Piper Sandler Downgrades Vita Coco (NASDAQ:COCO) to Neutral

Vita Coco (NASDAQ:COCO – Download Free Report) was downgraded by investment analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a note issued to investors on Friday, Briefing.com reports. They currently have a price target of $28.00 on the stock, down from their previous target price of $29.00. Piper Sandler’s price target suggests a potential downside of 7.96% from the current share price.

Several other stock analysts have also commented on COCO. Wells Fargo & Company raised their price target on Vita Coco from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Wednesday. Stephens reissued an “overweight” rating and issued a $31.00 price target for Vita Coco shares in a research report on Thursday, May 23. Finally, Bank of America raised their price target on Vita Coco from $27.00 to $30.00 and gave the company a “neutral” rating in a research report on Wednesday. Four investment analysts have rated the stock a “hold,” while four have issued a “buy” rating. According to MarketBeat.com, Vita Coco has an average rating of “Moderate Buy” and an average price target of $30.29.

See our latest COCO analysis

Vita Coco shares up 0.9%

Shares of NASDAQ:COCO opened at $30.42 on Friday. Vita Coco has a twelve month low of $19.41 and a twelve month high of $33.29. The stock’s 50 day moving average is $27.84, and its 200 day moving average is $25.19. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of $33.07, a PEG ratio of $1.90 and a beta of $0.23.

Vita Coco (NASDAQ:COCO – Get Free Report) last released its financial results on Wednesday, May 1. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. Vita Coco had a return on equity of 26.27% and a net margin of 10.93%. The company had revenue of $112.00 million for the quarter, compared to analysts’ estimates of $111.72 million. During the same period in the prior year, the company earned $0.12 earnings per share. Vita Coco’s revenue for the quarter increased 2.0% year-over-year. Equity research analysts predict that Vita Coco will report earnings of $1.04 per share for the current fiscal year.

Internal activity

In other news, Director John Zupo sold 5,017 shares of the company’s stock in a transaction on Tuesday, June 11. The shares were sold at an average price of $27.62, for a total transaction value of $138,569.54. Following the completion of the sale, the director now directly owns 8,247 shares of the company’s stock, valued at approximately $227,782.14. The sale was disclosed in legal documents filed with the SEC, which are available on the SEC’s website In other news, Director John Zupo sold 5,017 shares of the company’s stock in a transaction on Tuesday, June 11. The shares were sold at an average price of $27.62, for a total transaction value of $138,569.54. Following the completion of the sale, the director now directly owns 8,247 shares of the company’s stock, valued at approximately $227,782.14. The sale was disclosed in legal documents filed with the SEC, which are available on the SEC’s website Additionally, insider Es Charles Van sold 2,805 shares of the company’s stock in a transaction on Friday, June 14. The shares were sold at an average price of $30.06, for a total value of $84,318.30. Following the sale, the insider now directly owns 97,668 shares of the company’s stock, valued at $2,935,900.08. Disclosure of this sale can be found here. Insiders have sold a total of 27,502 shares of the company’s stock valued at $814,205 over the last ninety days. 34.20% of the stock is currently owned by insiders.

Institutional inflows and outflows

Institutional investors and hedge funds recently changed their positions in the company. Headinvest LLC bought a new position in shares of Vita Coco in Q3 worth $29,000. Robeco Institutional Asset Management BV bought a new position in shares of Vita Coco in Q4 worth $60,000. New York State Teachers Retirement System bought a new position in Vita Coco in Q1 worth approximately $63,000. CWM LLC increased its stake in Vita Coco by 40.7% in Q2. CWM LLC now owns 2,720 shares of the company’s stock worth $76,000 after purchasing an additional 787 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in Vita Coco by 1,289.2% in Q4. PNC Financial Services Group Inc. now owns 3,459 shares of the company’s stock worth $89,000 after purchasing an additional 3,210 shares during the period. Institutional investors own 88.49% of the company’s stock.

About Vita Coco

(Download the free report)

Vita Coco Company, Inc. develops, markets, and distributes coconut water products under the Vita Coco brand in the United States, Canada, Europe, the Middle East, Africa, and the Asia-Pacific region. The company offers coconut oil and coconut milk; juice; Runa, a plant-based energy drink; packaged water under the Ever & Ever brand; and PWR LIFT, a protein-enriched fitness drink.

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