Solo Brands’ (DTC) Buy Rating Reiterated at Canaccord Genuity Group

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

Separately, Citigroup reduced their target price on shares of Solo Brands from $2.50 to $1.35 and set a neutral rating on the stock in a research note on Thursday, August 8th. 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 stock. According to MarketBeat.com, Solo Brands presently has a consensus rating of Hold and a consensus target price of $2.93.

Solo Brands Price Performance

NYSE:DTC opened at $1.33 on Monday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.15 and a current ratio of 2.49. The company has a 50-day moving average of $1.56 and a 200-day moving average of $1.88. Solo Brands has a 52 week low of $1.08 and a 52 week high of $6.36. The company has a market capitalization of $120.93 million, a price-to-earnings ratio of -0.66 and a beta of 2.54.

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 analysts’ consensus estimates of $0.09 by ($0.07). Solo Brands had a negative net margin of 25.62% and a positive return on equity of 6.02%. The company had revenue of $131.55 million for the quarter, compared to analyst estimates of $128.50 million. During the same period in the previous year, the firm posted $0.15 earnings per share. As a group, equities research analysts anticipate that Solo Brands will post 0.18 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Christopher T. Metz purchased 115,174 shares of Solo Brands stock in a transaction that occurred on Friday, August 9th. The shares were acquired at an average price of $1.30 per share, for a total transaction of $149,726.20. Following the transaction, the chief executive officer now directly owns 365,174 shares in the company, valued at $474,726.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Christopher T. Metz acquired 134,826 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $1.30 per share, for a total transaction of $175,273.80. Following the transaction, the chief executive officer now directly owns 500,000 shares of the company’s stock, valued at approximately $650,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher T. Metz acquired 115,174 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was purchased at an average price of $1.30 per share, for a total transaction of $149,726.20. Following the completion of the transaction, 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. 0.73% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Solo Brands

Several large investors have recently made changes to their positions in the company. AQR Capital Management LLC raised 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 worth $1,640,000 after purchasing an additional 62,014 shares during the last quarter. Sei Investments Co. raised its stake in shares of Solo Brands by 7.1% during the second quarter. Sei Investments Co. now owns 623,283 shares of the company’s stock worth $1,421,000 after buying an additional 41,073 shares during the last quarter. American Century Companies Inc. lifted its holdings in Solo Brands by 7.4% in the second quarter. American Century Companies Inc. now owns 5,561,257 shares of the company’s stock valued at $12,680,000 after buying an additional 384,989 shares during the period. Concurrent Investment Advisors LLC lifted its holdings in Solo Brands by 58.8% in the second quarter. Concurrent Investment Advisors LLC now owns 148,388 shares of the company’s stock valued at $338,000 after buying an additional 54,970 shares during the period. Finally, Lakewood Asset Management LLC bought a new position in Solo Brands in the second quarter valued at approximately $130,000. Institutional investors and hedge funds 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.