Vita Coco (NASDAQ:COCO) Posts Earnings Results, Beats Expectations By $0.06 EPS

Vita Coco (NASDAQ:COCO) announced its quarterly earnings results on Wednesday. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.06, Briefing.com reports. The business had revenue of $133.00 million during the quarter, compared to the consensus estimate of $138.56 million. Vita Coco had a net margin of 11.99% and a return on equity of 27.64%. The business’s revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.26 EPS. Vita Coco updated its FY 2024 guidance to EPS.

Vita Coco Stock Up 8.0 %

Shares of NASDAQ:COCO opened at $31.97 on Friday. Vita Coco has a fifty-two week low of $19.41 and a fifty-two week high of $32.98. The stock has a market cap of $1.82 billion, a price-to-earnings ratio of 32.29, a price-to-earnings-growth ratio of 2.45 and a beta of 0.23. The firm’s 50 day moving average price is $27.98 and its 200 day moving average price is $27.13.

Analysts Set New Price Targets

COCO has been the subject of a number of recent analyst reports. Bank of America raised their price target on shares of Vita Coco from $27.00 to $30.00 and gave the stock a “neutral” rating in a report on Wednesday, July 10th. Craig Hallum increased their price objective on shares of Vita Coco from $33.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday. Jefferies Financial Group lowered their price objective on shares of Vita Coco from $35.00 to $31.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Piper Sandler cut shares of Vita Coco from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $29.00 to $28.00 in a research report on Friday, July 12th. Finally, Wells Fargo & Company increased their price objective on shares of Vita Coco from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Vita Coco presently has an average rating of “Moderate Buy” and an average price target of $31.00.

Insider Buying and Selling at Vita Coco

In other news, COO Jonathan Burth sold 905 shares of Vita Coco stock in a transaction 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 directly owns 123,300 shares of the company’s stock, valued at approximately $3,703,932. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders have sold 4,949 shares of company stock valued at $148,585. Insiders own 34.20% of the company’s stock.

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.