abrdn plc Sells 69,991 Shares of The Vita Coco Company, Inc. (NASDAQ:COCO)

abrdn plc lowered its holdings in shares of The Vita Coco Company, Inc. (NASDAQ:COCO) by 7.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 846,675 shares of the company’s stock after selling 69,991 shares during the quarter. abrdn plc owned 1.49% of Vita Coco worth $23,969,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Champlain Investment Partners LLC bought a new position in Vita Coco in the first quarter valued at approximately $18,210,000. Victory Capital Management Inc. lifted its position in Vita Coco by 1,310.1% in the 2nd quarter. Victory Capital Management Inc. now owns 433,968 shares of the company’s stock valued at $12,086,000 after acquiring an additional 403,192 shares in the last quarter. Driehaus Capital Management LLC acquired a new position in Vita Coco in the 2nd quarter worth $9,859,000. Vanguard Group Inc. increased its holdings in Vita Coco by 10.8% during the 1st 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 in the last quarter. Finally, Summit Creek Advisors LLC raised its stake in shares of Vita Coco by 123.3% in the 2nd quarter. Summit Creek Advisors LLC now owns 340,634 shares of the company’s stock valued at $9,487,000 after purchasing an additional 188,060 shares during the period. 88.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on COCO shares. Wells Fargo & Company increased their price objective on Vita Coco from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Wednesday, July 10th. Jefferies Financial Group lowered their price objective 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. Bank of America increased their target price on shares of Vita Coco from $27.00 to $30.00 and gave the stock a “neutral” 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 stock from $29.00 to $28.00 in a research report on Friday, July 12th. Finally, Craig Hallum raised their price objective on Vita Coco from $33.00 to $36.00 and gave the company a “buy” rating in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Vita Coco Price Performance

Vita Coco stock opened at $29.61 on Friday. The Vita Coco Company, Inc. has a fifty-two week low of $19.41 and a fifty-two week high of $31.54. The firm has a market capitalization of $1.68 billion, a PE ratio of 31.84, a P/E/G ratio of 2.24 and a beta of 0.23. The company’s 50-day moving average is $27.74 and its 200-day moving average is $27.03.

Vita Coco (NASDAQ:COCO) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. The firm had revenue of $133.00 million for the quarter, compared to analyst estimates of $138.56 million. Vita Coco had a return on equity of 26.42% and a net margin of 11.05%. The business’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.26 earnings per share. As a group, analysts expect that The Vita Coco Company, Inc. will post 1.05 EPS for the current year.

Insiders Place Their Bets

In other news, COO Jonathan Burth sold 905 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $30.04, for a total transaction of $27,186.20. Following the completion of the sale, the chief operating officer now owns 123,300 shares in the company, valued at approximately $3,703,932. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 4,949 shares of company stock valued at $148,585 over the last ninety days. 34.20% of the stock is currently owned by company insiders.

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.