Insider Selling: Vita Coco (NASDAQ:COCO) CFO Sells 2,000 Shares of Stock
by Mitch Edgeman · The Markets DailyVita Coco Company, Inc. (NASDAQ:COCO – Get Free Report) CFO Corey Baker sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $57.98, for a total transaction of $115,960.00. Following the sale, the chief financial officer owned 31,951 shares of the company’s stock, valued at $1,852,518.98. This trade represents a 5.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Corey Baker also recently made the following trade(s):
- On Friday, March 13th, Corey Baker sold 2,000 shares of Vita Coco stock. The shares were sold at an average price of $58.86, for a total value of $117,720.00.
Vita Coco Stock Performance
Shares of NASDAQ COCO traded down $2.46 during trading hours on Tuesday, reaching $58.14. 983,736 shares of the stock were exchanged, compared to its average volume of 971,363. The firm has a market capitalization of $3.32 billion, a price-to-earnings ratio of 49.27, a P/E/G ratio of 1.84 and a beta of 0.36. The stock’s fifty day simple moving average is $55.08 and its 200 day simple moving average is $48.76. Vita Coco Company, Inc. has a 52 week low of $25.79 and a 52 week high of $61.39.
Vita Coco (NASDAQ:COCO – Get Free Report) last released its quarterly earnings results on Wednesday, February 18th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.04). Vita Coco had a net margin of 11.70% and a return on equity of 23.19%. The firm had revenue of $127.79 million during the quarter, compared to the consensus estimate of $117.80 million. During the same quarter last year, the firm earned $0.06 earnings per share. The business’s revenue for the quarter was up .4% compared to the same quarter last year. Research analysts predict that Vita Coco Company, Inc. will post 1.07 EPS for the current fiscal year.
Hedge Funds Weigh In On Vita Coco
Several hedge funds and other institutional investors have recently made changes to their positions in COCO. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Vita Coco by 5.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,493 shares of the company’s stock worth $720,000 after acquiring an additional 1,174 shares during the period. Envestnet Asset Management Inc. increased its stake in Vita Coco by 6.0% in the second quarter. Envestnet Asset Management Inc. now owns 33,243 shares of the company’s stock valued at $1,200,000 after acquiring an additional 1,872 shares during the last quarter. Geode Capital Management LLC raised its position in Vita Coco by 2.9% during the second quarter. Geode Capital Management LLC now owns 1,018,132 shares of the company’s stock valued at $36,759,000 after purchasing an additional 28,448 shares in the last quarter. SG Americas Securities LLC acquired a new position in Vita Coco during the second quarter valued at approximately $372,000. Finally, Intech Investment Management LLC lifted its stake in Vita Coco by 9.2% during the second quarter. Intech Investment Management LLC now owns 22,756 shares of the company’s stock worth $821,000 after purchasing an additional 1,922 shares during the last quarter. 88.49% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research firms recently commented on COCO. Bank of America upgraded shares of Vita Coco from a “neutral” rating to a “buy” rating and upped their price target for the company from $48.00 to $54.00 in a research note on Monday, November 17th. The Goldman Sachs Group lifted their price objective on shares of Vita Coco from $52.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, November 18th. Jefferies Financial Group boosted their price objective on shares of Vita Coco from $54.00 to $58.00 and gave the company a “buy” rating in a report on Monday, November 17th. Evercore restated an “outperform” rating and set a $70.00 target price on shares of Vita Coco in a research report on Thursday. Finally, Morgan Stanley raised their target price on shares of Vita Coco from $49.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, February 23rd. Seven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $56.38.
Check Out Our Latest Stock Analysis on Vita Coco
Vita Coco Company Profile
Vita Coco, Inc (NASDAQ: COCO) is a global beverage company specializing in coconut-based products. Founded in 2004 by Michael Kirban and Ira Liran, the company pioneered the introduction of refrigerated coconut water to U.S. consumers. Headquartered in New York City, Vita Coco sources coconuts from growers in tropical regions such as the Philippines, Indonesia and Brazil, partnering with local farmers to promote sustainable agriculture and community development.
The company’s flagship offering, Vita Coco Original Coconut Water, is available in multiple pack sizes and a variety of flavors.