Allspring Global Investments Holdings LLC Grows Stake in The Vita Coco Company, Inc. (NASDAQ:COCO)

Allspring Global Investments Holdings LLC boosted its stake in shares of The Vita Coco Company, Inc. (NASDAQ:COCO) by 18.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 46,269 shares of the company’s stock after purchasing an additional 7,173 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.08% of Vita Coco worth $1,310,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. nVerses Capital LLC raised its stake in Vita Coco by 271.4% in the 2nd quarter. nVerses Capital LLC now owns 2,600 shares of the company’s stock valued at $72,000 after purchasing an additional 1,900 shares during the last quarter. CWM LLC raised its position in shares of Vita Coco by 40.7% in the second 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 last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Vita Coco by 1,289.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,459 shares of the company’s stock worth $89,000 after buying an additional 3,210 shares in the last quarter. Ameritas Investment Partners Inc. boosted its position in Vita Coco by 32.3% during the first quarter. Ameritas Investment Partners Inc. now owns 3,760 shares of the company’s stock worth $92,000 after acquiring an additional 919 shares during the last quarter. Finally, Comerica Bank grew its stake in Vita Coco by 1,155.7% during the 1st quarter. Comerica Bank now owns 3,993 shares of the company’s stock valued at $98,000 after acquiring an additional 3,675 shares in the last quarter. 88.49% of the stock is owned by hedge funds and other institutional investors.

Vita Coco Price Performance

Vita Coco stock opened at $29.56 on Thursday. The Vita Coco Company, Inc. has a 12-month low of $19.41 and a 12-month high of $31.54. The firm has a 50 day simple moving average of $27.66 and a 200-day simple moving average of $27.01. The stock has a market capitalization of $1.68 billion, a PE ratio of 32.13, a price-to-earnings-growth ratio of 2.24 and a beta of 0.23.

Vita Coco (NASDAQ:COCO) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.01. The business had revenue of $144.00 million during the quarter, compared to analyst estimates of $144.08 million. Vita Coco had a return on equity of 26.42% and a net margin of 11.05%. Vita Coco’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period last year, the company earned $0.26 earnings per share. On average, analysts forecast that The Vita Coco Company, Inc. will post 1.05 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on COCO. Jefferies Financial Group cut their price objective on shares of Vita Coco from $35.00 to $31.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Wells Fargo & Company increased their target price on shares of Vita Coco from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Wednesday, July 10th. Piper Sandler cut Vita Coco from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $29.00 to $28.00 in a research note on Friday, July 12th. Finally, Bank of America boosted their target price on shares of Vita Coco from $27.00 to $30.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 10th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Vita Coco currently has an average rating of “Moderate Buy” and an average price target of $30.17.

Insiders Place Their Bets

In other news, COO Jonathan Burth sold 2,244 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $30.01, for a total transaction of $67,342.44. Following the completion of the transaction, the chief operating officer now owns 124,605 shares of the company’s stock, valued at approximately $3,739,396.05. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 4,949 shares of company stock valued at $148,585 in the last three months. Company insiders own 34.20% 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.