Recent updates from several brokerages have impacted the stock recommendations and price targets for Vita Coco (NASDAQ: COCO). In conjunction with these adjustments, significant insider trading activity has been reported, particularly involving the company’s director and chairman.
John Zupo, a director at Vita Coco, sold 10,000 shares of the company’s stock on November 14, 2023. The shares were sold at an average price of $43.72, resulting in a total transaction value of $437,200. Following this sale, Zupo’s direct ownership of the company decreased to 12,162 shares, valued at approximately $531,722.64. This sale represents a significant reduction of 45.12% in his holdings.
In a separate transaction on the same day, Michael Kirban, the chairman of Vita Coco, sold 5,102 shares at an average price of $44.00, totaling $224,488. After this sale, Kirban retained 1,479,049 shares in the company, with a market value around $65,078,156. This transaction reflects a modest decrease of 0.34% in his ownership.
Over the past 90 days, company insiders have sold a cumulative total of 349,153 shares, amounting to approximately $16,297,267 in value. As it stands, insiders own 32.30% of Vita Coco’s total stock.
Vita Coco is widely recognized for its flagship product, the Vita Coco Original Coconut Water, which is offered in various pack sizes and flavors. The brand continues to play a significant role in the beverage market, appealing to health-conscious consumers seeking natural hydration options.
The recent insider sales have attracted attention, particularly as analysts adjust their recommendations. These changes may signal shifts in investor confidence and could influence future market performance. For continuous updates on Vita Coco and related news, interested parties can subscribe to MarketBeat.com’s daily newsletter.
The activity surrounding the company’s stock highlights the importance of monitoring insider transactions, which can provide insights into the company’s operational health and strategic direction.
