Solo Brands, Inc. (NYSE:DTC) Short Interest Down 10.0% in August

Solo Brands, Inc. (NYSE:DTC) was the recipient of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 2,340,000 shares, a decline of 10.0% from the August 15th total of 2,600,000 shares. Based on an average daily volume of 352,600 shares, the short-interest ratio is currently 6.6 days. Currently, 8.6% of the shares of the company are sold short.

Insider Activity

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

Hedge Funds Weigh In On Solo Brands

Several institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC lifted its position in Solo Brands by 9.4% during the second quarter. AQR Capital Management LLC now owns 719,307 shares of the company’s stock valued at $1,640,000 after purchasing an additional 62,014 shares during the last quarter. Sei Investments Co. lifted its position in Solo Brands by 7.1% during the second quarter. Sei Investments Co. now owns 623,283 shares of the company’s stock valued at $1,421,000 after purchasing an additional 41,073 shares during the last quarter. American Century Companies Inc. lifted its position in Solo Brands by 7.4% during the second 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 last quarter. Concurrent Investment Advisors LLC lifted its position in Solo Brands by 58.8% during the second quarter. Concurrent Investment Advisors LLC now owns 148,388 shares of the company’s stock valued at $338,000 after purchasing an additional 54,970 shares during the last quarter. Finally, Lakewood Asset Management LLC bought a new position in Solo Brands during the second quarter valued at $130,000. Institutional investors own 84.48% of the company’s stock.

Solo Brands Price Performance

Shares of NYSE:DTC traded down $0.04 during midday trading on Wednesday, reaching $1.54. 174,821 shares of the company were exchanged, compared to its average volume of 614,658. The company has a current ratio of 2.49, a quick ratio of 1.15 and a debt-to-equity ratio of 0.43. The business’s fifty day moving average is $1.77 and its two-hundred day moving average is $1.95. Solo Brands has a one year low of $1.08 and a one year high of $6.36. The stock has a market cap of $140.10 million, a PE ratio of -0.76 and a beta of 2.54.

Solo Brands (NYSE:DTC) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.07). Solo Brands had a negative net margin of 25.62% and a positive return on equity of 6.02%. The business had revenue of $131.55 million for the quarter, compared to the consensus estimate of $128.50 million. During the same quarter last year, the business earned $0.15 EPS. As a group, analysts predict that Solo Brands will post 0.21 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on DTC. Canaccord Genuity Group reduced their price objective on shares of Solo Brands from $5.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Citigroup dropped their target price on shares of Solo Brands from $2.50 to $1.35 and set a “neutral” rating for the company in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $2.93.

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.