The Vita Coco Company, Inc. (NASDAQ:COCO) Short Interest Update

The Vita Coco Company, Inc. (NASDAQ:COCO) was the recipient of a significant decline in short interest in the month of February. As of February 28th, there was short interest totalling 3,670,000 shares, a decline of 22.4% from the February 13th total of 4,730,000 shares. Based on an average daily volume of 578,700 shares, the days-to-cover ratio is presently 6.3 days. Currently, 9.4% of the company’s shares are sold short.

Insider Activity at Vita Coco

In related news, COO Jonathan Burth sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $32.69, for a total value of $326,900.00. Following the completion of the sale, the chief operating officer now directly owns 94,108 shares in the company, valued at approximately $3,076,390.52. The trade was a 9.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Michael Kirban sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $35.06, for a total transaction of $701,200.00. Following the completion of the sale, the chairman now owns 1,689,049 shares of the company’s stock, valued at approximately $59,218,057.94. The trade was a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 107,410 shares of company stock worth $3,875,211. 34.20% of the stock is owned by company insiders.

Institutional Trading of Vita Coco

Institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC raised its holdings in Vita Coco by 200.6% in the third quarter. Barclays PLC now owns 69,504 shares of the company’s stock valued at $1,969,000 after acquiring an additional 46,385 shares in the last quarter. Woodson Capital Management LP acquired a new stake in Vita Coco in the third quarter valued at $19,224,000. Victory Capital Management Inc. raised its holdings in Vita Coco by 106.4% in the third quarter. Victory Capital Management Inc. now owns 895,716 shares of the company’s stock valued at $25,358,000 after acquiring an additional 461,748 shares in the last quarter. Lord Abbett & CO. LLC raised its holdings in Vita Coco by 21.1% in the third quarter. Lord Abbett & CO. LLC now owns 460,416 shares of the company’s stock valued at $13,034,000 after acquiring an additional 80,128 shares in the last quarter. Finally, Cookson Peirce & Co. Inc. acquired a new stake in Vita Coco in the fourth quarter valued at $790,000. 88.49% of the stock is owned by institutional investors and hedge funds.

Vita Coco Stock Performance

Shares of COCO stock traded down $0.64 on Tuesday, hitting $34.62. The stock had a trading volume of 327,900 shares, compared to its average volume of 549,975. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of 34.97, a P/E/G ratio of 2.25 and a beta of 0.34. The stock’s 50 day moving average is $36.22 and its 200-day moving average is $33.54. Vita Coco has a 52-week low of $23.00 and a 52-week high of $40.32.

Analyst Upgrades and Downgrades

COCO has been the subject of several research reports. Wells Fargo & Company decreased their price objective on shares of Vita Coco from $40.00 to $39.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Stephens downgraded shares of Vita Coco from an “overweight” rating to an “equal weight” rating and set a $36.00 price objective for the company. in a research note on Monday, January 27th. Bank of America boosted their price objective on shares of Vita Coco from $30.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Finally, The Goldman Sachs Group boosted their price objective on shares of Vita Coco from $34.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, February 27th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $35.14.

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.