Vita Coco (NASDAQ:COCO) Posts Earnings Results, Beats Estimates By $0.02 EPS

Vita Coco (NASDAQ:COCOGet Rating) released its earnings results on Wednesday. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02, MarketWatch Earnings reports. Vita Coco updated its FY 2022 guidance to EPS.

NASDAQ:COCO traded down $0.91 on Thursday, reaching $9.08. The stock had a trading volume of 918,899 shares, compared to its average volume of 376,576. The stock’s fifty day simple moving average is $9.65. Vita Coco has a 12-month low of $7.51 and a 12-month high of $18.61.

In related news, Director Kenneth Sadowsky bought 10,000 shares of the firm’s stock in a transaction on Monday, March 14th. The stock was acquired at an average cost of $7.87 per share, for a total transaction of $78,700.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Martin F. Roper acquired 25,000 shares of the business’s stock in a transaction that occurred on Friday, March 18th. The shares were acquired at an average cost of $9.06 per share, for a total transaction of $226,500.00. The disclosure for this purchase can be found here. Insiders purchased a total of 85,000 shares of company stock worth $727,700 in the last three months.

Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. grew its holdings in Vita Coco by 9.4% in the 1st quarter. BlackRock Inc. now owns 729,130 shares of the company’s stock valued at $6,532,000 after buying an additional 62,355 shares in the last quarter. Rhumbline Advisers bought a new stake in shares of Vita Coco during the 1st quarter valued at $96,000. Bank of New York Mellon Corp increased its position in shares of Vita Coco by 74.4% during the 1st quarter. Bank of New York Mellon Corp now owns 37,913 shares of the company’s stock valued at $340,000 after purchasing an additional 16,180 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Vita Coco by 77.7% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 33,275 shares of the company’s stock valued at $298,000 after purchasing an additional 14,549 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Vita Coco by 25.2% in the 1st quarter. JPMorgan Chase & Co. now owns 5,268 shares of the company’s stock worth $47,000 after buying an additional 1,062 shares during the last quarter. Institutional investors and hedge funds own 16.12% of the company’s stock.

COCO has been the topic of a number of recent analyst reports. Wells Fargo & Company cut their price target on Vita Coco from $15.00 to $11.00 and set an “overweight” rating on the stock in a report on Friday, March 11th. The Goldman Sachs Group lowered their price objective on shares of Vita Coco from $19.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, April 4th. Bank of America lowered shares of Vita Coco from a “buy” rating to a “neutral” rating and cut their target price for the stock from $15.00 to $10.00 in a research report on Monday, March 14th. Credit Suisse Group dropped their price target on shares of Vita Coco from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Friday, March 11th. Finally, Zacks Investment Research lowered Vita Coco from a “hold” rating to a “sell” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Vita Coco has a consensus rating of “Buy” and an average price target of $15.43.

Vita Coco Company Profile (Get Rating)

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, and the Asia Pacific. The company offers coconut oil and coconut milk; Hydration Drink Mix, a powdered form of flavored coconut water; sparkling water; Runa, a plant-based energy drink; purified water under the Ever & Ever brand name; and PWR LIFT, a protein-infused fitness drink.

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