter was up 17.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.24 earnings per share. On average, equities analysts expect that The Vita Coco Company, Inc. will post 1.07 earnings per share for the current fiscal year.

Insider Transactions at Vita Coco

In related news, COO Jonathan Burth sold 700 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $40.25, for a total value of $28,175.00. Following the transaction, the chief operating officer now owns 104,108 shares of the company’s stock, valued at approximately $4,190,347. This trade represents a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Michael Kirban sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $35.00, for a total transaction of $210,000.00. Following the sale, the chairman now directly owns 1,663,049 shares of the company’s stock, valued at approximately $58,206,715. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 79,358 shares of company stock worth $2,865,456 in the last ninety days. Insiders own 32.30% of the company’s stock.

Institutional Investors Weigh In On Vita Coco

Hedge funds have recently modified their holdings of the business. Barclays PLC grew its holdings in Vita Coco by 200.6% during the third quarter. Barclays PLC now owns 69,504 shares of the company’s stock valued at $1,969,000 after purchasing an additional 46,385 shares during the period. Pier Capital LLC grew its stake in shares of Vita Coco by 39.6% during the 4th quarter. Pier Capital LLC now owns 200,623 shares of the company’s stock valued at $7,405,000 after acquiring an additional 56,879 shares during the period. Raymond James Financial Inc. purchased a new stake in Vita Coco in the 4th quarter worth approximately $7,985,000. Renaissance Technologies LLC bought a new stake in Vita Coco during the 4th quarter worth approximately $458,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Vita Coco in the fourth quarter worth approximately $399,000. Institutional investors 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.