Solo Brands (NYSE:DTC) Given New $3.00 Price Target at Canaccord Genuity Group

Solo Brands (NYSE:DTC) had its price target lowered by Canaccord Genuity Group from $5.00 to $3.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Solo Brands Stock Performance

Shares of Solo Brands stock traded up $0.14 during trading hours on Thursday, reaching $1.32. 755,681 shares of the stock traded hands, compared to its average volume of 676,321. Solo Brands has a one year low of $1.08 and a one year high of $6.64. The firm has a market capitalization of $120.47 million, a price-to-earnings ratio of -0.66 and a beta of 2.62. The company has a quick ratio of 1.16, a current ratio of 2.80 and a debt-to-equity ratio of 0.45. The company has a 50 day moving average price of $2.13 and a 200 day moving average price of $2.22.

Solo Brands (NYSE:DTC) last released its quarterly earnings results on Thursday, May 9th. The company reported $0.01 earnings per share for the quarter, hitting the consensus estimate of $0.01. Solo Brands had a negative net margin of 23.52% and a positive return on equity of 6.99%. The business had revenue of $85.32 million for the quarter, compared to the consensus estimate of $80.48 million. During the same period last year, the firm earned $0.09 earnings per share. On average, equities research analysts expect that Solo Brands will post 0.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Christopher T. Metz acquired 49,310 shares of the stock in a transaction dated Thursday, June 13th. The shares were purchased at an average cost of $1.97 per share, with a total value of $97,140.70. Following the transaction, the chief executive officer now directly owns 250,000 shares in the company, valued at $492,500. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Solo Brands news, CEO Christopher T. Metz bought 52,366 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was purchased at an average price of $1.94 per share, for a total transaction of $101,590.04. Following the completion of the transaction, the chief executive officer now owns 152,366 shares of the company’s stock, valued at approximately $295,590.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher T. Metz acquired 49,310 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were bought at an average cost of $1.97 per share, with a total value of $97,140.70. Following the completion of the acquisition, the chief executive officer now owns 250,000 shares in the company, valued at $492,500. The disclosure for this purchase can be found here. Company insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Solo Brands

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Boston Partners bought a new position in shares of Solo Brands during the 4th quarter valued at about $13,159,000. GSA Capital Partners LLP bought a new stake in Solo Brands in the 1st quarter worth approximately $1,059,000. American Century Companies Inc. raised its holdings 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 worth $12,680,000 after acquiring an additional 384,989 shares in the last quarter. Hillsdale Investment Management Inc. grew its holdings in shares of Solo Brands by 18.2% in the fourth quarter. Hillsdale Investment Management Inc. now owns 867,941 shares of the company’s stock valued at $5,347,000 after purchasing an additional 133,600 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Solo Brands by 20.6% in the first quarter. Sei Investments Co. now owns 582,210 shares of the company’s stock valued at $1,263,000 after purchasing an additional 99,262 shares in the last quarter. 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.