Raymond James & Associates Takes Position in The Vita Coco Company, Inc. (NASDAQ:COCO)

Raymond James & Associates bought a new stake in The Vita Coco Company, Inc. (NASDAQ:COCO) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 140,952 shares of the company’s stock, valued at approximately $3,990,000. Raymond James & Associates owned 0.25% of Vita Coco at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in COCO. PNC Financial Services Group Inc. boosted 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 valued at $89,000 after purchasing an additional 3,210 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Vita Coco by 31.0% in the first quarter. Principal Financial Group Inc. now owns 31,004 shares of the company’s stock valued at $757,000 after purchasing an additional 7,330 shares during the period. GSA Capital Partners LLP acquired a new stake in Vita Coco in the first quarter valued at $1,028,000. Swiss National Bank raised its holdings in Vita Coco by 19.1% in the first quarter. Swiss National Bank now owns 72,900 shares of the company’s stock valued at $1,781,000 after acquiring an additional 11,700 shares in the last quarter. Finally, William Blair Investment Management LLC raised its holdings in Vita Coco by 0.7% in the first quarter. William Blair Investment Management LLC now owns 704,899 shares of the company’s stock valued at $17,221,000 after acquiring an additional 4,895 shares in the last quarter. 88.49% of the stock is currently owned by hedge funds and other institutional investors.

Vita Coco Stock Performance

Shares of NASDAQ:COCO opened at $31.97 on Friday. The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of 32.29, a price-to-earnings-growth ratio of 2.45 and a beta of 0.23. The Vita Coco Company, Inc. has a 1-year low of $19.41 and a 1-year high of $32.98. The company’s fifty day moving average is $27.98 and its two-hundred day moving average is $27.13.

Vita Coco (NASDAQ:COCO) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Vita Coco had a net margin of 11.99% and a return on equity of 27.64%. The business had revenue of $133.00 million for the quarter, compared to analysts’ expectations of $138.56 million. During the same quarter last year, the company earned $0.26 EPS. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. Sell-side analysts expect that The Vita Coco Company, Inc. will post 1 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Jonathan Burth sold 2,244 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $30.01, for a total value of $67,342.44. Following the sale, the chief operating officer now owns 124,605 shares of the company’s stock, valued at $3,739,396.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal 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 quarter. Company insiders own 34.20% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on COCO. Jefferies Financial Group cut their price target on shares of Vita Coco from $35.00 to $31.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Wells Fargo & Company upped their price target on shares of Vita Coco from $30.00 to $33.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Piper Sandler cut shares of Vita Coco from an “overweight” rating to a “neutral” rating and cut their price target for the company from $29.00 to $28.00 in a report on Friday, July 12th. Craig Hallum upped their price target on shares of Vita Coco from $33.00 to $36.00 and gave the company a “buy” rating in a report on Thursday. Finally, Bank of America upped their price target on shares of Vita Coco from $27.00 to $30.00 and gave the company a “neutral” rating in a report on Wednesday, July 10th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Vita Coco has a consensus rating of “Moderate Buy” and an average target price of $31.00.

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.