Canaccord Genuity Group Reaffirms Buy Rating for Solo Brands (NYSE:DTC)

Solo Brands (NYSE:DTC)‘s stock had its “buy” rating restated by Canaccord Genuity Group in a report issued on Monday, Benzinga reports. They presently have a $3.00 price objective on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 105.48% from the company’s previous close.

Separately, Citigroup dropped their price objective on shares of Solo Brands from $2.50 to $1.35 and set a “neutral” rating for the company in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $2.93.

Solo Brands Price Performance

Shares of DTC traded up $0.04 on Monday, reaching $1.46. The stock had a trading volume of 46,586 shares, compared to its average volume of 603,305. The company has a quick ratio of 1.15, a current ratio of 2.49 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $133.25 million, a PE ratio of -0.72 and a beta of 2.54. The firm has a 50-day moving average of $1.65 and a 200 day moving average of $1.90. Solo Brands has a twelve month low of $1.08 and a twelve month high of $6.36.

Solo Brands (NYSE:DTC) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). The business had revenue of $131.55 million for the quarter, compared to analysts’ expectations of $128.50 million. Solo Brands had a positive return on equity of 6.02% and a negative net margin of 25.62%. During the same period in the prior year, the company earned $0.15 EPS. Sell-side analysts expect that Solo Brands will post 0.18 EPS for the current year.

Insider Activity at Solo Brands

In related news, CEO Christopher T. Metz purchased 115,174 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were purchased at an average cost of $1.30 per share, with a total value of $149,726.20. Following the completion of the acquisition, the chief executive officer now directly owns 365,174 shares of the company’s stock, valued at approximately $474,726.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Solo Brands news, CEO Christopher T. Metz acquired 134,826 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was purchased at an average price of $1.30 per share, with a total value of $175,273.80. Following the completion of the acquisition, the chief executive officer now directly owns 500,000 shares in the company, valued at approximately $650,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Christopher T. Metz bought 115,174 shares of the company’s stock in a transaction on Friday, August 9th. The shares were acquired at an average cost of $1.30 per share, for a total transaction of $149,726.20. Following the completion of the acquisition, the chief executive officer now directly owns 365,174 shares of the company’s stock, valued at approximately $474,726.20. The disclosure for this purchase can be found here. 0.73% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. GSA Capital Partners LLP bought a new position in shares of Solo Brands during the first quarter valued at approximately $1,059,000. American Century Companies Inc. boosted its position in Solo Brands by 7.4% during the 2nd quarter. American Century Companies Inc. now owns 5,561,257 shares of the company’s stock valued at $12,680,000 after purchasing an additional 384,989 shares during the period. Sei Investments Co. grew its stake in Solo Brands by 20.6% during the 1st quarter. Sei Investments Co. now owns 582,210 shares of the company’s stock worth $1,263,000 after buying an additional 99,262 shares during the last quarter. AQR Capital Management LLC increased its position in Solo Brands by 9.4% in the second quarter. AQR Capital Management LLC now owns 719,307 shares of the company’s stock worth $1,640,000 after buying an additional 62,014 shares during the period. Finally, Lakewood Asset Management LLC bought a new stake in Solo Brands in the second quarter valued at $130,000. 84.48% of the stock is owned by institutional investors and hedge funds.

About Solo Brands

Solo Brands, Inc operates a direct-to-consumer platform that offers outdoor and lifestyle branded products in the United States. The company provides camp stoves under the Solo Stove Lite brand name; fire pits under the Solo Stove brand name; kayaks under the Oru brand name; paddle boards under the ISLE brand name; and storage solutions for fire pits, firewood, and other accessories.