Traders Buy Large Volume of Put Options on Solo Brands (NYSE:DTC)

Solo Brands, Inc. (NYSE:DTC – Get Rating) was the target of some unusual options trading on Friday. Investors bought 5,105 put options on the company. This is an increase of approximately 909% compared to the average daily volume of 506 put options.

Solo Brands Stock Down 9.3 %

Shares of NYSE DTC opened at $5.16 on Friday. Solo Brands has a 52-week low of $3.39 and a 52-week high of $8.86. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.00 and a current ratio of 3.31. The stock has a market cap of $495.52 million, a P/E ratio of -172.00, a P/E/G ratio of 0.57 and a beta of 2.44. The firm has a 50 day moving average price of $7.00 and a 200 day moving average price of $5.15.

Solo Brands (NYSE:DTC – Get Rating) last issued its quarterly earnings data on Thursday, May 4th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.04. Solo Brands had a negative net margin of 0.38% and a positive return on equity of 11.30%. The company had revenue of $88.21 million for the quarter, compared to analyst estimates of $81.46 million. During the same period in the prior year, the firm earned $0.19 earnings per share. Analysts expect that Solo Brands will post 0.72 EPS for the current year.

Insider Buying and Selling at Solo Brands

In related news, Director David Powers purchased 15,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 15th. The stock was purchased at an average price of $6.49 per share, with a total value of $100,595.00. Following the completion of the acquisition, the director now owns 15,500 shares in the company, valued at $100,595. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.93% of the company’s stock.

Hedge Funds Weigh In On Solo Brands

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Perritt Capital Management Inc. bought a new stake in Solo Brands in the 1st quarter worth about $36,000. Quantbot Technologies LP bought a new position in Solo Brands in the 1st quarter valued at $56,000. UBS Group AG lifted its holdings in shares of Solo Brands by 9,253.0% in the 4th quarter. UBS Group AG now owns 9,353 shares of the company’s stock worth $35,000 after buying an additional 9,253 shares during the period. Zacks Investment Management purchased a new stake in shares of Solo Brands during the 3rd quarter worth $39,000. Finally, American International Group Inc. raised its stake in shares of Solo Brands by 38.4% in the second quarter. American International Group Inc. now owns 10,287 shares of the company’s stock worth $42,000 after purchasing an additional 2,852 shares during the last quarter. 78.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

DTC has been the topic of a number of research analyst reports. Citigroup lifted their target price on Solo Brands from $9.00 to $10.00 in a research report on Monday, May 8th. Credit Suisse Group upped their price objective on Solo Brands from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Friday, March 10th. Finally, Piper Sandler upped their price target on shares of Solo Brands from $9.00 to $11.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 5th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $9.00.

About Solo Brands

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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.