Canaccord Genuity Group Reiterates Hold Rating for Solo Brands (NYSE:DTC)

Solo Brands (NYSE:DTC)‘s stock had its “hold” rating reiterated by stock analysts at Canaccord Genuity Group in a note issued to investors on Thursday, MarketBeat.com reports. They presently have a $1.00 price target on the stock, down from their prior price target of $3.00. Canaccord Genuity Group’s target price indicates a potential upside of 316.67% from the company’s current price.

Solo Brands Stock Up 9.1 %

Shares of NYSE:DTC opened at $0.24 on Thursday. Solo Brands has a 52-week low of $0.20 and a 52-week high of $2.57. The firm has a market capitalization of $22.00 million, a P/E ratio of -0.07 and a beta of 2.49. The stock has a 50 day moving average price of $0.89 and a 200-day moving average price of $1.15. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.60 and a current ratio of 1.57.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. increased its holdings in shares of Solo Brands by 2.1% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 547,307 shares of the company’s stock worth $624,000 after purchasing an additional 11,025 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of Solo Brands by 1.8% in the 4th quarter. Prudential Financial Inc. now owns 809,320 shares of the company’s stock worth $923,000 after buying an additional 14,200 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Solo Brands in the 3rd quarter worth $25,000. Empowered Funds LLC boosted its stake in shares of Solo Brands by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 401,715 shares of the company’s stock worth $566,000 after buying an additional 20,368 shares during the last quarter. Finally, Bridgeway Capital Management LLC boosted its stake in shares of Solo Brands by 2.7% in the 4th quarter. Bridgeway Capital Management LLC now owns 782,105 shares of the company’s stock worth $892,000 after buying an additional 20,390 shares during the last quarter. Institutional investors own 84.48% of the company’s stock.

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.