Shellback Capital LP Acquires 527,161 Shares of Dutch Bros Inc. (NYSE:BROS)

Shellback Capital LP raised its holdings in shares of Dutch Bros Inc. (NYSE:BROS) by 649.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 608,339 shares of the company’s stock after purchasing an additional 527,161 shares during the quarter. Dutch Bros accounts for approximately 1.8% of Shellback Capital LP’s investment portfolio, making the stock its 14th largest holding. Shellback Capital LP owned approximately 0.34% of Dutch Bros worth $25,185,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. The Manufacturers Life Insurance Company raised its stake in shares of Dutch Bros by 102.7% during the second quarter. The Manufacturers Life Insurance Company now owns 19,084 shares of the company’s stock valued at $790,000 after acquiring an additional 9,671 shares in the last quarter. Dark Forest Capital Management LP bought a new position in Dutch Bros in the second quarter worth approximately $542,000. Squarepoint Ops LLC increased its holdings in Dutch Bros by 17.3% during the 2nd quarter. Squarepoint Ops LLC now owns 198,170 shares of the company’s stock worth $8,204,000 after purchasing an additional 29,259 shares during the period. Marshall Wace LLP raised its position in Dutch Bros by 15.4% during the 2nd quarter. Marshall Wace LLP now owns 3,962,374 shares of the company’s stock valued at $164,042,000 after purchasing an additional 527,716 shares in the last quarter. Finally, Davidson Kempner Capital Management LP raised its position in Dutch Bros by 43.5% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 1,585,159 shares of the company’s stock valued at $65,626,000 after purchasing an additional 480,153 shares in the last quarter. 85.54% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BROS has been the topic of a number of recent research reports. Piper Sandler downgraded Dutch Bros from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $41.00 to $36.00 in a research report on Monday, August 19th. JPMorgan Chase & Co. increased their target price on shares of Dutch Bros from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Monday, June 3rd. Stifel Nicolaus reduced their price target on shares of Dutch Bros from $40.00 to $38.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Barclays lowered their price target on shares of Dutch Bros from $35.00 to $31.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Finally, Wedbush reissued an “outperform” rating and set a $45.00 price objective on shares of Dutch Bros in a report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.73.

Insider Buying and Selling at Dutch Bros

In related news, Chairman Travis Boersma sold 426,891 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $31.59, for a total value of $13,485,486.69. Following the transaction, the chairman now owns 467,228 shares in the company, valued at approximately $14,759,732.52. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, major shareholder Dm Individual Aggregator, Llc sold 28,710 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $32.02, for a total transaction of $919,294.20. Following the completion of the transaction, the insider now directly owns 432,518 shares in the company, valued at $13,849,226.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Travis Boersma sold 426,891 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $31.59, for a total value of $13,485,486.69. Following the sale, the chairman now directly owns 467,228 shares in the company, valued at $14,759,732.52. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,128,885 shares of company stock worth $36,124,009. 46.50% of the stock is currently owned by insiders.

Dutch Bros Stock Performance

Shares of Dutch Bros stock opened at $32.65 on Friday. The company has a 50 day moving average price of $33.74 and a 200 day moving average price of $34.77. The firm has a market capitalization of $5.03 billion, a P/E ratio of 181.40, a PEG ratio of 2.84 and a beta of 2.49. The company has a quick ratio of 1.88, a current ratio of 2.19 and a debt-to-equity ratio of 0.82. Dutch Bros Inc. has a 52 week low of $22.67 and a 52 week high of $43.49.

Dutch Bros (NYSE:BROS) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.13 by $0.06. Dutch Bros had a net margin of 1.95% and a return on equity of 3.99%. The business had revenue of $324.92 million during the quarter, compared to the consensus estimate of $317.39 million. During the same period in the previous year, the firm posted $0.07 earnings per share. The business’s revenue for the quarter was up 30.0% compared to the same quarter last year. Sell-side analysts expect that Dutch Bros Inc. will post 0.32 EPS for the current year.

About Dutch Bros

Dutch Bros Inc, together with its subsidiaries, operates and franchises drive-thru shops in the United States. The company operates through Company-Operated Shops and Franchising and Other segments. It serves through company-operated shops and online channels under Dutch Bros; Dutch Bros Coffee; Dutch Bros Rebel; Dutch Bros; and Blue Rebel brands.