Short Interest in Solo Brands, Inc. (NYSE:DTC) Drops By 6.9%

Solo Brands, Inc. (NYSE:DTCGet Free Report) was the target of a significant drop in short interest during the month of April. As of April 30th, there was short interest totalling 4,180,000 shares, a drop of 6.9% from the April 15th total of 4,490,000 shares. Based on an average daily volume of 650,100 shares, the days-to-cover ratio is currently 6.4 days. Approximately 15.1% of the company’s shares are short sold.

Solo Brands Stock Down 1.0 %

Shares of NYSE DTC opened at $2.02 on Friday. Solo Brands has a 1 year low of $1.74 and a 1 year high of $6.67. 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 stock’s 50-day simple moving average is $2.02 and its 200-day simple moving average is $3.36.

Solo Brands (NYSE:DTCGet Free Report) last announced its earnings results on Thursday, May 9th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.01. Solo Brands had a positive return on equity of 6.99% and a negative net margin of 23.52%. The business had revenue of $85.32 million for the quarter, compared to analyst estimates of $80.48 million. During the same period in the previous year, the company earned $0.09 earnings per share. As a group, analysts forecast that Solo Brands will post 0.25 EPS for the current year.

Insider Transactions at Solo Brands

In other Solo Brands news, CEO Christopher T. Metz acquired 100,000 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were acquired at an average price of $2.27 per share, for a total transaction of $227,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 100,000 shares of the company’s stock, valued at $227,000. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.73% of the company’s stock.

Institutional Trading of Solo Brands

Several hedge funds and other institutional investors have recently bought and sold shares of the company. American Century Companies Inc. increased its holdings in Solo Brands by 14.9% in the third quarter. American Century Companies Inc. now owns 4,147,618 shares of the company’s stock valued at $21,153,000 after buying an additional 538,995 shares during the last quarter. Boston Partners bought a new stake in Solo Brands in the fourth quarter valued at about $13,159,000. Hillsdale Investment Management Inc. increased its holdings in 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 buying an additional 133,600 shares during the last quarter. First Dallas Securities Inc. bought a new stake in Solo Brands in the third quarter valued at about $3,018,000. Finally, Sei Investments Co. increased its holdings in 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 buying an additional 99,262 shares during the last quarter. 84.48% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. B. Riley reiterated a “neutral” rating and issued a $2.20 target price (down previously from $4.00) on shares of Solo Brands in a report on Friday, March 15th. Citigroup reduced their price objective on Solo Brands from $4.00 to $3.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 6th. Canaccord Genuity Group reduced their price objective on Solo Brands from $6.00 to $5.00 and set a “buy” rating on the stock in a research note on Wednesday, March 13th. Piper Sandler restated a “neutral” rating and set a $3.00 price objective (down previously from $4.00) on shares of Solo Brands in a research note on Friday, March 15th. Finally, JPMorgan Chase & Co. cut Solo Brands from an “overweight” rating to an “underweight” rating in a research note on Friday, February 2nd. 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 data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $3.54.

Read Our Latest Research Report on DTC

About Solo Brands

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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.

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