Shares of the Corona, Calif., beverage company at last check were down 3.9% to $91.34.
Monster reported earnings of 59 cents a share on revenue of $1.24 billion. Analysts surveyed by FactSet were expecting earnings of 61 cents a share on revenue of $1.22 billion.
The company also said that it would face an aluminum shortage in North America and Europe.
"In order to satisfy increased consumer demand, we are sourcing aluminum cans in excess of our contracted volumes from South America and Asia," Co-Chief Executive Hilton Schlosberg.
Analysts at Goldman Sachs reiterated their buy rating and $107 price target.
The investment firm says "strong sales and accelerating growth narrative should predominate and [any weakness is] a buying opportunity."
The firm also says Monster has a "very robust innovation pipeline this year and beyond."
Truist analyst Bill Chappell rates the company buy and raised his price target to $115 from $105. Monster has "incredible sales momentum" and should benefit from increased travel and convenience-store foot traffic.
JPMorgan analyst Andrea Teixeira rates the company neutral with a $96 price target. "The quarter will likely be looked at very differently by bulls and bears given the diverging trends and outlook in the gross margins and top line."