Vita Coco (NASDAQ:COCO) Reaches New 52-Week High – Time to Buy?

Shares of Vita Coco Company, Inc. (NASDAQ:COCO) reached a new 52-week high on Wednesday . The stock traded as high as $85.39 and last traded at $83.87, with a volume of 1088664 shares traded. The stock had previously closed at $82.85.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on COCO shares. Zacks Research raised Vita Coco from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Piper Sandler reaffirmed an “overweight” rating and set a $70.00 price target on shares of Vita Coco in a research report on Wednesday, April 29th. The Goldman Sachs Group reiterated a “buy” rating and issued a $71.00 price objective on shares of Vita Coco in a report on Thursday, April 30th. Jefferies Financial Group boosted their price objective on shares of Vita Coco from $63.00 to $78.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Finally, Weiss Ratings upgraded shares of Vita Coco from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $70.43.

Vita Coco Price Performance

The firm has a 50-day moving average of $66.36 and a 200 day moving average of $58.41. The stock has a market capitalization of $4.79 billion, a price-to-earnings ratio of 61.22, a PEG ratio of 1.99 and a beta of 0.74.

Vita Coco (NASDAQ:COCO) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.16. The firm had revenue of $179.77 million for the quarter, compared to analyst estimates of $148.39 million. Vita Coco had a return on equity of 25.43% and a net margin of 12.59%.The business’s quarterly revenue was up 37.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.31 EPS. On average, equities analysts forecast that Vita Coco Company, Inc. will post 1.76 earnings per share for the current year.

Insider Activity

In other Vita Coco news, COO Jonathan Burth sold 30,000 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $75.00, for a total transaction of $2,250,000.00. Following the sale, the chief operating officer directly owned 57,910 shares of the company’s stock, valued at approximately $4,343,250. This represents a 34.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Es Charles Van sold 8,045 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $75.05, for a total transaction of $603,777.25. Following the transaction, the insider owned 59,085 shares in the company, valued at $4,434,329.25. This represents a 11.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 703,406 shares of company stock valued at $48,928,225. 34.20% of the stock is owned by insiders.

Institutional Trading of Vita Coco

Institutional investors and hedge funds have recently bought and sold shares of the business. Wasatch Advisors LP increased its stake in shares of Vita Coco by 80.3% during the first quarter. Wasatch Advisors LP now owns 3,675,489 shares of the company’s stock worth $176,093,000 after purchasing an additional 1,637,437 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in Vita Coco in the 3rd quarter valued at $62,815,000. Wellington Management Group LLP boosted its stake in Vita Coco by 232.2% in the 3rd quarter. Wellington Management Group LLP now owns 1,992,404 shares of the company’s stock valued at $84,617,000 after purchasing an additional 1,392,678 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new position in Vita Coco in the 4th quarter valued at $73,242,000. Finally, Westfield Capital Management Co. LP bought a new position in Vita Coco during the 3rd quarter worth $45,135,000. Institutional investors own 88.49% of the company’s stock.

Vita Coco Company Profile

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.