In addition to the sales, Prior also exercised stock options to acquire 2,474 shares at a price of $10.178 per share, reflecting a total transaction value of $25,180. Following these transactions, Prior holds 130,751 shares of common stock directly. Based on InvestingPro analysis, COCO is currently fairly valued, with 12 additional ProTips available to subscribers, covering crucial aspects like profitability, growth potential, and financial stability. Access the comprehensive Pro Research Report for deeper insights into COCO's market position and future prospects. Based on InvestingPro analysis, COCO is currently fairly valued, with 12 additional ProTips available to subscribers, covering crucial aspects like profitability, growth potential, and financial stability. Access the comprehensive Pro Research Report for deeper insights into COCO's market position and future prospects.
In addition to the sales, Prior also exercised stock options to acquire 2,474 shares at a price of $10.178 per share, reflecting a total transaction value of $25,180. Following these transactions, Prior holds 130,751 shares of common stock directly.
In other recent news, The Vita Coco Co. Inc. reported mixed results in its Q3 2024 earnings call, with net sales decreasing by 4% to $133 million, primarily due to a 37% drop in private label sales. However, this was partly offset by an 8% growth in the U.S. and a 19% increase in the UK for the Vita Coco Coconut Water brand. The company's net income 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. Despite these mixed outcomes, Vita Coco raised its full-year guidance for net sales and adjusted EBITDA.
BofA Securities has maintained a Neutral rating on Vita Coco's stock, while raising the price target to $38.00 from the previous $30.00. This revision followed an assessment of the company's sales performance and the resolution of recent inventory issues. BofA Securities anticipates that with the inventory situation resolved, Vita Coco will be in a better position to bolster sales through advertising, merchandising, and promotional activities.
Looking ahead, BofA Securities forecasts a 13.5% increase in sales for Vita Coco Coconut Water in the Americas for 2025, slightly above the consensus estimate of 12.5%. Despite concerns about high ocean freight costs impacting Q4 margins, Vita Coco expects these costs to decline in the coming year. Furthermore, the company plans to increase production capacity for 2025 and 2026, aiming to operate at 80%-85% capacity. These are among the recent developments for Vita Coco.
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