Bank of New York Mellon Corp Sells 7,420 Shares of Solo Brands, Inc. (NYSE:DTC)

Bank of New York Mellon Corp reduced its stake in shares of Solo Brands, Inc. (NYSE:DTC) by 4.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 149,460 shares of the company’s stock after selling 7,420 shares during the quarter. Bank of New York Mellon Corp owned about 0.16% of Solo Brands worth $341,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sei Investments Co. grew its stake in Solo Brands by 20.6% during the first quarter. Sei Investments Co. now owns 582,210 shares of the company’s stock valued at $1,263,000 after acquiring an additional 99,262 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of Solo Brands during the first quarter valued at about $1,059,000. Empowered Funds LLC increased its holdings in shares of Solo Brands by 8.2% in the first quarter. Empowered Funds LLC now owns 353,987 shares of the company’s stock worth $768,000 after purchasing an additional 26,765 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its position in shares of Solo Brands by 45.8% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 117,410 shares of the company’s stock worth $255,000 after buying an additional 36,896 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in Solo Brands by 10.2% during the first quarter. Janney Montgomery Scott LLC now owns 115,837 shares of the company’s stock valued at $251,000 after buying an additional 10,722 shares during the last quarter. Institutional investors own 84.48% of the company’s stock.

Solo Brands Stock Down 3.3 %

NYSE DTC opened at $1.47 on Thursday. Solo Brands, Inc. has a 52 week low of $1.08 and a 52 week high of $6.36. The firm has a market capitalization of $134.70 million, a price-to-earnings ratio of -0.73 and a beta of 2.54. The company has a quick ratio of 1.15, a current ratio of 2.49 and a debt-to-equity ratio of 0.43. The company has a fifty day moving average of $1.68 and a two-hundred day moving average of $1.92.

Solo Brands (NYSE:DTC) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). Solo Brands had a positive return on equity of 6.02% and a negative net margin of 25.62%. The firm had revenue of $131.55 million for the quarter, compared to analysts’ expectations of $128.50 million. During the same period in the prior year, the firm posted $0.15 earnings per share. On average, analysts predict that Solo Brands, Inc. will post 0.18 earnings per share for the current year.

Insider Transactions at Solo Brands

In other Solo Brands news, CEO Christopher T. Metz bought 134,826 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was acquired at an average cost of $1.30 per share, for a total transaction of $175,273.80. Following the completion of the transaction, the chief executive officer now owns 500,000 shares in the company, valued at $650,000. The acquisition was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Christopher T. Metz acquired 115,174 shares of Solo Brands stock in a transaction on Friday, August 9th. The shares were bought at an average cost of $1.30 per share, for a total transaction of $149,726.20. Following the acquisition, the chief executive officer now directly owns 365,174 shares of the company’s stock, valued at approximately $474,726.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher T. Metz bought 134,826 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were purchased at an average cost of $1.30 per share, with a total value of $175,273.80. Following the completion of the transaction, the chief executive officer now owns 500,000 shares in the company, valued at $650,000. The disclosure for this purchase can be found here. Company insiders own 0.73% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on DTC shares. Canaccord Genuity Group reduced their price objective on Solo Brands from $5.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Citigroup reduced their price target on shares of Solo Brands from $2.50 to $1.35 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $2.93.

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.