Vita Coco (NASDAQ:COCO) Issues Earnings Results

Vita Coco (NASDAQ:COCO) released its quarterly earnings results on Wednesday. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05, Briefing.com reports. 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 for the quarter, compared to analysts’ expectations of $138.56 million. During the same period in the prior year, the firm earned $0.26 EPS. The company’s revenue was down 3.6% compared to the same quarter last year. Vita Coco updated its FY 2024 guidance to EPS.

Vita Coco Price Performance

NASDAQ:COCO traded up $1.20 during midday trading on Friday, hitting $30.81. The company’s stock had a trading volume of 171,193 shares, compared to its average volume of 614,734. Vita Coco has a fifty-two week low of $19.41 and a fifty-two week high of $31.54. The firm’s 50 day moving average is $27.84 and its 200-day moving average is $27.05. The firm has a market cap of $1.75 billion, a P/E ratio of 29.91, a P/E/G ratio of 2.45 and a beta of 0.23.

Analysts Set New Price Targets

Several research analysts have issued reports on COCO shares. Piper Sandler cut Vita Coco from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $29.00 to $28.00 in a research report on Friday, July 12th. Bank of America lifted their target price on Vita Coco from $27.00 to $30.00 and gave the stock a “neutral” rating in a report on Wednesday, July 10th. Wells Fargo & Company increased their price target on Vita Coco from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Wednesday, July 10th. Craig Hallum upped their target price on shares of Vita Coco from $33.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Jefferies Financial Group cut their price target on Vita Coco from $35.00 to $31.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Vita Coco has an average rating of “Moderate Buy” and an average target price of $31.00.

Insider Activity

In other Vita Coco news, COO Jonathan Burth sold 2,244 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $30.01, for a total value of $67,342.44. Following the sale, the chief operating officer now directly owns 124,605 shares of the company’s stock, valued at approximately $3,739,396.05. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 4,949 shares of company stock valued at $148,585 in the last ninety days. Insiders own 34.20% of the company’s stock.

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.