Bank of America Forecasts Strong Price Appreciation for Vita Coco (NASDAQ:COCO) Stock

Vita Coco (NASDAQ:COCO) had its price target lifted by investment analysts at Bank of America from $30.00 to $38.00 in a report released on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price target would indicate a potential upside of 6.56% from the stock’s previous close.

Separately, Craig Hallum boosted their target price on shares of Vita Coco from $33.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Vita Coco currently has an average rating of “Moderate Buy” and a consensus price target of $32.14.

Vita Coco Stock Performance

COCO traded down $0.38 during trading on Friday, hitting $35.66. 98,580 shares of the stock were exchanged, compared to its average volume of 607,054. Vita Coco has a 1 year low of $19.41 and a 1 year high of $37.20. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of 36.02, a P/E/G ratio of 2.33 and a beta of 0.31. The firm has a 50 day simple moving average of $32.16 and a 200 day simple moving average of $28.80.

Vita Coco (NASDAQ:COCO) last posted its earnings results on Wednesday, October 30th. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.06. The business had revenue of $133.00 million for the quarter, compared to the consensus estimate of $138.56 million. Vita Coco had a net margin of 11.99% and a return on equity of 26.49%. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.26 EPS. As a group, equities analysts anticipate that Vita Coco will post 1.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Vita Coco news, CMO Jane Prior sold 3,638 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $37.04, for a total transaction of $134,751.52. Following the sale, the chief marketing officer now owns 130,751 shares in the company, valued at approximately $4,843,017.04. The trade was a 2.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Martin F. Roper sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $35.85, for a total value of $179,250.00. Following the completion of the transaction, the chief executive officer now owns 452,452 shares of the company’s stock, valued at approximately $16,220,404.20. The trade was a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 84,951 shares of company stock valued at $3,021,869. Insiders own 34.20% of the company’s stock.

Institutional Trading of Vita Coco

Several large investors have recently made changes to their positions in the business. Harbor Capital Advisors Inc. raised its holdings in shares of Vita Coco by 143.0% during the third quarter. Harbor Capital Advisors Inc. now owns 341,506 shares of the company’s stock worth $9,668,000 after purchasing an additional 200,940 shares during the last quarter. Raymond James & Associates acquired a new stake in Vita Coco during the 3rd quarter worth about $3,990,000. Woodson Capital Management LP purchased a new position in shares of Vita Coco during the 3rd quarter valued at about $19,224,000. American Century Companies Inc. lifted its holdings in shares of Vita Coco by 42.2% in the 2nd quarter. American Century Companies Inc. now owns 80,129 shares of the company’s stock valued at $2,232,000 after buying an additional 23,761 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in shares of Vita Coco by 106.4% in the third quarter. Victory Capital Management Inc. now owns 895,716 shares of the company’s stock worth $25,358,000 after buying an additional 461,748 shares during the last quarter. 88.49% of the stock is owned by hedge funds and other institutional investors.

About Vita Coco

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.