Lord Abbett & CO. LLC Purchases 97,592 Shares of The Vita Coco Company, Inc. (NASDAQ:COCO)

Lord Abbett & CO. LLC increased its stake in The Vita Coco Company, Inc. (NASDAQ:COCO - Free Report) by 21.2% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 558,008 shares of the company's stock after buying an additional 97,592 shares during the period. Lord Abbett & CO. LLC owned 0.98% of Vita Coco worth $20,596,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in COCO. Barclays PLC boosted its position in shares of Vita Coco by 200.6% during the third quarter. Barclays PLC now owns 69,504 shares of the company's stock valued at $1,969,000 after buying an additional 46,385 shares during the last quarter. Pier Capital LLC lifted its position in Vita Coco by 39.6% during the fourth quarter. Pier Capital LLC now owns 200,623 shares of the company's stock valued at $7,405,000 after purchasing an additional 56,879 shares during the period. Raymond James Financial Inc. purchased a new stake in Vita Coco in the fourth quarter worth approximately $7,985,000. KLP Kapitalforvaltning AS bought a new stake in Vita Coco in the 4th quarter worth approximately $399,000. Finally, Cookson Peirce & Co. Inc. purchased a new stake in Vita Coco during the 4th quarter valued at $790,000. Hedge funds and other institutional investors own 88.49% of the company's stock.

Vita Coco Trading Up 4.7 %

Vita Coco stock traded up $1.43 during midday trading on Tuesday, hitting $31.55. The stock had a trading volume of 1,175,390 shares, compared to its average volume of 602,950. The firm's fifty day moving average is $32.48 and its two-hundred day moving average is $34.28. The company has a market capitalization of $1.80 billion, a PE ratio of 31.87, a P/E/G ratio of 2.25 and a beta of 0.38. The Vita Coco Company, Inc. has a 52-week low of $23.40 and a 52-week high of $40.32.

Insider Buying and Selling

In related news, Chairman Michael Kirban sold 6,000 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $35.00, for a total value of $210,000.00. Following the completion of the sale, the chairman now directly owns 1,663,049 shares of the company's stock, valued at approximately $58,206,715. This represents a 0.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jonathan Burth sold 700 shares of the stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $40.25, for a total transaction of $28,175.00. Following the completion of the sale, the chief operating officer now directly owns 104,108 shares of the company's stock, valued at $4,190,347. This represents a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 79,358 shares of company stock valued at $2,865,456. 34.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on COCO shares. Stephens restated an "equal weight" rating and issued a $32.00 price target on shares of Vita Coco in a research note on Thursday, March 27th. Wells Fargo & Company cut their price target on Vita Coco from $40.00 to $39.00 and set an "overweight" rating for the company in a research note on Thursday, February 27th. Finally, The Goldman Sachs Group upped their price target on shares of Vita Coco from $34.00 to $38.00 and gave the company a "buy" rating in a research report on Thursday, February 27th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $34.57.

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.