Vita Coco (NASDAQ:COCO) Shares Down 4.9% Following Insider Selling

Vita Coco Company, Inc. (NASDAQ:COCO) was down 4.9% during trading on Monday after an insider sold shares in the company. The stock traded as low as $45.85 and last traded at $45.9750. Approximately 690,208 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 1,156,284 shares. The stock had previously closed at $48.32.

Specifically, CEO Martin Roper sold 25,000 shares of the firm’s stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $50.00, for a total transaction of $1,250,000.00. Following the completion of the transaction, the chief executive officer directly owned 298,484 shares in the company, valued at $14,924,200. This trade represents a 7.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kenneth Sadowsky sold 3,900 shares of the business’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $48.93, for a total value of $190,827.00. Following the completion of the transaction, the director owned 586,566 shares in the company, valued at $28,700,674.38. This trade represents a 0.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In other Vita Coco news, CEO Martin Roper sold 25,000 shares of the business’s stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $50.00, for a total value of $1,250,000.00. Following the completion of the transaction, the chief executive officer directly owned 298,484 shares in the company, valued at approximately $14,924,200. The trade was a 7.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Ratings Changes

COCO has been the topic of several research analyst reports. Morgan Stanley increased their price target on shares of Vita Coco from $49.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday, February 23rd. Zacks Research lowered shares of Vita Coco from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Wall Street Zen downgraded shares of Vita Coco from a “hold” rating to a “sell” rating in a report on Saturday, April 4th. Weiss Ratings restated a “buy (b-)” rating on shares of Vita Coco in a research report on Friday, March 27th. Finally, Wells Fargo & Company reduced their target price on shares of Vita Coco from $63.00 to $60.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 8th. Seven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Vita Coco currently has a consensus rating of “Moderate Buy” and an average target price of $59.43.

Vita Coco Stock Performance

The stock has a market capitalization of $2.63 billion, a P/E ratio of 39.03, a price-to-earnings-growth ratio of 1.52 and a beta of 0.47. The firm’s fifty day simple moving average is $53.25 and its 200 day simple moving average is $50.66.

Vita Coco (NASDAQ:COCO) last posted its quarterly earnings results on Wednesday, February 18th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). Vita Coco had a net margin of 11.70% and a return on equity of 23.19%. The company had revenue of $127.79 million during the quarter, compared to analyst estimates of $117.80 million. During the same quarter in the previous year, the business posted $0.06 earnings per share. The company’s revenue for the quarter was up .4% on a year-over-year basis. Analysts anticipate that Vita Coco Company, Inc. will post 1.07 earnings per share for the current fiscal year.

Institutional Trading of Vita Coco

Several institutional investors have recently made changes to their positions in COCO. New York State Common Retirement Fund grew its position in Vita Coco by 10.3% during the third quarter. New York State Common Retirement Fund now owns 511,031 shares of the company’s stock valued at $21,703,000 after buying an additional 47,632 shares during the period. Westfield Capital Management Co. LP bought a new position in Vita Coco during the third quarter valued at about $45,135,000. Hussman Strategic Advisors Inc. bought a new position in Vita Coco during the third quarter valued at about $2,230,000. Harbor Capital Advisors Inc. bought a new position in Vita Coco during the third quarter valued at about $821,000. Finally, Wilmington Savings Fund Society FSB bought a new position in Vita Coco during the third quarter valued at about $62,815,000. Institutional investors own 88.49% of the company’s stock.

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.