Solo Brands (NYSE:DTC) Receives “Buy” Rating from Canaccord Genuity Group

Solo Brands (NYSE:DTC)‘s stock had its “buy” rating reissued by analysts at Canaccord Genuity Group in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $3.00 price objective on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 177.78% from the company’s previous close.

Separately, Citigroup cut their target price on shares of Solo Brands from $2.50 to $1.35 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $2.93.

Solo Brands Stock Performance

NYSE:DTC opened at $1.08 on Tuesday. The company has a quick ratio of 0.60, a current ratio of 1.57 and a debt-to-equity ratio of 0.60. The firm’s fifty day simple moving average is $1.36 and its 200 day simple moving average is $1.72. The stock has a market cap of $99.01 million, a P/E ratio of -0.31 and a beta of 2.55. Solo Brands has a twelve month low of $1.03 and a twelve month high of $6.36.

Institutional Trading of Solo Brands

A number of hedge funds and other institutional investors have recently modified their holdings of DTC. Janney Montgomery Scott LLC lifted its position in Solo Brands by 10.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 115,837 shares of the company’s stock valued at $251,000 after acquiring an additional 10,722 shares during the period. XTX Topco Ltd bought a new position in shares of Solo Brands during the third quarter valued at approximately $25,000. Williams & Novak LLC purchased a new position in shares of Solo Brands during the second quarter valued at approximately $42,000. Dynamic Advisor Solutions LLC bought a new stake in shares of Solo Brands in the 2nd quarter worth approximately $43,000. Finally, Virtu Financial LLC purchased a new stake in shares of Solo Brands in the 1st quarter worth approximately $42,000. 84.48% of the stock is owned by hedge funds and other institutional investors.

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.