Short Interest in The Vita Coco Company, Inc. (NASDAQ:COCO) Expands By 9.2%

The Vita Coco Company, Inc. (NASDAQ:COCO) saw a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 6,160,000 shares, a growth of 9.2% from the October 15th total of 5,640,000 shares. Approximately 16.1% of the shares of the company are sold short. Based on an average daily volume of 487,800 shares, the short-interest ratio is presently 12.6 days.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Craig Hallum boosted their price objective on Vita Coco from $33.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Jefferies Financial Group decreased their price target on Vita Coco from $35.00 to $31.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.00.

Vita Coco Trading Up 3.1 %

Shares of COCO traded up $1.04 during trading hours on Monday, hitting $35.06. 341,610 shares of the stock traded hands, compared to its average volume of 620,107. Vita Coco has a 1-year low of $19.41 and a 1-year high of $36.41. The firm has a market capitalization of $1.99 billion, a PE ratio of 34.36, a price-to-earnings-growth ratio of 2.22 and a beta of 0.22. The business has a fifty day moving average of $29.90 and a 200-day moving average of $27.91.

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

Insider Activity

In related news, Director Ira Liran sold 27,176 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $36.04, for a total value of $979,423.04. Following the transaction, the director now directly owns 883,729 shares of the company’s stock, valued at approximately $31,849,593.16. This trade represents a 2.98 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jonathan Burth sold 2,244 shares of Vita Coco stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $30.01, for a total value of $67,342.44. Following the completion of the transaction, the chief operating officer now directly owns 124,605 shares in the company, valued at approximately $3,739,396.05. This represents a 1.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,425 shares of company stock valued at $1,494,523. Company insiders own 34.20% of the company’s stock.

Institutional Investors Weigh In On Vita Coco

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. increased its holdings in shares of Vita Coco by 143.0% in the third quarter. Harbor Capital Advisors Inc. now owns 341,506 shares of the company’s stock worth $9,668,000 after acquiring an additional 200,940 shares in the last quarter. Raymond James & Associates acquired a new position in Vita Coco during the third quarter valued at approximately $3,990,000. American Century Companies Inc. boosted its position in Vita Coco by 42.2% during the second quarter. American Century Companies Inc. now owns 80,129 shares of the company’s stock valued at $2,232,000 after purchasing an additional 23,761 shares during the last quarter. Pier Capital LLC boosted its position in Vita Coco by 37.7% during the second quarter. Pier Capital LLC now owns 292,073 shares of the company’s stock valued at $8,134,000 after purchasing an additional 79,957 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in Vita Coco during the second quarter valued at approximately $608,000. Institutional investors own 88.49% of the company’s stock.

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.