Lord Abbett & CO. LLC Has $13.03 Million Stock Holdings in The Vita Coco Company, Inc. (NASDAQ:COCO)

Lord Abbett & CO. LLC raised its stake in The Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 21.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 460,416 shares of the company's stock after acquiring an additional 80,128 shares during the period. Lord Abbett & CO. LLC owned 0.81% of Vita Coco worth $13,034,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Comerica Bank grew its position in shares of Vita Coco by 1,155.7% during the first quarter. Comerica Bank now owns 3,993 shares of the company's stock worth $98,000 after acquiring an additional 3,675 shares during the last quarter. CWM LLC increased its stake in shares of Vita Coco by 40.7% in the second quarter. CWM LLC now owns 2,720 shares of the company's stock valued at $76,000 after purchasing an additional 787 shares during the period. 1620 Investment Advisors Inc. bought a new stake in shares of Vita Coco during the second quarter valued at approximately $150,000. Bank of New York Mellon Corp boosted its position in shares of Vita Coco by 12.7% during the second quarter. Bank of New York Mellon Corp now owns 151,840 shares of the company's stock worth $4,229,000 after buying an additional 17,121 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Vita Coco by 24.2% during the second quarter. Allspring Global Investments Holdings LLC now owns 39,096 shares of the company's stock worth $1,089,000 after buying an additional 7,615 shares during the period. 88.49% of the stock is owned by institutional investors.

Vita Coco Trading Up 0.2 %

COCO stock traded up $0.08 during trading hours on Monday, hitting $36.80. 375,357 shares of the stock traded hands, compared to its average volume of 601,948. The stock has a 50-day simple moving average of $33.12 and a 200 day simple moving average of $29.25. The Vita Coco Company, Inc. has a one year low of $19.41 and a one year high of $37.88. The company has a market cap of $2.09 billion, a P/E ratio of 37.37, a P/E/G ratio of 2.42 and a beta of 0.31.

Vita Coco (NASDAQ:COCO - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $138.56 million. During the same quarter in the previous year, the company posted $0.26 EPS. The business's revenue was down 3.6% compared to the same quarter last year. Analysts forecast that The Vita Coco Company, Inc. will post 1.07 earnings per share for the current year.

Insider Activity

In other news, CFO Corey Baker sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $37.28, for a total transaction of $74,560.00. Following the sale, the chief financial officer now owns 44,346 shares in the company, valued at $1,653,218.88. The trade was a 4.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jonathan Burth sold 905 shares of the company's stock in a transaction that occurred on 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 sale, the chief operating officer now owns 123,300 shares of the company's stock, valued at approximately $3,703,932. This trade represents a 0.73 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 114,261 shares of company stock worth $4,108,549. Insiders own 34.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on COCO shares. Craig Hallum lifted their target price on Vita Coco from $33.00 to $36.00 and gave the company a "buy" rating in a research note on Thursday, October 31st. Bank of America lifted their price objective on shares of Vita Coco from $30.00 to $38.00 and gave the company a "neutral" rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Vita Coco presently has an average rating of "Moderate Buy" and an average target price of $32.14.

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.