Solo Brands, Inc. (NYSE:DTC) Sees Significant Drop in Short Interest

Solo Brands, Inc. (NYSE:DTC) was the recipient of a significant decline in short interest in March. As of March 31st, there was short interest totalling 1,940,000 shares, a decline of 31.7% from the March 15th total of 2,840,000 shares. Approximately 7.0% of the company’s stock are short sold. Based on an average daily volume of 760,100 shares, the short-interest ratio is presently 2.6 days.

Hedge Funds Weigh In On Solo Brands

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. XTX Topco Ltd purchased a new position in Solo Brands in the third quarter worth approximately $25,000. WINTON GROUP Ltd purchased a new stake in shares of Solo Brands during the 4th quarter worth $31,000. FMR LLC grew its stake in shares of 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 in the last quarter. Barclays PLC increased its holdings in Solo Brands by 562.2% in the third quarter. Barclays PLC now owns 37,686 shares of the company’s stock valued at $53,000 after buying an additional 31,995 shares during the last quarter. Finally, Williams & Novak LLC raised its stake in Solo Brands by 156.1% in the fourth quarter. Williams & Novak LLC now owns 61,712 shares of the company’s stock valued at $70,000 after buying an additional 37,612 shares in the last quarter. 84.48% of the stock is owned by institutional investors and hedge funds.

Solo Brands Stock Up 1.5 %

NYSE DTC traded up $0.00 during trading hours on Friday, hitting $0.13. 608,719 shares of the company were exchanged, compared to its average volume of 446,091. 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 has a market cap of $11.81 million, a price-to-earnings ratio of -0.04 and a beta of 2.86. The company has a 50 day moving average of $0.45 and a two-hundred day moving average of $0.92. Solo Brands has a 52-week low of $0.12 and a 52-week high of $2.57.

Analyst Ratings Changes

Separately, Canaccord Genuity Group reiterated a “hold” rating and set a $1.00 target price (down from $3.00) on shares of Solo Brands in a report on Thursday, March 13th.

Solo Brands Company Profile

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.