Allworth Financial LP lessened its holdings in shares of Vita Coco Company, Inc. (NASDAQ:COCO – Free Report) by 32.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 80,079 shares of the company’s stock after selling 38,981 shares during the quarter. Allworth Financial LP’s holdings in Vita Coco were worth $4,245,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Wilmington Savings Fund Society FSB bought a new stake in Vita Coco during the 3rd quarter valued at $62,815,000. Wellington Management Group LLP raised its stake in Vita Coco by 232.2% during the 3rd quarter. Wellington Management Group LLP now owns 1,992,404 shares of the company’s stock valued at $84,617,000 after acquiring an additional 1,392,678 shares in the last quarter. Westfield Capital Management Co. LP bought a new stake in Vita Coco during the 3rd quarter valued at $45,135,000. Millennium Management LLC raised its stake in Vita Coco by 164.7% during the 3rd quarter. Millennium Management LLC now owns 1,225,803 shares of the company’s stock valued at $52,060,000 after acquiring an additional 762,731 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Vita Coco by 135.5% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,282,310 shares of the company’s stock valued at $54,460,000 after acquiring an additional 737,823 shares in the last quarter. Institutional investors and hedge funds own 88.49% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts recently weighed in on COCO shares. Weiss Ratings raised Vita Coco from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. The Goldman Sachs Group reissued a “buy” rating and set a $71.00 price target on shares of Vita Coco in a research report on Thursday, April 30th. Wall Street Zen raised Vita Coco from a “sell” rating to a “buy” rating in a research report on Saturday, May 2nd. Jefferies Financial Group upped their price target on Vita Coco from $63.00 to $78.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Finally, Morgan Stanley set a $65.00 price target on Vita Coco in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $69.00.
Vita Coco Price Performance
NASDAQ COCO opened at $78.44 on Friday. The firm has a market cap of $4.48 billion, a PE ratio of 57.26, a price-to-earnings-growth ratio of 1.88 and a beta of 0.72. Vita Coco Company, Inc. has a one year low of $31.79 and a one year high of $78.55. The stock’s 50 day simple moving average is $55.82 and its 200 day simple moving average is $53.30.
Vita Coco (NASDAQ:COCO – Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.16. The business had revenue of $179.77 million for the quarter, compared to analyst estimates of $148.39 million. Vita Coco had a return on equity of 25.43% and a net margin of 12.59%.The firm’s revenue was up 37.4% on a year-over-year basis. During the same period last year, the company earned $0.31 EPS. As a group, equities analysts expect that Vita Coco Company, Inc. will post 1.76 earnings per share for the current year.
Insider Buying and Selling
In related news, insider Es Charles Van sold 8,561 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $70.00, for a total value of $599,270.00. Following the completion of the sale, the insider directly owned 67,130 shares in the company, valued at approximately $4,699,100. The trade was a 11.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Martin Roper sold 20,544 shares of the company’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $59.35, for a total transaction of $1,219,286.40. Following the transaction, the chief executive officer owned 298,484 shares of the company’s stock, valued at $17,715,025.40. This trade represents a 6.44% decrease in their ownership of the stock. 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. Insiders sold a total of 488,361 shares of company stock worth $28,603,572 in the last three months. Insiders own 32.30% of the company’s stock.
Vita Coco Company Profile
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.
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