Vita Coco (NASDAQ:COCO) Trading Down 5.4% – Here’s What Happened

Vita Coco Company, Inc. (NASDAQ:COCO)’s stock price dropped 5.4% on Monday . The stock traded as low as $48.37 and last traded at $48.2710. Approximately 238,267 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 1,152,821 shares. The stock had previously closed at $51.00.

Wall Street Analysts Forecast Growth

COCO has been the topic of several recent research reports. Zacks Research downgraded shares of Vita Coco from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Evercore reiterated an “outperform” rating and issued a $70.00 price objective on shares of Vita Coco in a research report on Thursday, March 12th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Vita Coco in a research report on Friday, March 27th. Morgan Stanley lifted their price objective on shares of Vita Coco from $49.00 to $57.00 and gave the company an “equal weight” rating in a research report on Monday, February 23rd. Finally, Wells Fargo & Company dropped their price target 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 investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Vita Coco has a consensus rating of “Moderate Buy” and a consensus target price of $59.43.

Vita Coco Trading Down 5.5%

The company has a market capitalization of $2.75 billion, a P/E ratio of 40.91, a P/E/G ratio of 1.61 and a beta of 0.47. The business’s 50-day simple moving average is $54.04 and its 200 day simple moving average is $50.40.

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

Insider Buying and Selling

In other news, CMO Jane Prior sold 50,000 shares of Vita Coco stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $52.92, for a total value of $2,646,000.00. Following the transaction, the chief marketing officer owned 127,399 shares of the company’s stock, valued at $6,741,955.08. The trade was a 28.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ira Liran sold 30,000 shares of Vita Coco stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $56.65, for a total transaction of $1,699,500.00. Following the completion of the transaction, the director directly owned 572,579 shares in the company, valued at $32,436,600.35. This represents a 4.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 217,800 shares of company stock worth $12,075,436. 32.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Vita Coco

Several hedge funds have recently made changes to their positions in COCO. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Vita Coco by 5.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,493 shares of the company’s stock worth $720,000 after purchasing an additional 1,174 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Vita Coco by 5,376.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,369 shares of the company’s stock worth $49,000 after acquiring an additional 1,344 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of Vita Coco in the second quarter worth approximately $9,627,000. Cerity Partners LLC purchased a new position in shares of Vita Coco in the second quarter worth approximately $645,000. Finally, Qube Research & Technologies Ltd purchased a new position in shares of Vita Coco in the second quarter worth approximately $2,990,000. Institutional investors and hedge funds 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.