Inspire Investing LLC bought a new position in Vita Coco Company, Inc. (NASDAQ:COCO – Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 10,930 shares of the company’s stock, valued at approximately $626,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of Vita Coco during the second quarter worth approximately $463,654,000. Bank of America Corp DE bought a new stake in Vita Coco in the 2nd quarter valued at $56,722,000. Bank of New York Mellon Corp bought a new position in shares of Vita Coco during the 2nd quarter worth about $17,119,000. Principal Financial Group Inc. raised its position in shares of Vita Coco by 146.7% during the first quarter. Principal Financial Group Inc. now owns 406,719 shares of the company’s stock valued at $19,486,000 after buying an additional 241,836 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in Vita Coco during the second quarter worth about $7,057,000. 88.49% of the stock is owned by institutional investors and hedge funds.
Vita Coco Stock Up 3.9%
Shares of COCO stock opened at $58.48 on Friday. Vita Coco Company, Inc. has a 12-month low of $39.69 and a 12-month high of $85.83. The firm has a fifty day moving average of $57.44 and a 200-day moving average of $61.61. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of 29.39, a price-to-earnings-growth ratio of 1.50 and a beta of 0.76.
Vita Coco (NASDAQ:COCO – Get Free Report) last issued its quarterly earnings data on Thursday, October 22nd. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.47 by $0.11. The business had revenue of $243.83 million for the quarter, compared to the consensus estimate of $230.10 million. Vita Coco had a return on equity of 31.84% and a net margin of 15.70%. The firm’s revenue was up 33.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.40 EPS. Research analysts expect that Vita Coco Company, Inc. will post 2.06 earnings per share for the current year.
Wall Street Analyst Weigh In
A number of analysts have commented on COCO shares. Zacks Research downgraded Vita Coco from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. William Blair reissued a “market perform” rating on shares of Vita Coco in a report on Thursday, October 22nd. Morgan Stanley upped their price target on shares of Vita Coco from $65.00 to $68.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 28th. Wells Fargo & Company decreased their price target on Vita Coco from $85.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, October 5th. Finally, Oppenheimer assumed coverage on shares of Vita Coco in a report on Thursday, October 1st. They set an “outperform” rating and a $70.00 target price for the company. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Vita Coco currently has an average rating of “Moderate Buy” and a consensus target price of $74.12.
Check Out Our Latest Report on COCO
About Vita Coco
The Vita Coco Company, Inc is a beverage company focused on hydration and wellness products. Its flagship brand, Vita Coco, offers coconut water in a variety of formats and flavors, including original, flavored and pressed coconut water products. The company also markets other beverages under brands such as Ever & Ever, a plant-based water brand, and PWR LIFT, a functional hydration beverage.
Vita Coco products are sold through grocery stores, mass merchandisers, convenience stores, club retailers, e-commerce platforms and foodservice channels.
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