The Vita Coco Company, Inc. (NASDAQ:COCO) Short Interest Update

The Vita Coco Company, Inc. (NASDAQ:COCO) was the target of a significant increase in short interest during 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. Approximately 16.1% of the company’s stock are short sold. Based on an average daily volume of 487,800 shares, the days-to-cover ratio is presently 12.6 days.

Vita Coco Stock Up 0.5 %

Shares of NASDAQ:COCO traded up $0.17 on Friday, hitting $34.02. The company had a trading volume of 270,830 shares, compared to its average volume of 633,478. The firm’s 50-day simple moving average is $29.90 and its two-hundred day simple moving average is $27.89. Vita Coco has a 1 year low of $19.41 and a 1 year high of $36.41. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of 34.36, a P/E/G ratio of 2.22 and a beta of 0.22.

Vita Coco (NASDAQ:COCO) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.32 earnings per share (EPS) 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 company had revenue of $133.00 million during the quarter, compared to analysts’ expectations of $138.56 million. During the same period last year, the company posted $0.26 EPS. Vita Coco’s revenue was down 3.6% on a year-over-year basis. Equities research analysts anticipate that Vita Coco will post 1.07 EPS for the current year.

Insider Buying and Selling

In other Vita Coco news, CEO Martin F. Roper sold 5,000 shares of the business’s stock in a transaction dated 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 directly owns 447,452 shares in the company, valued at $15,817,428.20. The trade was a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jonathan Burth sold 905 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $30.04, for a total transaction of $27,186.20. Following the completion of the transaction, the chief operating officer now owns 123,300 shares in the company, valued at approximately $3,703,932. The trade was a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,425 shares of company stock worth $1,494,523. 34.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of COCO. Wasatch Advisors LP grew its stake in shares of Vita Coco by 299.0% in the third quarter. Wasatch Advisors LP now owns 2,400,997 shares of the company’s stock worth $67,972,000 after acquiring an additional 1,799,168 shares during the period. Vanguard Group Inc. grew its position in Vita Coco by 10.8% during the first quarter. Vanguard Group Inc. now owns 2,375,421 shares of the company’s stock valued at $58,032,000 after buying an additional 230,991 shares during the period. Geode Capital Management LLC grew its position in Vita Coco by 10.8% during the third quarter. Geode Capital Management LLC now owns 1,041,662 shares of the company’s stock valued at $29,494,000 after buying an additional 101,823 shares during the period. Victory Capital Management Inc. grew its position in Vita Coco by 106.4% during the third quarter. Victory Capital Management Inc. now owns 895,716 shares of the company’s stock valued at $25,358,000 after buying an additional 461,748 shares during the period. Finally, State Street Corp grew its position in Vita Coco by 4.7% during the third quarter. State Street Corp now owns 876,774 shares of the company’s stock valued at $24,821,000 after buying an additional 39,431 shares during the period. 88.49% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. 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 report on Thursday, October 31st. Jefferies Financial Group cut their price target 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. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Vita Coco currently has an average rating of “Moderate Buy” and an average price target of $31.00.

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.