Jane Prior, the Chief Marketing Officer of Vita Coco Company, Inc. (NASDAQ:COCO), recently sold shares of the company's stock valued at approximately $143,906. The shares were sold at a weighted average price of $37.013, with transactions executed on November 21, 2024. These sales were conducted under a pre-established Rule 10b5-1 trading plan, as per the company's filing with the Securities and Exchange Commission.
In addition to the stock sale, Prior also exercised options to acquire 3,888 shares of Vita Coco common stock at a price of $10.178 per share. Following these transactions, Prior holds a total of 131,834 shares directly.
The transactions reflect Prior's ongoing engagement with the company, balancing her stock holdings while adhering to regulatory frameworks. Investors often monitor such insider activities as potential indicators of the company's health and executive confidence in its future performance.
In other recent news, The Vita Coco Company reported a mix of results in its third quarter of 2024. Despite a 4% dip in net sales to $133 million, primarily due to a 37% fall in private label sales, the company raised its full-year outlook for net sales and adjusted EBITDA. This was partly buoyed by an 8% increase in sales of its flagship product, Vita Coco Coconut Water, which saw growth in both U.S. and UK markets.
Net income for the quarter rose to $19 million, or $0.32 per diluted share, up from $15 million, or $0.26 per diluted share, in the same period last year. The full-year net sales are projected to be between $505 million and $515 million, with adjusted EBITDA expected to range from $80 million to $84 million.
Despite concerns over high ocean freight costs impacting Q4 margins, the company plans to increase production capacity for 2025 and 2026, aiming to operate at 80%-85% capacity. These developments underline Vita Coco's strategic confidence in its long-term growth potential, despite the mixed results of the third quarter.
InvestingPro Insights
To provide additional context to Jane Prior's recent stock transactions, let's examine some key financial metrics and insights from InvestingPro for Vita Coco Company, Inc. (NASDAQ:COCO).
As of the latest data, Vita Coco boasts a market capitalization of $2.05 billion, reflecting its significant presence in the beverage industry. The company's P/E ratio stands at 34.59, which aligns with an InvestingPro Tip indicating that COCO is "Trading at a high earnings multiple." This valuation suggests investors are pricing in strong future growth expectations for the company.
Notably, Vita Coco's financial health appears robust, with an InvestingPro Tip highlighting that the company "Holds more cash than debt on its balance sheet." This strong liquidity position is further supported by another tip stating that "Liquid assets exceed short term obligations," which may provide reassurance to investors regarding the company's financial stability.
The stock's recent performance has been impressive, with a 22.73% price return over the past month and a substantial 45.12% return over the last three months. These figures correspond with an InvestingPro Tip noting a "Strong return over the last three months." Additionally, COCO is "Trading near 52-week high," with its current price at 98.06% of its 52-week peak, potentially indicating positive market sentiment.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Vita Coco, providing a deeper understanding of the company's financial position and market performance.
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