Wall Street Zen Downgrades Vita Coco (NASDAQ:COCO) to Sell

Vita Coco (NASDAQ:COCO) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

A number of other research firms have also weighed in on COCO. Evercore reissued an “outperform” rating and set a $70.00 price objective on shares of Vita Coco in a research note on Thursday, March 12th. Zacks Research lowered shares of Vita Coco from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Weiss Ratings reissued a “buy (b-)” rating on shares of Vita Coco in a research report on Friday, March 27th. Morgan Stanley raised their price target on shares of Vita Coco from $49.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, February 23rd. Finally, Wells Fargo & Company boosted their price objective on shares of Vita Coco from $50.00 to $63.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Vita Coco currently has an average rating of “Moderate Buy” and a consensus target price of $59.86.

Vita Coco Stock Performance

COCO opened at $48.24 on Friday. Vita Coco has a 12 month low of $25.79 and a 12 month high of $61.39. The business’s 50-day moving average price is $54.52 and its 200-day moving average price is $50.07. The company has a market cap of $2.75 billion, a P/E ratio of 40.88, a P/E/G ratio of 1.52 and a beta of 0.47.

Vita Coco (NASDAQ:COCO) last issued its earnings results on Wednesday, February 18th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.04). The company had revenue of $127.79 million for the quarter, compared to analysts’ expectations of $117.80 million. Vita Coco had a net margin of 11.70% and a return on equity of 23.19%. The company’s revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.06 earnings per share. Equities research analysts forecast that Vita Coco will post 1.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Vita Coco news, Director Kenneth Sadowsky sold 3,900 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $53.92, for a total value of $210,288.00. Following the completion of the sale, the director directly owned 608,266 shares in the company, valued at $32,797,702.72. This trade represents a 0.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Jonathan Burth sold 60,000 shares of Vita Coco stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $58.65, for a total value of $3,519,000.00. Following the sale, the chief operating officer directly owned 57,910 shares in the company, valued at approximately $3,396,421.50. The trade was a 50.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 192,800 shares of company stock valued at $10,801,686 over the last quarter. 32.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Vita Coco

Several hedge funds have recently made changes to their positions in the company. Rockefeller Capital Management L.P. raised its holdings in Vita Coco by 265.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,319 shares of the company’s stock worth $70,000 after purchasing an additional 958 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Vita Coco during the 4th quarter valued at $642,000. Invesco Ltd. grew its position in shares of Vita Coco by 13.9% in the 4th quarter. Invesco Ltd. now owns 50,206 shares of the company’s stock worth $2,661,000 after buying an additional 6,115 shares during the period. Vident Advisory LLC purchased a new stake in shares of Vita Coco in the 4th quarter worth about $284,000. Finally, Fuller & Thaler Asset Management Inc. bought a new position in shares of Vita Coco in the 4th quarter worth about $73,242,000. 88.49% of the stock is currently owned by institutional investors.

About Vita Coco

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.