Solo Brands, Inc. (NYSE:DTC – Get Rating) was the recipient of a significant decline in short interest in November. As of November 30th, there was short interest totalling 1,220,000 shares, a decline of 10.3% from the November 15th total of 1,360,000 shares. Approximately 5.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 234,300 shares, the days-to-cover ratio is presently 5.2 days.
Hedge Funds Weigh In On Solo Brands
A number of institutional investors have recently made changes to their positions in DTC. New York State Common Retirement Fund acquired a new position in Solo Brands in the first quarter valued at $45,000. Quantbot Technologies LP acquired a new position in Solo Brands in the first quarter valued at $56,000. Zacks Investment Management acquired a new position in Solo Brands in the third quarter valued at $39,000. American International Group Inc. increased its stake in Solo Brands by 38.4% in the second quarter. American International Group Inc. now owns 10,287 shares of the company's stock valued at $42,000 after purchasing an additional 2,852 shares during the last quarter. Finally, Bank of Montreal Can acquired a new position in Solo Brands in the second quarter valued at $46,000. 80.02% of the stock is owned by institutional investors and hedge funds.
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Wall Street Analyst Weigh In
A number of analysts recently weighed in on DTC shares. Piper Sandler decreased their price target on Solo Brands to $7.00 in a research note on Wednesday, November 16th. Canaccord Genuity Group started coverage on Solo Brands in a research report on Thursday, November 17th. They set a "buy" rating and a $7.00 target price on the stock. Canaccord Genuity Group started coverage on Solo Brands in a research report on Wednesday, November 16th. They set a "buy" rating and a $7.00 target price on the stock. Finally, Credit Suisse Group decreased their target price on Solo Brands to $9.00 in a research report on Wednesday, November 16th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Solo Brands has an average rating of "Buy" and a consensus price target of $12.33.
Solo Brands Stock Performance
NYSE DTC opened at $3.81 on Friday. Solo Brands has a fifty-two week low of $3.50 and a fifty-two week high of $17.45. The stock has a market cap of $364.63 million, a price-to-earnings ratio of -47.63, a price-to-earnings-growth ratio of 0.92 and a beta of 1.77. The business has a fifty day moving average of $4.19 and a 200-day moving average of $4.45. The company has a quick ratio of 0.95, a current ratio of 3.64 and a debt-to-equity ratio of 0.30.
Solo Brands (NYSE:DTC – Get Rating) last released its quarterly earnings results on Thursday, November 10th. The company reported $0.15 earnings per share for the quarter, topping analysts' consensus estimates of $0.04 by $0.11. Solo Brands had a positive return on equity of 14.05% and a negative net margin of 1.12%. The company had revenue of $102.16 million during the quarter, compared to analysts' expectations of $82.43 million. As a group, analysts predict that Solo Brands will post 0.75 earnings per share for the current fiscal year.
Solo Brands Company Profile
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Solo Brands, Inc operates a direct-to-consumer platform that offers outdoor 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; grills, cook tops, and tools; kayaks under the Oru brand name; paddle boards under the ISLE brand name; and storage solutions for fire pits, firewood, and other accessories.
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