Canaccord Genuity Group Reaffirms “Buy” Rating for Solo Brands (NYSE:DTC)

Canaccord Genuity Group reaffirmed their buy rating on shares of Solo Brands (NYSE:DTC) in a report released on Tuesday morning,Benzinga reports. Canaccord Genuity Group currently has a $3.00 target price on the stock.

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

Solo Brands Price Performance

DTC stock opened at $1.18 on Tuesday. Solo Brands has a 1 year low of $1.03 and a 1 year high of $6.36. The company has a market cap of $108.17 million, a P/E ratio of -0.35 and a beta of 2.55. The firm has a 50-day moving average of $1.35 and a 200 day moving average of $1.72. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.57 and a quick ratio of 0.60.

Institutional Trading of Solo Brands

Large investors have recently made changes to their positions in the stock. American Century Companies Inc. grew its position in Solo Brands by 7.4% during 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. Jacobs Levy Equity Management Inc. increased its position in Solo Brands by 72.6% in the third quarter. Jacobs Levy Equity Management Inc. now owns 536,282 shares of the company’s stock worth $756,000 after purchasing an additional 225,604 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Solo Brands by 27.4% in the 3rd quarter. Geode Capital Management LLC now owns 599,370 shares of the company’s stock valued at $845,000 after purchasing an additional 129,085 shares during the last quarter. Sei Investments Co. grew its holdings in Solo Brands by 20.6% during the 1st 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 during the last quarter. Finally, Verition Fund Management LLC increased its stake in Solo Brands by 668.6% in the third quarter. Verition Fund Management LLC now owns 99,780 shares of the company’s stock worth $141,000 after purchasing an additional 86,798 shares during the period. 84.48% of the stock is currently owned by institutional investors.

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.