Moran Wealth Management LLC Increases Stock Position in The Vita Coco Company, Inc. (NASDAQ:COCO)

by · The Markets Daily

Moran Wealth Management LLC raised its holdings in shares of The Vita Coco Company, Inc. (NASDAQ:COCO – Free Report) by 43.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,204 shares of the company’s stock after acquiring an additional 5,517 shares during the quarter. Moran Wealth Management LLC’s holdings in Vita Coco were worth $515,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. Victory Capital Management Inc. boosted its stake in Vita Coco by 106.4% in 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 during the period. Driehaus Capital Management LLC purchased a new position in shares of Vita Coco during the 2nd quarter valued at $9,859,000. Vanguard Group Inc. increased its holdings in shares of Vita Coco by 10.8% in the first quarter. Vanguard Group Inc. now owns 2,375,421 shares of the company’s stock worth $58,032,000 after purchasing an additional 230,991 shares during the period. Harbor Capital Advisors Inc. raised its position in shares of Vita Coco by 143.0% in the third quarter. Harbor Capital Advisors Inc. now owns 341,506 shares of the company’s stock worth $9,668,000 after buying an additional 200,940 shares in the last quarter. Finally, Summit Creek Advisors LLC grew its position in Vita Coco by 123.3% during the second quarter. Summit Creek Advisors LLC now owns 340,634 shares of the company’s stock worth $9,487,000 after buying an additional 188,060 shares in the last quarter. 88.49% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Craig Hallum lifted their price target on 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 issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $31.00.

View Our Latest Research Report on COCO

Vita Coco Trading Down 1.4 %

NASDAQ COCO opened at $36.12 on Friday. The stock has a 50-day moving average of $30.67 and a 200-day moving average of $28.15. The Vita Coco Company, Inc. has a 1-year low of $19.41 and a 1-year high of $37.05. The firm has a market cap of $2.05 billion, a PE ratio of 37.03, a price-to-earnings-growth ratio of 2.32 and a beta of 0.22.

Vita Coco (NASDAQ:COCO – Get Free Report) last issued its earnings results on Wednesday, October 30th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.06. The firm had revenue of $133.00 million for the quarter, compared to analysts’ expectations of $138.56 million. Vita Coco had a net margin of 11.99% and a return on equity of 26.49%. The business’s revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the business earned $0.26 earnings per share. As a group, equities research analysts forecast that The Vita Coco Company, Inc. will post 1.07 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Martin F. Roper sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $35.85, for a total value of $179,250.00. Following the completion of the sale, the chief executive officer now directly owns 452,452 shares of the company’s stock, valued at approximately $16,220,404.20. This trade represents a 1.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Jonathan Burth sold 2,244 shares of the business’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 transaction, the chief operating officer now owns 124,605 shares in the company, valued at $3,739,396.05. This represents a 1.77 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 47,425 shares of company stock valued at $1,669,873. Insiders own 34.20% of the company’s stock.

About Vita Coco

(Free Report)

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.

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