Wells Fargo & Company Increases Vita Coco (NASDAQ:COCO) Price Target to $43.00

Vita Coco (NASDAQ:COCO) had its price target increased by Wells Fargo & Company from $39.00 to $43.00 in a report published on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

COCO has been the subject of several other reports. The Goldman Sachs Group set a $41.00 target price on Vita Coco and gave the company a “buy” rating in a research note on Wednesday, April 30th. Evercore ISI lifted their price target on Vita Coco from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Finally, Stephens reissued an “equal weight” rating and issued a $32.00 target price on shares of Vita Coco in a report on Thursday, March 27th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.88.

Vita Coco Trading Down 0.1%

Shares of COCO opened at $35.59 on Friday. The firm has a market capitalization of $2.02 billion, a P/E ratio of 35.95, a price-to-earnings-growth ratio of 2.25 and a beta of 0.38. The stock’s fifty day simple moving average is $32.52 and its 200 day simple moving average is $34.81. Vita Coco has a twelve month low of $23.56 and a twelve month high of $40.32.

Vita Coco (NASDAQ:COCO) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.22 by $0.09. Vita Coco had a return on equity of 26.49% and a net margin of 11.99%. The company had revenue of $130.92 million for the quarter, compared to analyst estimates of $125.64 million. During the same period last year, the company posted $0.24 earnings per share. The firm’s revenue was up 17.2% compared to the same quarter last year. Sell-side analysts predict that Vita Coco will post 1.07 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Beverages Sa Verlinvest sold 3,766,762 shares of the business’s stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $34.25, for a total transaction of $129,011,598.50. Following the sale, the insider now owns 7,097,161 shares of the company’s stock, valued at $243,077,764.25. The trade was a 34.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jonathan Burth sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $32.69, for a total value of $326,900.00. Following the sale, 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 3,864,762 shares of company stock valued at $132,479,079 over the last quarter. Corporate insiders own 32.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers grew its position in Vita Coco by 6.3% in the first quarter. Rhumbline Advisers now owns 57,168 shares of the company’s stock worth $1,752,000 after buying an additional 3,393 shares during the last quarter. Strs Ohio acquired a new position in Vita Coco in the first quarter worth approximately $432,000. Ascent Group LLC acquired a new position in Vita Coco in the first quarter worth approximately $348,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Vita Coco by 5.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,493 shares of the company’s stock worth $720,000 after buying an additional 1,174 shares during the last quarter. Finally, PDT Partners LLC grew its position in Vita Coco by 133.1% in the first quarter. PDT Partners LLC now owns 64,108 shares of the company’s stock worth $1,965,000 after buying an additional 36,610 shares during the last quarter. Institutional investors and hedge funds own 88.49% 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, 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.