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

Solo Brands, Inc. (NYSE:DTC) was the target of a large drop in short interest in 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 trading volume of 351,100 shares, the days-to-cover ratio is presently 6.2 days. Approximately 7.9% of the shares of the stock are short sold.

Solo Brands Stock Down 6.4 %

NYSE DTC traded down $0.09 on Tuesday, reaching $1.32. The stock had a trading volume of 241,186 shares, compared to its average volume of 602,063. The company has a current ratio of 2.49, a quick ratio of 1.15 and a debt-to-equity ratio of 0.43. Solo Brands has a 1 year low of $1.08 and a 1 year high of $6.36. The business has a 50 day moving average price of $1.63 and a 200 day moving average price of $1.90. The company has a market capitalization of $120.47 million, a price-to-earnings ratio of -0.70 and a beta of 2.54.

Solo Brands (NYSE:DTC) last announced its quarterly 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). Solo Brands had a negative net margin of 25.62% and a positive return on equity of 6.02%. The firm had revenue of $131.55 million during the quarter, compared to the consensus estimate of $128.50 million. During the same period in the previous year, the firm posted $0.15 EPS. On average, analysts forecast that Solo Brands will post 0.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on DTC. Canaccord Genuity Group reiterated a “buy” rating and set a $3.00 price target on shares of Solo Brands in a report on Monday. Citigroup dropped their target price on Solo Brands from $2.50 to $1.35 and set a “neutral” rating on the stock in a report on Thursday, August 8th. One equities 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 company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $2.93.

Insider Transactions at Solo Brands

In related news, CEO Christopher T. Metz bought 134,826 shares of Solo Brands stock in a transaction dated Monday, August 12th. The stock was acquired at an average cost of $1.30 per share, with a total value of $175,273.80. Following the completion of the acquisition, 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 can be accessed through this hyperlink. In other news, CEO Christopher T. Metz acquired 115,174 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average price of $1.30 per share, with a total value of $149,726.20. Following 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 SEC, which is accessible through this hyperlink. Also, CEO Christopher T. Metz acquired 134,826 shares of the stock in a transaction on Monday, August 12th. The shares were purchased at an average price of $1.30 per share, for a total transaction of $175,273.80. Following the completion of 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. Corporate insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Janney Montgomery Scott LLC lifted its position in shares of Solo Brands by 47.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 105,115 shares of the company’s stock worth $648,000 after buying an additional 33,638 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in Solo Brands by 45.8% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 117,410 shares of the company’s stock worth $255,000 after purchasing an additional 36,896 shares during the last quarter. Principal Financial Group Inc. bought a new stake in Solo Brands during the first quarter worth approximately $43,000. GSA Capital Partners LLP acquired a new position in Solo Brands during the first quarter valued at approximately $1,059,000. Finally, Empowered Funds LLC raised its position in shares of 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 purchasing an additional 26,765 shares during the period. Institutional investors and hedge funds own 84.48% of the company’s stock.

About Solo Brands

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.