The Vita Coco Company, Inc. (NASDAQ:COCO) Sees Significant Decrease in Short Interest

The Vita Coco Company, Inc. (NASDAQ:COCO) was the target of a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 6,500,000 shares, a decline of 7.7% from the July 15th total of 7,040,000 shares. Currently, 17.0% of the shares of the company are short sold. Based on an average trading volume of 644,700 shares, the days-to-cover ratio is currently 10.1 days.

Vita Coco Stock Performance

COCO opened at $25.52 on Tuesday. Vita Coco has a one year low of $19.41 and a one year high of $33.29. The company has a market cap of $1.45 billion, a price-to-earnings ratio of 27.74, a PEG ratio of 1.63 and a beta of 0.22. The business’s fifty day moving average is $27.14 and its two-hundred day moving average is $25.59.

Vita Coco (NASDAQ:COCO) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. The firm had revenue of $144.00 million for the quarter, compared to analysts’ expectations of $144.08 million. Vita Coco had a net margin of 11.05% and a return on equity of 27.42%. The firm’s revenue was up 3.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.26 EPS. On average, analysts predict that Vita Coco will post 1 EPS for the current fiscal year.

Insider Activity

In related news, Director John Zupo sold 5,017 shares of the stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $27.62, for a total transaction of $138,569.54. Following the completion of the sale, the director now owns 8,247 shares in the company, valued at approximately $227,782.14. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Vita Coco news, Director John Zupo sold 5,017 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $27.62, for a total transaction of $138,569.54. Following the completion of the sale, the director now directly owns 8,247 shares of the company’s stock, valued at approximately $227,782.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Es Charles Van sold 4,372 shares of Vita Coco stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $30.00, for a total value of $131,160.00. Following the completion of the transaction, the insider now owns 97,668 shares in the company, valued at $2,930,040. The disclosure for this sale can be found here. Insiders have sold 31,874 shares of company stock valued at $945,365 in the last ninety days. 34.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Moran Wealth Management LLC increased its position in Vita Coco by 7.0% during the fourth quarter. Moran Wealth Management LLC now owns 9,473 shares of the company’s stock worth $243,000 after buying an additional 619 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Vita Coco by 5.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,126 shares of the company’s stock worth $337,000 after purchasing an additional 638 shares in the last quarter. CWM LLC raised its stake in Vita Coco by 40.7% in the 2nd quarter. CWM LLC now owns 2,720 shares of the company’s stock valued at $76,000 after purchasing an additional 787 shares during the last quarter. Ameritas Investment Partners Inc. lifted its holdings in Vita Coco by 32.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 3,760 shares of the company’s stock valued at $92,000 after purchasing an additional 919 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in shares of Vita Coco by 9.5% during the 2nd quarter. Arizona State Retirement System now owns 11,107 shares of the company’s stock worth $309,000 after purchasing an additional 960 shares during the last quarter. 88.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on COCO shares. Wells Fargo & Company raised their target price on shares of Vita Coco from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Jefferies Financial Group lowered their price objective on Vita Coco from $35.00 to $31.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Piper Sandler downgraded Vita Coco from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $29.00 to $28.00 in a research note on Friday, July 12th. Bank of America lifted their price target on Vita Coco from $27.00 to $30.00 and gave the company a “neutral” rating in a research note on Wednesday, July 10th. Finally, Stephens reiterated an “overweight” rating and issued a $31.00 price objective on shares of Vita Coco in a research report on Thursday, May 23rd. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

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.