Jonathan Burth, the Chief Operating Officer of Vita Coco Company, Inc. (NASDAQ:COCO), recently executed a series of stock transactions as reported in an SEC filing. The transactions come as the company, currently valued at $2.05 billion, trades near its 52-week high of $37.88. On December 16, Burth sold 912 shares of common stock at an average price of $37.527, totaling approximately $34,224. This transaction was conducted under a pre-established Rule 10b5-1 trading plan. According to InvestingPro, the company maintains a "GREAT" financial health score, reflecting strong operational performance.
In addition to the sale, Burth acquired 912 shares through the exercise of non-qualified stock options at a price of $10.178 per share, amounting to a total value of $9,282. Following these transactions, Burth holds 104,108 shares of Vita Coco common stock.
These transactions are part of routine financial management for executives and were executed in accordance with SEC regulations.
In other recent news, The Vita Coco Co. Inc experienced a mixed bag 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. Vita Coco'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 maintains a Neutral rating on Vita Coco stock, but recently raised its price target to $38.00, up from the previous $30.00. This revision follows an assessment of the company's sales performance and inventory issues that have recently been resolved. BofA Securities attributes the slower sales growth to inventory constraints due to temporary challenges in ocean freight availability and transit times.
Looking ahead to 2025, BofA Securities forecasts a 13.5% increase in sales for Americas Vita Coco Coconut Water. The firm also notes that the company will benefit from more favorable year-over-year comparisons moving forward. Despite concerns about high ocean freight costs impacting Q4 margins, the company anticipates these costs to decline in the coming year, and plans to increase production capacity for 2025 and 2026. These are among the recent developments for the company.
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