Solo Brands (NYSE:DTC) Shares Down 1.8% – Here’s Why

Solo Brands, Inc. (NYSE:DTC) shares dropped 1.8% during mid-day trading on Thursday . The company traded as low as $5.98 and last traded at $6.02. Approximately 10,656 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 15,880 shares. The stock had previously closed at $6.13.

Solo Brands Stock Performance

The stock has a market cap of $13.89 million, a price-to-earnings ratio of -0.07 and a beta of 4.81. The company’s 50 day simple moving average is $7.90 and its 200 day simple moving average is $12.15.

Institutional Investors Weigh In On Solo Brands

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC bought a new position in Solo Brands during the 3rd quarter valued at $197,000. Barclays PLC raised its stake in shares of Solo Brands by 1,914,750.0% in the 3rd quarter. Barclays PLC now owns 38,297 shares of the company’s stock worth $749,000 after buying an additional 38,295 shares in the last quarter. Finally, Summit Partners L P acquired a new stake in shares of Solo Brands in the third quarter valued at $21,522,000. Institutional investors own 84.48% of the company’s stock.

Solo Brands Company Profile

Solo Brands, Inc (NYSE: DTC) is an omni-channel outdoor lifestyle company that designs, markets and distributes a portfolio of consumer-focused brands. The company’s core business centers on developing innovative products for outdoor cooking, recreation and hunting enthusiasts. Through a direct-to-consumer e-commerce model and relationships with specialty and mass-market retailers, Solo Brands brings its products to customers in the United States, Canada and select international markets.

The Solo Stove brand offers stainless-steel, smokeless fire pits, portable camp stoves and related accessories designed for backyard and backcountry use.