Arizona State Retirement System Grows Stock Holdings in The Vita Coco Company, Inc. (NASDAQ:COCO)

Arizona State Retirement System raised its position in The Vita Coco Company, Inc. (NASDAQ:COCO) by 9.5% during the second quarter, Holdings Channel.com reports. The fund owned 11,107 shares of the company’s stock after purchasing an additional 960 shares during the quarter. Arizona State Retirement System’s holdings in Vita Coco were worth $309,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of COCO. Robeco Institutional Asset Management B.V. bought a new stake in shares of Vita Coco during the 4th quarter valued at about $60,000. New York State Teachers Retirement System bought a new stake in shares of Vita Coco during the 1st quarter valued at about $63,000. nVerses Capital LLC boosted its stake in shares of Vita Coco by 271.4% during the 2nd quarter. nVerses Capital LLC now owns 2,600 shares of the company’s stock valued at $72,000 after purchasing an additional 1,900 shares in the last quarter. CWM LLC boosted its stake in shares of Vita Coco by 40.7% during the 2nd quarter. CWM LLC now owns 2,720 shares of the company’s stock valued at $76,000 after purchasing an additional 787 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Vita Coco by 1,289.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,459 shares of the company’s stock valued at $89,000 after purchasing an additional 3,210 shares in the last quarter. Hedge funds and other institutional investors own 88.49% of the company’s stock.

Vita Coco Stock Performance

COCO opened at $27.74 on Wednesday. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 30.15, a PEG ratio of 2.30 and a beta of 0.22. The company has a fifty day moving average of $25.96 and a 200 day moving average of $26.19. The Vita Coco Company, Inc. has a fifty-two week low of $19.41 and a fifty-two week high of $31.42.

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

Insider Transactions at Vita Coco

In related news, insider Es Charles Van sold 4,372 shares of Vita Coco stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $30.00, for a total transaction of $131,160.00. Following the completion of the sale, the insider now owns 97,668 shares in the company, valued at approximately $2,930,040. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 34.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on COCO. Stephens reaffirmed an “overweight” rating and set a $31.00 target price on shares of Vita Coco in a research note on Thursday, May 23rd. Piper Sandler lowered shares of Vita Coco from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $29.00 to $28.00 in a research note on Friday, July 12th. Wells Fargo & Company boosted their price objective on shares of Vita Coco from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Jefferies Financial Group dropped their price objective on shares of Vita Coco from $35.00 to $31.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Finally, Bank of America boosted their price objective on shares of Vita Coco from $27.00 to $30.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 10th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Vita Coco currently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Vita Coco 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.