Vita Coco (NASDAQ:COCO) Stock Price Down 5.9% – Here’s What Happened

The Vita Coco Company, Inc. (NASDAQ:COCO) shares dropped 5.9% during trading on Wednesday . The stock traded as low as $33.98 and last traded at $33.37. Approximately 213,086 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 548,437 shares. The stock had previously closed at $35.45.

Analyst Ratings Changes

COCO has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their price target on shares of Vita Coco from $40.00 to $39.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. The Goldman Sachs Group increased their target price on Vita Coco from $34.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, February 27th. Bank of America lifted their price target on Vita Coco from $30.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, Stephens cut Vita Coco from an “overweight” rating to an “equal weight” rating and set a $36.00 price objective for the company. in a research report on Monday, January 27th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Vita Coco has an average rating of “Moderate Buy” and an average price target of $35.14.

Vita Coco Trading Down 11.0 %

The company has a market cap of $1.80 billion, a price-to-earnings ratio of 31.98, a price-to-earnings-growth ratio of 2.25 and a beta of 0.34. The company has a fifty day moving average price of $36.38 and a two-hundred day moving average price of $33.91.

Insider Buying and Selling

In other news, COO Jonathan Burth sold 10,000 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $32.69, for a total value of $326,900.00. Following the completion of the transaction, the chief operating officer now owns 94,108 shares in the company, valued at approximately $3,076,390.52. This represents a 9.61 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Michael Kirban sold 20,000 shares of Vita Coco stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $34.57, for a total transaction of $691,400.00. Following the sale, the chairman now owns 2,006,229 shares in the company, valued at approximately $69,355,336.53. This trade represents a 0.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 83,410 shares of company stock valued at $3,017,811 over the last ninety days. 34.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Vita Coco

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its stake in Vita Coco by 84.9% in the 4th quarter. GAMMA Investing LLC now owns 784 shares of the company’s stock valued at $29,000 after buying an additional 360 shares in the last quarter. Coppell Advisory Solutions LLC boosted its stake in shares of Vita Coco by 91.5% in the 4th quarter. Coppell Advisory Solutions LLC now owns 1,283 shares of the company’s stock valued at $47,000 after purchasing an additional 613 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. bought a new stake in shares of Vita Coco in the 4th quarter worth about $52,000. Venturi Wealth Management LLC bought a new stake in Vita Coco during the 4th quarter worth approximately $66,000. Finally, Quest Partners LLC grew its holdings in shares of Vita Coco by 16,538.1% during 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. 88.49% of the stock is currently owned by institutional investors.

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.