Solo Brands (NYSE:DTC) Rating Reiterated by Canaccord Genuity Group

Solo Brands (NYSE:DTC)‘s stock had its “buy” rating restated by analysts at Canaccord Genuity Group in a report released on Monday, Benzinga reports. They currently have a $3.00 price target on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 123.05% from the company’s current price.

Separately, Citigroup cut 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 report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $2.93.

Solo Brands Stock Performance

DTC stock opened at $1.35 on Monday. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.49 and a quick ratio of 1.15. Solo Brands has a 1 year low of $1.08 and a 1 year high of $6.36. The company has a market cap of $122.76 million, a P/E ratio of -0.66 and a beta of 2.54. The stock’s fifty day moving average price is $1.63 and its 200-day moving average price is $1.90.

Solo Brands (NYSE:DTC) last announced its earnings results on Wednesday, August 7th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.07). Solo Brands had a positive return on equity of 6.02% and a negative net margin of 25.62%. The firm had revenue of $131.55 million during the quarter, compared to analysts’ expectations of $128.50 million. During the same period in the previous year, the business posted $0.15 earnings per share. On average, equities analysts forecast that Solo Brands will post 0.18 earnings per share for the current year.

Insider Transactions at Solo Brands

In other Solo Brands news, CEO Christopher T. Metz purchased 115,174 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were acquired 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 in the company, valued at $474,726.20. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Christopher T. Metz acquired 115,174 shares of the business’s stock in a transaction on Friday, August 9th. The stock was acquired at an average cost of $1.30 per share, with a total value of $149,726.20. Following the acquisition, 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 legal filing with the SEC, which is available at this link. Also, CEO Christopher T. Metz bought 134,826 shares of the stock in a transaction dated Monday, August 12th. The stock was bought at an average cost of $1.30 per share, for a total transaction of $175,273.80. Following the acquisition, the chief executive officer now directly owns 500,000 shares of the company’s stock, valued at approximately $650,000. 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 and other institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP purchased a new stake in shares of Solo Brands in the first quarter worth about $1,059,000. American Century Companies Inc. boosted its position in shares of 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 acquiring an additional 384,989 shares during the last quarter. Sei Investments Co. boosted its position in shares of Solo Brands by 20.6% during the 1st quarter. Sei Investments Co. now owns 582,210 shares of the company’s stock valued at $1,263,000 after acquiring an additional 99,262 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Solo Brands by 9.4% in 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 in the last quarter. Finally, Lakewood Asset Management LLC bought a new stake in Solo Brands in the second quarter worth $130,000. Institutional investors own 84.48% of the company’s stock.

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.