Driehaus Capital Management LLC Invests $9.86 Million in The Vita Coco Company, Inc. (NASDAQ:COCO)

Driehaus Capital Management LLC acquired a new position in The Vita Coco Company, Inc. (NASDAQ:COCO) during the second quarter, Holdings Channel reports. The firm acquired 353,997 shares of the company’s stock, valued at approximately $9,859,000.

Several other large investors also recently added to or reduced their stakes in COCO. CWM LLC raised its holdings in shares of 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 acquiring an additional 787 shares in the last quarter. Ameritas Investment Partners Inc. grew its holdings in shares of Vita Coco by 32.3% during the first quarter. Ameritas Investment Partners Inc. now owns 3,760 shares of the company’s stock worth $92,000 after purchasing an additional 919 shares in the last quarter. Arizona State Retirement System increased its position in shares of Vita Coco by 9.5% in the second 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. nVerses Capital LLC raised its stake in Vita Coco by 271.4% in the second quarter. nVerses Capital LLC now owns 2,600 shares of the company’s stock valued at $72,000 after purchasing an additional 1,900 shares in the last quarter. Finally, New York State Teachers Retirement System purchased a new stake in Vita Coco in the first quarter valued at approximately $63,000. Institutional investors own 88.49% of the company’s stock.

Insider Activity

In related news, insider Es Charles Van sold 4,372 shares of Vita Coco stock in a transaction 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 transaction, the insider now directly owns 97,668 shares of the company’s stock, valued at $2,930,040. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 34.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Bank of America increased their price target 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. Jefferies Financial Group lowered their price target on Vita Coco from $35.00 to $31.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Wells Fargo & Company upped 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. Finally, Piper Sandler cut Vita Coco from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $29.00 to $28.00 in a report on Friday, July 12th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $30.17.

Vita Coco Stock Up 1.2 %

Vita Coco stock opened at $29.49 on Monday. The firm has a fifty day simple moving average of $26.15 and a two-hundred day simple moving average of $26.39. The Vita Coco Company, Inc. has a twelve month low of $19.41 and a twelve month high of $31.42. The company has a market capitalization of $1.67 billion, a PE ratio of 32.05, a P/E/G ratio of 2.53 and a beta of 0.22.

Vita Coco (NASDAQ:COCO) last issued its earnings results on Wednesday, July 31st. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.01. Vita Coco had a return on equity of 26.42% and a net margin of 11.05%. The company had revenue of $144.00 million during the quarter, compared to analysts’ expectations of $144.08 million. During the same period in the prior year, the business posted $0.26 EPS. Vita Coco’s quarterly revenue was up 3.2% compared to the same quarter last year. As a group, equities analysts expect that The Vita Coco Company, Inc. will post 0.95 earnings per share for the current fiscal year.

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.