Vita Coco (NASDAQ:COCO) Stock Price Down 4%

The Vita Coco Company, Inc. (NASDAQ:COCO) shares traded down 4% during mid-day trading on Wednesday . The company traded as low as $28.33 and last traded at $28.33. 49,379 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 642,451 shares. The stock had previously closed at $29.52.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Piper Sandler lowered Vita Coco from an “overweight” rating to a “neutral” rating and cut their target price for the company from $29.00 to $28.00 in a research report on Friday, July 12th. Bank of America upped their target price on Vita Coco from $27.00 to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, July 10th. Wells Fargo & Company upped their target price on Vita Coco from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Finally, Jefferies Financial Group cut their target price on Vita Coco from $35.00 to $31.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $30.17.

Vita Coco Trading Down 1.8 %

The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of 30.33, a price-to-earnings-growth ratio of 2.53 and a beta of 0.22. The company has a 50-day moving average of $25.98 and a 200-day moving average of $26.31.

Vita Coco (NASDAQ:COCO) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.01. The business had revenue of $144.00 million for the quarter, compared to analyst estimates of $144.08 million. Vita Coco had a return on equity of 26.42% and a net margin of 11.05%. The business’s revenue was up 3.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.26 EPS. On average, research analysts forecast that The Vita Coco Company, Inc. will post 0.95 earnings per share for the current year.

Insiders Place Their Bets

In other Vita Coco news, insider Es Charles Van sold 4,372 shares of the stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $30.00, for a total value of $131,160.00. Following the sale, the insider now directly owns 97,668 shares of the company’s stock, valued at $2,930,040. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 34.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of COCO. Driehaus Capital Management LLC acquired a new position in shares of Vita Coco in the 2nd quarter valued at $9,859,000. The Manufacturers Life Insurance Company raised its stake in shares of Vita Coco by 29.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,392 shares of the company’s stock worth $624,000 after purchasing an additional 5,038 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Vita Coco by 5.3% during the 2nd quarter. AQR Capital Management LLC now owns 84,475 shares of the company’s stock worth $2,353,000 after purchasing an additional 4,234 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Vita Coco during the 2nd quarter worth about $661,000. Finally, ProShare Advisors LLC purchased a new stake in shares of Vita Coco during the 2nd quarter worth about $141,000. Institutional investors 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.