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

Vita Coco (NASDAQ:COCO) had its target price upped by analysts at Bank of America from $30.00 to $38.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price objective suggests a potential upside of 4.65% from the company’s current price.

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

Vita Coco Price Performance

COCO opened at $36.31 on Friday. The company has a market capitalization of $2.06 billion, a PE ratio of 36.68, a price-to-earnings-growth ratio of 2.39 and a beta of 0.31. Vita Coco has a fifty-two week low of $19.41 and a fifty-two week high of $37.20. The business has a 50-day moving average of $32.29 and a 200-day moving average of $28.88.

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

Insider Activity

In other Vita Coco news, CEO Martin F. Roper sold 5,000 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $35.85, for a total transaction of $179,250.00. Following the sale, the chief executive officer now owns 452,452 shares of the company’s stock, valued at $16,220,404.20. This represents a 1.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ira Liran sold 27,176 shares of the company’s stock in a transaction on Friday, November 8th. The shares were 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 in the company, valued at $31,849,593.16. This trade represents a 2.98 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 84,951 shares of company stock worth $3,021,869. Company insiders own 34.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. boosted its stake in Vita Coco by 143.0% during the 3rd 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 during the last quarter. Raymond James & Associates acquired a new position in shares of Vita Coco in the third quarter valued at approximately $3,990,000. Woodson Capital Management LP bought a new stake in shares of Vita Coco during the third quarter worth $19,224,000. American Century Companies Inc. lifted its position in 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 acquiring an additional 23,761 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in Vita Coco by 106.4% during the 3rd quarter. Victory Capital Management Inc. now owns 895,716 shares of the company’s stock worth $25,358,000 after purchasing an additional 461,748 shares in the last quarter. 88.49% of the stock is currently owned by institutional investors and hedge funds.

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.