Solo Brands (NYSE:DTC) Earns Buy Rating from Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Solo Brands (NYSE:DTC) in a research report report published on Monday, Benzinga reports. The firm currently has a $3.00 target price on the stock.

Separately, Citigroup dropped their target price on shares of Solo Brands from $2.50 to $1.35 and set a neutral rating on the stock in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Solo Brands presently has an average rating of Hold and an average target price of $2.93.

Solo Brands Trading Up 4.2 %

Shares of NYSE:DTC opened at $1.38 on Monday. The company has a 50 day moving average of $1.61 and a 200-day moving average of $1.89. 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 $125.49 million, a P/E ratio of -0.68 and a beta of 2.54. Solo Brands has a twelve month low of $1.08 and a twelve month high of $6.36.

Solo Brands (NYSE:DTC) last released its earnings results on Wednesday, August 7th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $128.50 million. During the same quarter last year, the company earned $0.15 earnings per share. As a group, analysts anticipate that Solo Brands will post 0.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Christopher T. Metz bought 134,826 shares of the firm’s stock in a transaction on 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 completion of the acquisition, the chief executive officer now directly owns 500,000 shares in the company, valued at approximately $650,000. The purchase was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Christopher T. Metz purchased 134,826 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were acquired at an average price of $1.30 per share, for a total transaction of $175,273.80. Following the completion of the acquisition, the chief executive officer now directly owns 500,000 shares of the company’s stock, valued at $650,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Christopher T. Metz acquired 115,174 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average cost of $1.30 per share, with a total value of $149,726.20. Following the purchase, the chief executive officer now directly owns 365,174 shares in the company, 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

A number of institutional investors and hedge funds have recently modified their holdings of DTC. Janney Montgomery Scott LLC boosted its position in Solo Brands by 47.1% during the 4th quarter. Janney Montgomery Scott LLC now owns 105,115 shares of the company’s stock worth $648,000 after acquiring an additional 33,638 shares during the period. Hennion & Walsh Asset Management Inc. lifted its position in shares of Solo Brands by 45.8% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 117,410 shares of the company’s stock worth $255,000 after purchasing an additional 36,896 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in shares of Solo Brands during the first quarter worth approximately $43,000. GSA Capital Partners LLP purchased a new position in Solo Brands during the first quarter valued at approximately $1,059,000. Finally, Empowered Funds LLC increased its stake in Solo Brands by 8.2% in the 1st quarter. Empowered Funds LLC now owns 353,987 shares of the company’s stock valued at $768,000 after buying an additional 26,765 shares during the period. Hedge funds and other institutional investors own 84.48% of the company’s stock.

About Solo Brands

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.