Solo Brands, Inc. (NYSE:DTC) Sees Large Decline in Short Interest

Solo Brands, Inc. (NYSE:DTC) saw a significant drop in short interest in the month of September. As of September 15th, there was short interest totalling 2,160,000 shares, a drop of 7.7% from the August 31st total of 2,340,000 shares. Based on an average daily volume of 351,100 shares, the days-to-cover ratio is presently 6.2 days. Currently, 7.9% of the company’s stock are short sold.

Solo Brands Stock Performance

Shares of NYSE DTC traded down $0.06 during midday trading on Tuesday, hitting $1.35. 241,186 shares of the company’s stock were exchanged, compared to its average volume of 602,063. The company has a quick ratio of 1.15, a current ratio of 2.49 and a debt-to-equity ratio of 0.43. Solo Brands has a 12 month low of $1.08 and a 12 month high of $6.36. The company’s 50 day moving average price is $1.63 and its 200 day moving average price is $1.90. The firm has a market capitalization of $122.76 million, a PE ratio of -0.66 and a beta of 2.54.

Solo Brands (NYSE:DTC) last issued its earnings results on Wednesday, August 7th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.07). The business had revenue of $131.55 million for the quarter, compared to the consensus estimate of $128.50 million. Solo Brands had a positive return on equity of 6.02% and a negative net margin of 25.62%. During the same quarter in the prior year, the firm posted $0.15 earnings per share. As a group, analysts predict that Solo Brands will post 0.18 earnings per share for the current fiscal year.

Insider Transactions at Solo Brands

In other Solo Brands news, CEO Christopher T. Metz purchased 134,826 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were bought at an average price of $1.30 per share, with a total value of $175,273.80. Following the completion of the transaction, the chief executive officer now directly owns 500,000 shares in the company, valued at approximately $650,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Christopher T. Metz bought 115,174 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were acquired at an average price of $1.30 per share, with a total value of $149,726.20. Following the transaction, the chief executive officer now owns 365,174 shares in the company, valued at $474,726.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Christopher T. Metz bought 134,826 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average cost of $1.30 per share, for a total transaction of $175,273.80. Following the transaction, the chief executive officer now owns 500,000 shares in the company, valued at approximately $650,000. The disclosure for this purchase can be found here. 0.73% of the stock is currently owned by insiders.

Institutional Trading of Solo Brands

Institutional investors have recently modified their holdings of the stock. Janney Montgomery Scott LLC increased its holdings in Solo Brands by 10.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 115,837 shares of the company’s stock worth $251,000 after purchasing an additional 10,722 shares in the last quarter. Williams & Novak LLC purchased a new stake in shares of Solo Brands in the second quarter worth approximately $42,000. Dynamic Advisor Solutions LLC purchased a new stake in shares of Solo Brands in the second quarter worth approximately $43,000. Virtu Financial LLC purchased a new stake in shares of Solo Brands during the first quarter valued at approximately $42,000. Finally, Principal Financial Group Inc. purchased a new stake in shares of Solo Brands during the first quarter valued at approximately $43,000. 84.48% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Canaccord Genuity Group reaffirmed a “buy” rating and set a $3.00 price target on shares of Solo Brands in a research report on Monday. Citigroup lowered their price target on Solo Brands from $2.50 to $1.35 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $2.93.

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.