Vita Coco (NASDAQ:COCO) Announces Earnings Results, Beats Estimates By $0.01 EPS

Vita Coco (NASDAQ:COCO) released its quarterly earnings data on Wednesday. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01, Briefing.com reports. Vita Coco had a net margin of 10.93% and a return on equity of 26.27%. The company had revenue of $144.00 million during the quarter, compared to the consensus estimate of $144.08 million. During the same quarter in the prior year, the firm earned $0.26 EPS. Vita Coco’s quarterly revenue was up 3.2% on a year-over-year basis. Vita Coco updated its FY 2024 guidance to EPS.

Vita Coco Stock Up 2.7 %

NASDAQ COCO traded up $0.71 during trading on Thursday, hitting $26.55. The stock had a trading volume of 1,185,930 shares, compared to its average volume of 689,454. The company has a market capitalization of $1.50 billion, a PE ratio of 28.25, a PEG ratio of 1.50 and a beta of 0.23. Vita Coco has a twelve month low of $19.41 and a twelve month high of $33.29. The firm has a 50 day moving average price of $27.60 and a 200 day moving average price of $25.21.

Analyst Ratings Changes

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

Insider Activity

In related news, insider Es Charles Van sold 6,700 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $30.04, for a total transaction of $201,268.00. Following the sale, the insider now directly owns 97,668 shares of the company’s stock, valued at approximately $2,933,946.72. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Es Charles Van sold 6,700 shares of the business’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $30.04, for a total transaction of $201,268.00. Following the completion of the transaction, the insider now directly owns 97,668 shares of the company’s stock, valued at approximately $2,933,946.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Zupo sold 5,017 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $27.62, for a total value of $138,569.54. Following the sale, the director now owns 8,247 shares in the company, valued at approximately $227,782.14. The disclosure for this sale can be found here. Over the last quarter, insiders sold 31,874 shares of company stock valued at $945,365. 34.20% of the stock is currently owned by company insiders.

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.