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

Solo Brands (NYSE:DTC)‘s stock had its “buy” rating reaffirmed by investment analysts at Canaccord Genuity Group in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $3.00 target price on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 188.46% from the stock’s current price.

Separately, Citigroup dropped their target price 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 investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $2.93.

Solo Brands Trading Down 8.0 %

Shares of NYSE DTC traded down $0.09 during mid-day trading on Tuesday, hitting $1.04. The company’s stock had a trading volume of 271,287 shares, compared to its average volume of 544,281. Solo Brands has a one year low of $1.03 and a one year high of $6.36. The company’s fifty day simple moving average is $1.37 and its 200-day simple moving average is $1.73. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.57 and a quick ratio of 0.60. The stock has a market cap of $95.34 million, a price-to-earnings ratio of -0.30 and a beta of 2.55.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. XTX Topco Ltd bought a new position in shares of Solo Brands in the 3rd quarter valued at about $25,000. Williams & Novak LLC bought a new position in Solo Brands during the second quarter worth about $42,000. Dynamic Advisor Solutions LLC acquired a new position in shares of Solo Brands during the 2nd quarter worth approximately $43,000. Virtu Financial LLC acquired a new stake in Solo Brands during the 1st quarter valued at $42,000. Finally, FMR LLC boosted its position in Solo Brands by 235.1% during the third quarter. FMR LLC now owns 30,232 shares of the company’s stock worth $43,000 after purchasing an additional 21,209 shares during the period. Institutional investors 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.