Victory Capital Management Inc. Acquires 461,748 Shares of The Vita Coco Company, Inc. (NASDAQ:COCO)

Victory Capital Management Inc. increased its holdings in shares of The Vita Coco Company, Inc. (NASDAQ:COCO) by 106.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 895,716 shares of the company’s stock after acquiring an additional 461,748 shares during the period. Victory Capital Management Inc.’s holdings in Vita Coco were worth $25,358,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Harbor Capital Advisors Inc. grew its position in shares of 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 during the period. Conestoga Capital Advisors LLC bought a new position in Vita Coco during the third quarter worth $1,010,000. US Bancorp DE grew its holdings in Vita Coco by 8.5% in the third quarter. US Bancorp DE now owns 14,968 shares of the company’s stock worth $424,000 after purchasing an additional 1,178 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Vita Coco by 18.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 46,269 shares of the company’s stock valued at $1,310,000 after purchasing an additional 7,173 shares in the last quarter. Finally, Raymond James & Associates acquired a new position in shares of Vita Coco during the third quarter valued at about $3,990,000. 88.49% of the stock is currently owned by institutional investors.

Insider Activity

In other Vita Coco news, COO Jonathan Burth sold 2,244 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $30.01, for a total value of $67,342.44. Following the completion of the sale, the chief operating officer now owns 124,605 shares in the company, valued at approximately $3,739,396.05. This trade represents a 1.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Martin F. Roper sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $35.85, for a total value of $179,250.00. Following the completion of the transaction, the chief executive officer now owns 452,452 shares in the company, valued at $16,220,404.20. The trade was a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,425 shares of company stock worth $1,494,523 over the last quarter. Insiders own 34.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Craig Hallum raised 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. Jefferies Financial Group reduced their price objective 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. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $31.00.

Vita Coco Stock Up 0.5 %

Shares of Vita Coco stock opened at $34.02 on Monday. The Vita Coco Company, Inc. has a 52 week low of $19.41 and a 52 week high of $36.41. The business has a 50 day moving average price of $29.90 and a 200-day moving average price of $27.89. The company has a market cap of $1.93 billion, a PE ratio of 34.36, a price-to-earnings-growth ratio of 2.22 and a beta of 0.22.

Vita Coco (NASDAQ:COCO) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.06. The business had revenue of $133.00 million during the quarter, compared to analyst estimates of $138.56 million. Vita Coco had a return on equity of 26.49% and a net margin of 11.99%. Vita Coco’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.26 EPS. As a group, research analysts anticipate that The Vita Coco Company, Inc. will post 1.07 EPS for the current year.

Vita Coco 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.