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

The Vita Coco Company, Inc. (NASDAQ:COCO) was the target of a large drop in short interest in October. As of October 15th, there was short interest totalling 5,640,000 shares, a drop of 6.3% from the September 30th total of 6,020,000 shares. Approximately 14.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 484,700 shares, the days-to-cover ratio is presently 11.6 days.

Analyst Ratings Changes

Several research firms have recently weighed in on COCO. Wells Fargo & Company boosted their target price on Vita Coco from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Piper Sandler lowered shares of Vita Coco from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $29.00 to $28.00 in a research report on Friday, July 12th. Jefferies Financial Group dropped their target price on Vita Coco from $35.00 to $31.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Bank of America increased their price target on Vita Coco from $27.00 to $30.00 and gave the stock a “neutral” rating in a report on Wednesday, July 10th. Finally, Craig Hallum boosted 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 research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $31.00.

Insider Buying and Selling at Vita Coco

In other news, COO Jonathan Burth sold 1,400 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $30.04, for a total transaction of $42,056.00. Following the sale, the chief operating officer now directly owns 121,900 shares of the company’s stock, valued at $3,661,876. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 4,949 shares of company stock worth $148,585 in the last quarter. 34.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Vita Coco

Institutional investors have recently bought and sold shares of the business. CWM LLC boosted its position in Vita Coco by 40.7% during 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 stake in Vita Coco by 32.3% in the first 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 during the last quarter. Arizona State Retirement System raised its holdings in 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 in the last quarter. US Bancorp DE raised its holdings in Vita Coco by 8.5% in the third quarter. US Bancorp DE now owns 14,968 shares of the company’s stock worth $424,000 after purchasing an additional 1,178 shares in the last quarter. Finally, nVerses Capital LLC lifted its position in shares of Vita Coco by 271.4% during the second quarter. nVerses Capital LLC now owns 2,600 shares of the company’s stock valued at $72,000 after buying an additional 1,900 shares during the last quarter. 88.49% of the stock is owned by hedge funds and other institutional investors.

Vita Coco Stock Up 8.0 %

COCO opened at $31.97 on Friday. The stock’s fifty day moving average is $27.84 and its two-hundred day moving average is $27.05. The company has a market capitalization of $1.82 billion, a P/E ratio of 32.29, a PEG ratio of 2.45 and a beta of 0.23. Vita Coco has a 52 week low of $19.41 and a 52 week high of $32.98.

Vita Coco (NASDAQ:COCO) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. Vita Coco had a return on equity of 27.64% and a net margin of 11.99%. The firm had revenue of $133.00 million during the quarter, compared to the consensus estimate of $138.56 million. During the same period in the previous year, the company posted $0.26 earnings per share. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. Equities analysts anticipate that Vita Coco will post 1 earnings per share for the current year.

About Vita Coco

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.