Solo Brands (NYSE:DTC) Posts Earnings Results, Beats Expectations By $0.11 EPS

Solo Brands (NYSE:DTCGet Rating) issued its quarterly earnings results on Thursday. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.11, MarketWatch Earnings reports. The business had revenue of $82.20 million during the quarter, compared to analyst estimates of $84.60 million. The company’s quarterly revenue was up 19.0% on a year-over-year basis. Solo Brands updated its FY 2022 guidance to EPS.

Shares of Solo Brands stock traded down $0.08 during trading on Friday, hitting $4.80. 838,519 shares of the stock were exchanged, compared to its average volume of 561,128. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.41 and a quick ratio of 1.21. The stock has a fifty day moving average of $7.62. Solo Brands has a 1-year low of $4.24 and a 1-year high of $23.39.

Several hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC boosted its holdings in shares of Solo Brands by 70.9% during the 1st quarter. Renaissance Technologies LLC now owns 84,094 shares of the company’s stock worth $717,000 after buying an additional 34,894 shares during the period. Northern Trust Corp boosted its holdings in shares of Solo Brands by 11.1% during the 1st quarter. Northern Trust Corp now owns 126,579 shares of the company’s stock worth $1,080,000 after buying an additional 12,639 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Solo Brands by 10.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 99,487 shares of the company’s stock worth $849,000 after buying an additional 9,553 shares during the period. Wasatch Advisors Inc. boosted its holdings in shares of Solo Brands by 7.5% during the 1st quarter. Wasatch Advisors Inc. now owns 2,405,527 shares of the company’s stock worth $20,519,000 after buying an additional 167,806 shares during the period. Finally, Clearbridge Investments LLC boosted its holdings in shares of Solo Brands by 1.0% during the 1st quarter. Clearbridge Investments LLC now owns 945,277 shares of the company’s stock worth $8,063,000 after buying an additional 9,591 shares during the period. 93.69% of the stock is owned by institutional investors and hedge funds.

Several equities research analysts have issued reports on the stock. Citigroup lowered their price target on shares of Solo Brands from $16.00 to $11.00 in a research note on Friday. Zacks Investment Research lowered shares of Solo Brands from a “buy” rating to a “hold” rating in a research note on Tuesday, March 15th. Finally, Credit Suisse Group lowered their price target on shares of Solo Brands from $20.00 to $18.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 30th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Solo Brands has a consensus rating of “Buy” and an average target price of $21.71.

Solo Brands Company Profile (Get Rating)

Solo Brands, Inc operates a direct-to-consumer platform that offers outdoor 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; grills, cook tops, and tools; 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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