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

Solo Brands, Inc. (NYSE:DTC) was the target of a large decline in short interest in September. As of September 15th, there was short interest totalling 2,160,000 shares, a decline of 7.7% from the August 31st total of 2,340,000 shares. Based on an average daily trading 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.

Insider Activity at Solo Brands

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

Institutional Trading of Solo Brands

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. American Century Companies Inc. increased its stake in shares of 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 in the last quarter. AQR Capital Management LLC boosted its holdings in Solo Brands by 9.4% in the second quarter. AQR Capital Management LLC now owns 719,307 shares of the company’s stock valued at $1,640,000 after acquiring an additional 62,014 shares during the last quarter. Sei Investments Co. boosted its holdings in Solo Brands by 7.1% in the second quarter. Sei Investments Co. now owns 623,283 shares of the company’s stock valued at $1,421,000 after acquiring an additional 41,073 shares during the last quarter. GSA Capital Partners LLP bought a new position in Solo Brands in the first quarter valued at about $1,059,000. Finally, Empowered Funds LLC boosted its holdings in Solo Brands by 8.2% in the first quarter. Empowered Funds LLC now owns 353,987 shares of the company’s stock valued at $768,000 after acquiring an additional 26,765 shares during the last quarter. 84.48% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on DTC. Citigroup cut their target price on Solo Brands from $2.50 to $1.35 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Canaccord Genuity Group reiterated a “buy” rating and set a $3.00 price objective on shares of Solo Brands in a research note on Monday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Solo Brands has a consensus rating of “Hold” and a consensus price target of $2.93.

Solo Brands Price Performance

Solo Brands stock traded down $0.06 during mid-day trading on Tuesday, hitting $1.35. 241,186 shares of the company 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. The business has a fifty day moving average of $1.63 and a 200 day moving average of $1.90. Solo Brands has a 1-year low of $1.08 and a 1-year high of $6.36. The company 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 announced 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 negative net margin of 25.62% and a positive return on equity of 6.02%. The business had revenue of $131.55 million during the quarter, compared to analyst estimates of $128.50 million. During the same quarter last year, the business posted $0.15 earnings per share. As a group, sell-side analysts expect that Solo Brands will post 0.18 earnings per share for the current year.

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.