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Jonathan Burth, Chief Operating Officer of Vita Coco Company, Inc. (NASDAQ:COCO), recently executed a series of stock transactions as reported in a filing with the Securities and Exchange Commission. On January 22, Burth sold 4,052 shares of Vita Coco's common stock, generating a total of $152,338. The shares were sold at an average price of approximately $37.60, with sale prices ranging from $37.50 to $37.66 per share. The transaction comes as COCO trades near its 52-week high of $37.88, having delivered an impressive 77.6% return over the past year.
In addition to the sale, Burth also exercised stock options, acquiring 4,052 shares at a price of $10.178 per share. This exercise was part of a larger plan, allowing Burth to manage his holdings as part of a pre-arranged trading plan under Rule 10b5-1.
Following these transactions, Burth now directly owns 104,108 shares of Vita Coco's common stock. These moves are part of routine financial management for executives, providing insights into their confidence in the company's performance and stock valuation.
In other recent news, The Vita Coco Co. Inc has been the subject of several noteworthy developments. BofA Securities maintained a Neutral rating on Vita Coco's stock, raising its price target to $38.00, based on the company's resolved inventory issues and anticipated sales growth. Vita Coco's sales in the Americas, accounting for 65% of total sales, increased by a modest 3.2% year-to-date. BofA Securities attributes slower sales growth to earlier inventory constraints, which have reportedly been addressed.
Vita Coco recently reported mixed Q3 2024 earnings, with a 4% decrease in net sales to $133 million, offset by an 8% growth of the Vita Coco Coconut Water brand in the U.S., and a 19% increase in the UK. Despite a decline in sales, the company raised its full-year guidance for net sales and adjusted EBITDA. Net income for the quarter rose to $19 million, up from $15 million in the same period last year.
Looking forward to 2025, BofA Securities forecasts a 13.5% increase in sales for Vita Coco Coconut Water in the Americas. The company also 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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