Federated Hermes Inc. lowered its stake in Solo Brands, Inc. (NYSE:DTC – Get Rating) by 90.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 80,000 shares of the company's stock after selling 770,000 shares during the period. Federated Hermes Inc. owned approximately 0.08% of Solo Brands worth $325,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Belvedere Trading LLC acquired a new stake in Solo Brands in the second quarter valued at about $125,000. M&T Bank Corp acquired a new stake in shares of Solo Brands in the 2nd quarter valued at approximately $66,000. Russell Investments Group Ltd. acquired a new position in Solo Brands during the second quarter worth $1,654,000. Strs Ohio lifted its holdings in Solo Brands by 1,500.0% in the second quarter. Strs Ohio now owns 43,200 shares of the company's stock valued at $175,000 after acquiring an additional 40,500 shares during the period. Finally, Clearbridge Investments LLC boosted its position in shares of Solo Brands by 7.4% during the 2nd quarter. Clearbridge Investments LLC now owns 1,015,585 shares of the company's stock worth $4,123,000 after purchasing an additional 70,308 shares in the last quarter. 78.25% of the stock is owned by institutional investors and hedge funds.
Get Solo Brands alerts:Wall Street Analysts Forecast Growth
DTC has been the subject of several recent analyst reports. Canaccord Genuity Group started coverage on shares of Solo Brands in a research note on Thursday, November 17th. They issued a "buy" rating and a $7.00 price objective for the company. Piper Sandler decreased their price target on Solo Brands to $7.00 in a research note on Wednesday, November 16th. Credit Suisse Group dropped their price objective on Solo Brands to $9.00 in a research note on Wednesday, November 16th. Finally, 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. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $12.33.
Solo Brands Trading Up 5.3 %
Shares of DTC opened at $3.59 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.64 and a quick ratio of 0.95. Solo Brands, Inc. has a 1-year low of $3.39 and a 1-year high of $17.45. The stock has a market cap of $343.57 million, a price-to-earnings ratio of -44.88, a price-to-earnings-growth ratio of 0.77 and a beta of 1.77. The firm has a 50 day simple moving average of $4.12 and a 200-day simple moving average of $4.37.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 the consensus estimate 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 the consensus estimate of $82.43 million. Equities analysts forecast that Solo Brands, Inc. will post 0.75 EPS 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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