Vita Coco gains ahead of S&P SmallCap addition, to replace Tegna
Coconut water seller Vita Coco's COCO.O shares up 4.4% before the bell to $55.20 as it's set to join S&P SmallCap 600 index .SPCY this week
COCO to replace Tegna TGNA.N in the index effective Weds, Mar 25, S&P Dow Jones Indices said late Fri
Nexstar NXST.O completed its $3.5 bln acquisition of local TV station owner TGNA last week
Stephens analyst Melissa Roberts said in a note she anticipates passive funds will need to buy 6 mln COCO shares, which implies nearly 7 days of buying demand
New York City-based COCO has ~57.1 mln shares outstanding for $3 bln market cap
Through Fri close, shares have risen ~50% over the past year and are 14% below their record intraday high of $61.39 from Mar 16
8 of 11 analysts rate shares "strong buy" or "buy", 3 "hold"; median PT $63, per LSEG
