Short Interest in The Vita Coco Company, Inc. (NASDAQ:COCO) Expands By 9.2%

The Vita Coco Company, Inc. (NASDAQ:COCO) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 6,160,000 shares, an increase of 9.2% from the October 15th total of 5,640,000 shares. Based on an average daily volume of 487,800 shares, the days-to-cover ratio is currently 12.6 days. Currently, 16.1% of the shares of the stock are short sold.

Vita Coco Stock Performance

COCO stock traded up $0.17 during mid-day trading on Friday, reaching $34.02. 270,830 shares of the stock traded hands, compared to its average volume of 633,478. Vita Coco has a one year low of $19.41 and a one year high of $36.41. The stock has a market capitalization of $1.93 billion, a PE ratio of 34.36, a PEG ratio of 2.22 and a beta of 0.22. The business has a 50-day moving average price of $29.90 and a two-hundred day moving average price of $27.89.

Vita Coco (NASDAQ:COCO) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.06. Vita Coco had a net margin of 11.99% and a return on equity of 26.49%. The business had revenue of $133.00 million for the quarter, compared to analysts’ expectations of $138.56 million. During the same quarter in the previous year, the business posted $0.26 earnings per share. The business’s revenue was down 3.6% compared to the same quarter last year. On average, equities analysts expect that Vita Coco will post 1.07 earnings per share for the current fiscal year.

Analysts Set New Price Targets

COCO has been the topic of several research analyst reports. Jefferies Financial Group lowered their target price on shares of Vita Coco from $35.00 to $31.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Craig Hallum upped their price target on shares of Vita Coco from $33.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Vita Coco currently has a consensus rating of “Moderate Buy” and an average price target of $31.00.

Insiders Place Their Bets

In other news, CEO Martin F. Roper sold 5,000 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $35.35, for a total value of $176,750.00. Following the transaction, the chief executive officer now owns 447,452 shares of the company’s stock, valued at approximately $15,817,428.20. The trade was a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ira Liran sold 27,176 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $36.04, for a total transaction of $979,423.04. Following the completion of the transaction, the director now directly owns 883,729 shares in the company, valued at $31,849,593.16. This trade represents a 2.98 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,425 shares of company stock worth $1,494,523 over the last three months. 34.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of COCO. nVerses Capital LLC grew its holdings in shares of Vita Coco by 271.4% in the second quarter. nVerses Capital LLC now owns 2,600 shares of the company’s stock worth $72,000 after purchasing an additional 1,900 shares during the last quarter. CWM LLC grew its holdings in shares of Vita Coco by 40.7% in the second quarter. CWM LLC now owns 2,720 shares of the company’s stock worth $76,000 after purchasing an additional 787 shares during the last quarter. Quest Partners LLC grew its holdings in shares of Vita Coco by 16,538.1% in the third quarter. Quest Partners LLC now owns 3,494 shares of the company’s stock worth $99,000 after purchasing an additional 3,473 shares during the last quarter. Ameritas Investment Partners Inc. grew its holdings in shares of Vita Coco by 32.3% in 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 during the last quarter. Finally, Comerica Bank grew its holdings in Vita Coco by 1,155.7% during the 1st quarter. Comerica Bank now owns 3,993 shares of the company’s stock worth $98,000 after acquiring an additional 3,675 shares in the last quarter. Institutional investors own 88.49% of the company’s stock.

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.