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

The Vita Coco Company, Inc. (NASDAQ:COCO) reached a new 52-week high on Tuesday . The stock traded as high as $35.99 and last traded at $35.85, with a volume of 278318 shares trading hands. The stock had previously closed at $34.61.

Wall Street Analysts Forecast Growth

A number of research firms have commented on COCO. Bank of America boosted their target price on Vita Coco from $27.00 to $30.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 10th. 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 report on Wednesday, July 10th. Jefferies Financial Group dropped their target price on shares of Vita Coco from $35.00 to $31.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. Piper Sandler downgraded shares of Vita Coco from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $29.00 to $28.00 in a report on Friday, July 12th. Finally, Craig Hallum lifted their price objective on Vita Coco from $33.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $31.00.

Vita Coco Price Performance

The stock’s 50-day moving average is $28.56 and its 200-day moving average is $27.37. The stock has a market cap of $2.02 billion, a price-to-earnings ratio of 35.83, a price-to-earnings-growth ratio of 2.26 and a beta of 0.22.

Vita Coco (NASDAQ:COCO) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.06. Vita Coco had a return on equity of 26.49% and a net margin of 11.99%. The business had revenue of $133.00 million during the quarter, compared to the consensus estimate of $138.56 million. During the same quarter in the previous year, the business earned $0.26 earnings per share. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. Analysts predict that The Vita Coco Company, Inc. will post 1.07 EPS for the current fiscal year.

Insider Transactions at Vita Coco

In other Vita Coco news, COO Jonathan Burth sold 905 shares of Vita Coco stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $30.04, for a total value of $27,186.20. Following the transaction, the chief operating officer now owns 123,300 shares in the company, valued at $3,703,932. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 4,949 shares of company stock worth $148,585 in the last three months. Company insiders own 34.20% of the company’s stock.

Hedge Funds Weigh In On Vita Coco

Large investors have recently modified their holdings of the company. Champlain Investment Partners LLC acquired a new position in shares of Vita Coco during the 1st quarter valued at $18,210,000. Victory Capital Management Inc. boosted its position in shares of Vita Coco by 106.4% in the third quarter. Victory Capital Management Inc. now owns 895,716 shares of the company’s stock worth $25,358,000 after buying an additional 461,748 shares during the period. Driehaus Capital Management LLC acquired a new stake in shares of Vita Coco in the second quarter valued at about $9,859,000. Vanguard Group Inc. raised its holdings in shares of Vita Coco by 10.8% during the 1st quarter. Vanguard Group Inc. now owns 2,375,421 shares of the company’s stock valued at $58,032,000 after buying an additional 230,991 shares during the period. Finally, Harbor Capital Advisors Inc. raised its holdings in shares of Vita Coco by 143.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 341,506 shares of the company’s stock valued at $9,668,000 after buying an additional 200,940 shares during the period. 88.49% of the stock is currently owned by hedge funds and other institutional investors.

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.