The Vita Coco Company, Inc. (NASDAQ:COCO) Short Interest Down 6.3% in October

The Vita Coco Company, Inc. (NASDAQ:COCO - Get Free Report) was the recipient of a significant drop in short interest in October. As of October 15th, there was short interest totalling 5,640,000 shares, a drop of 6.3% from the September 30th total of 6,020,000 shares. Approximately 14.7% of the company's stock are sold short. Based on an average trading volume of 484,700 shares, the days-to-cover ratio is currently 11.6 days.

Insider Activity at Vita Coco

In related news, COO Jonathan Burth sold 905 shares of the company's stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $30.04, for a total value of $27,186.20. Following the completion of the sale, the chief operating officer now directly owns 123,300 shares in the company, valued at approximately $3,703,932. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Over the last quarter, insiders have sold 4,949 shares of company stock valued at $148,585. 34.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Vita Coco

Several large investors have recently made changes to their positions in the business. Champlain Investment Partners LLC bought a new stake in Vita Coco during the 1st quarter worth about $18,210,000. Victory Capital Management Inc. grew its stake in shares of Vita Coco by 1,310.1% during the second quarter. Victory Capital Management Inc. now owns 433,968 shares of the company's stock valued at $12,086,000 after purchasing an additional 403,192 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in shares of Vita Coco in the second quarter valued at approximately $9,859,000. Vanguard Group Inc. raised its position in Vita Coco by 10.8% in the 1st quarter. Vanguard Group Inc. now owns 2,375,421 shares of the company's stock worth $58,032,000 after purchasing an additional 230,991 shares during the last quarter. Finally, Harbor Capital Advisors Inc. lifted its holdings in Vita Coco by 143.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 341,506 shares of the company's stock worth $9,668,000 after buying an additional 200,940 shares in the last quarter. Institutional investors own 88.49% of the company's stock.

Vita Coco Trading Up 0.2 %

Shares of Vita Coco stock traded up $0.05 during mid-day trading on Thursday, reaching $29.61. 911,074 shares of the stock were exchanged, compared to its average volume of 616,832. The company has a market cap of $1.68 billion, a price-to-earnings ratio of 32.28, a price-to-earnings-growth ratio of 2.24 and a beta of 0.23. Vita Coco has a fifty-two week low of $19.41 and a fifty-two week high of $31.54. The firm has a 50-day simple moving average of $27.74 and a 200 day simple moving average of $27.03.

Vita Coco (NASDAQ:COCO - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.05. The company had revenue of $133.00 million during the quarter, compared to analysts' expectations of $138.56 million. Vita Coco had a net margin of 11.05% and a return on equity of 26.42%. Vita Coco's quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 earnings per share. On average, research analysts predict that Vita Coco will post 1.05 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on COCO shares. Piper Sandler lowered shares of Vita Coco from an "overweight" rating to a "neutral" rating and lowered their target price for the company from $29.00 to $28.00 in a research note on Friday, July 12th. Craig Hallum lifted their price objective on Vita Coco from $33.00 to $36.00 and gave the stock a "buy" rating in a report on Thursday. Jefferies Financial Group cut their target price on Vita Coco from $35.00 to $31.00 and set a "buy" rating for the company in a research note on Wednesday, July 24th. Wells Fargo & Company lifted their price target on shares of Vita Coco from $30.00 to $33.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 10th. Finally, Bank of America increased their price objective on shares of Vita Coco from $27.00 to $30.00 and gave the company a "neutral" rating in a research note on Wednesday, July 10th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price 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.