Martin Roper, CEO of Vita Coco Company, Inc. (NASDAQ:COCO), recently sold shares worth approximately $1.2 million in a series of transactions. These sales were executed through a pre-established trading plan, spanning December 17 and 18. The shares were sold at prices ranging from $35.573 to $36.394 per share. The company, currently valued at $2.02 billion, has demonstrated strong performance with a 38.95% return year-to-date, according to InvestingPro data.
The transactions involved a total of 30,378 shares of common stock. Following these sales, Roper retains direct ownership of 332,758 shares. Additionally, shares held indirectly through family trusts were also part of the sales, with the trusts maintaining a significant number of shares post-transaction.
The sales were part of a Rule 10b5-1 trading plan, a common method for insiders to sell stock in a manner that avoids concerns about insider trading. This plan allows for predetermined sales to occur, providing a degree of separation from market movements or non-public information.
Investors often closely monitor such insider transactions for insights into the company's health and the executive's confidence in its future performance.
In other recent news, The Vita Coco Co. has reported mixed results in its Q3 2024 earnings call. Despite a 4% decrease in net sales to $133 million, primarily due to a 37% drop in private label sales, the company raised its full-year guidance for net sales and adjusted EBITDA. The Vita Coco Coconut Water brand showed resilience with an 8% growth in the U.S. and a 19% increase in the UK. The company's net income for the quarter rose to $19 million, or $0.32 per diluted share, compared to $15 million, or $0.26 per diluted share, in the same period last year.
BofA Securities maintained a Neutral rating on Vita Coco stock, increasing its price target to $38.00 from the previous $30.00. The firm anticipates a 13.5% increase in sales for Vita Coco Coconut Water in 2025, slightly above the consensus estimate of 12.5%. BofA Securities attributes the company's previous sluggish sales growth to inventory constraints, which have now been resolved.
Furthermore, Vita Coco plans to increase production capacity for 2025 and 2026, aiming to operate at 80%-85% capacity. These are among the recent developments for the company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.