Solo Brands, Inc. (NYSE:DTC) Sees Large Decline in Short Interest

Solo Brands, Inc. (NYSE:DTC) saw a significant decrease in short interest in the month of September. As of September 15th, there was short interest totalling 2,160,000 shares, a decrease of 7.7% from the August 31st total of 2,340,000 shares. Based on an average trading volume of 351,100 shares, the short-interest ratio is presently 6.2 days. Approximately 7.9% of the shares of the company are short sold.

Insider Buying and Selling at Solo Brands

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. boosted its stake in shares of Solo Brands by 7.4% in 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 in the last quarter. AQR Capital Management LLC lifted its holdings in Solo Brands by 9.4% during the 2nd 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. boosted its position in Solo Brands by 7.1% in the second quarter. Sei Investments Co. now owns 623,283 shares of the company’s stock valued at $1,421,000 after buying an additional 41,073 shares in the last quarter. GSA Capital Partners LLP bought a new stake in Solo Brands during the first quarter worth about $1,059,000. Finally, Empowered Funds LLC grew its stake in Solo Brands by 8.2% during the first quarter. Empowered Funds LLC now owns 353,987 shares of the company’s stock worth $768,000 after buying an additional 26,765 shares during the last quarter. 84.48% of the stock is currently owned by institutional investors and hedge funds.

Solo Brands Price Performance

NYSE DTC traded down $0.09 on Tuesday, reaching $1.32. The company’s stock had a trading volume of 241,186 shares, compared to its average volume of 602,063. Solo Brands has a 52 week low of $1.08 and a 52 week high of $6.36. 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 firm has a market cap of $120.47 million, a PE ratio of -0.70 and a beta of 2.54. The business has a 50-day moving average price of $1.63 and a 200 day moving average price of $1.90.

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Citigroup reduced 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 note on Thursday, August 8th. Canaccord Genuity Group reiterated a “buy” rating and issued a $3.00 price objective on shares of Solo Brands in a research report on Monday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $2.93.

Solo Brands Company Profile

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.