Piper Sandler Lowers Vita Coco (NASDAQ:COCO) to Neutral

Piper Sandler downgraded shares of Vita Coco (NASDAQ:COCO) from an overweight rating to a neutral rating in a research note released on Friday morning, MarketBeat reports. Piper Sandler currently has $28.00 price objective on the stock, down from their prior price objective of $29.00.

Several other research analysts also recently weighed in on the company. Wells Fargo & Company boosted their target price on Vita Coco from $30.00 to $33.00 and gave the stock an overweight rating in a research note on Wednesday, July 10th. Stephens restated an overweight rating and set a $31.00 target price on shares of Vita Coco in a research note on Thursday, May 23rd. Finally, Bank of America boosted their target price on Vita Coco from $27.00 to $30.00 and gave the stock a neutral rating in a research note on Wednesday, July 10th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $30.29.

Vita Coco Trading Down 9.1 %

Shares of NASDAQ:COCO opened at $27.66 on Friday. Vita Coco has a 12-month low of $19.41 and a 12-month high of $33.29. The business’s fifty day simple moving average is $27.86 and its 200-day simple moving average is $25.19. The company has a market capitalization of $1.57 billion, a PE ratio of 30.07, a P/E/G ratio of 1.64 and a beta of 0.23.

Vita Coco (NASDAQ:COCO) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. Vita Coco had a return on equity of 26.27% and a net margin of 10.93%. The business had revenue of $112.00 million for the quarter, compared to the consensus estimate of $111.72 million. During the same period last year, the business posted $0.12 EPS. The business’s revenue was up 2.0% compared to the same quarter last year. Research analysts predict that Vita Coco will post 1.04 EPS for the current year.

Insiders Place Their Bets

In other Vita Coco news, insider Es Charles Van sold 6,700 shares of Vita Coco stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $30.04, for a total transaction of $201,268.00. Following the completion of the sale, the insider now owns 97,668 shares of the company’s stock, valued at approximately $2,933,946.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Vita Coco news, COO Jonathan Burth sold 2,845 shares of Vita Coco stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $30.07, for a total transaction of $85,549.15. Following the completion of the sale, the chief operating officer now owns 134,004 shares of the company’s stock, valued at approximately $4,029,500.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Es Charles Van sold 6,700 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $30.04, for a total value of $201,268.00. Following the completion of the transaction, the insider now directly owns 97,668 shares of the company’s stock, valued at approximately $2,933,946.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 31,874 shares of company stock valued at $945,365. 34.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Vita Coco

Several institutional investors and hedge funds have recently modified their holdings of the stock. Simplicity Wealth LLC lifted its holdings in shares of Vita Coco by 48.2% in the 2nd quarter. Simplicity Wealth LLC now owns 22,294 shares of the company’s stock valued at $621,000 after buying an additional 7,252 shares during the period. CWM LLC lifted its holdings in shares of Vita Coco by 40.7% in the 2nd quarter. CWM LLC now owns 2,720 shares of the company’s stock valued at $76,000 after buying an additional 787 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in shares of Vita Coco by 276.1% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 140,566 shares of the company’s stock valued at $3,915,000 after buying an additional 103,194 shares during the period. Cim LLC acquired a new position in shares of Vita Coco in the 1st quarter valued at about $210,000. Finally, Comerica Bank lifted its holdings in shares of Vita Coco by 1,155.7% in the 1st quarter. Comerica Bank now owns 3,993 shares of the company’s stock valued at $98,000 after buying an additional 3,675 shares during the period. Institutional investors and hedge funds own 88.49% of the company’s stock.

Vita Coco Company Profile

The Vita Coco Company, Inc develops, markets, and distributes coconut water products under the Vita Coco brand name in the United States, Canada, Europe, the Middle East, Africa, and the Asia Pacific. The company offers coconut oil and coconut milk; juice; Runa, a plant-based energy drink; packaged water under the Ever & Ever brand name; and PWR LIFT, a protein-infused fitness drink.