Vita Coco (NASDAQ:COCO) Announces Quarterly Earnings Results

Vita Coco (NASDAQ:COCOGet Rating) announced its quarterly earnings results on Wednesday. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.02 by $0.02, MarketWatch Earnings reports. Vita Coco updated its FY 2022 guidance to EPS.

COCO stock opened at $10.38 on Friday. The company has a 50 day simple moving average of $9.61 and a 200 day simple moving average of $11.04. Vita Coco has a 1 year low of $7.51 and a 1 year high of $18.61.

Several equities analysts recently commented on the stock. Bank of America cut shares of Vita Coco from a “buy” rating to a “neutral” rating and cut their target price for the company from $15.00 to $10.00 in a research note on Monday, March 14th. Wells Fargo & Company lowered their price target on Vita Coco from $15.00 to $11.00 and set an “overweight” rating on the stock in a research report on Friday, March 11th. Credit Suisse Group lowered their target price on Vita Coco from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Friday, March 11th. Zacks Investment Research lowered shares of Vita Coco from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, The Goldman Sachs Group reduced their target price on Vita Coco from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Monday, April 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Vita Coco has a consensus rating of “Buy” and an average target price of $15.43.

In other Vita Coco news, Director Kenneth Sadowsky acquired 10,000 shares of Vita Coco stock in a transaction that occurred on Monday, March 14th. The shares were bought at an average price of $7.87 per share, with a total value of $78,700.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Martin F. Roper acquired 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 16th. The stock was bought at an average price of $8.45 per share, with a total value of $422,500.00. The disclosure for this purchase can be found here. In the last three months, insiders purchased 85,000 shares of company stock valued at $727,700. 7.16% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Alliancebernstein L.P. bought a new position in shares of Vita Coco during the fourth quarter worth about $223,000. Susquehanna International Group LLP acquired a new stake in Vita Coco during the 4th quarter valued at approximately $217,000. Nuveen Asset Management LLC bought a new position in Vita Coco during the 4th quarter worth approximately $183,000. State of Tennessee Treasury Department acquired a new position in shares of Vita Coco in the 4th quarter worth approximately $168,000. Finally, Penserra Capital Management LLC boosted its stake in shares of Vita Coco by 118.1% in the 1st quarter. Penserra Capital Management LLC now owns 16,460 shares of the company’s stock valued at $146,000 after purchasing an additional 8,914 shares during the last quarter. Hedge funds and other institutional investors own 16.12% of the company’s stock.

About Vita Coco (Get Rating)

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, and the Asia Pacific. The company offers coconut oil and coconut milk; Hydration Drink Mix, a powdered form of flavored coconut water; sparkling water; Runa, a plant-based energy drink; purified water under the Ever & Ever brand name; and PWR LIFT, a protein-infused fitness drink.

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