Outdoor (NASDAQ:POWW) Shares Down 3.4% – Here’s What Happened

Outdoor Holding Company (NASDAQ:POWW)’s share price was down 3.4% during mid-day trading on Monday . The company traded as low as $1.68 and last traded at $1.69. Approximately 367,315 shares changed hands during trading, an increase of 6% from the average daily volume of 348,033 shares. The stock had previously closed at $1.75.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on POWW. Lake Street Capital lifted their price objective on shares of Outdoor from $2.00 to $2.50 and gave the company a “buy” rating in a research note on Tuesday, November 11th. Weiss Ratings reiterated a “sell (d)” rating on shares of Outdoor in a research note on Monday, December 29th. Finally, Roth Mkm upgraded Outdoor from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $1.40 to $2.25 in a research report on Wednesday, November 12th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $2.38.

Outdoor Stock Down 3.4%

The stock has a market capitalization of $197.92 million, a P/E ratio of -8.45 and a beta of 1.14. The stock’s fifty day simple moving average is $1.83 and its two-hundred day simple moving average is $1.57. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.44 and a current ratio of 3.44.

Outdoor (NASDAQ:POWW) last announced its earnings results on Monday, November 10th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.06. The company had revenue of $11.98 million for the quarter, compared to analyst estimates of $11.63 million. As a group, research analysts expect that Outdoor Holding Company will post 0.09 EPS for the current fiscal year.

Outdoor announced that its Board of Directors has authorized a share buyback program on Monday, January 5th that allows the company to repurchase $15.00 million in shares. This repurchase authorization allows the company to repurchase up to 7.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Outdoor

A number of institutional investors and hedge funds have recently made changes to their positions in POWW. Squarepoint Ops LLC bought a new stake in Outdoor during the 3rd quarter valued at $27,000. BNP Paribas Financial Markets increased its position in shares of Outdoor by 101.4% during the third quarter. BNP Paribas Financial Markets now owns 18,437 shares of the company’s stock valued at $27,000 after acquiring an additional 9,283 shares during the last quarter. AQR Capital Management LLC bought a new stake in shares of Outdoor during the 1st quarter worth $29,000. SG Americas Securities LLC purchased a new position in Outdoor in the fourth quarter valued at about $36,000. Finally, Capital Investment Counsel Inc purchased a new stake in Outdoor in the fourth quarter worth $38,000. Institutional investors own 26.40% of the company’s stock.

About Outdoor

AMMO, Inc designs, produces, and markets ammunition and ammunition component products for sport and recreational shooters, hunters, individuals seeking home or personal protection, manufacturers, and law enforcement and military agencies. The company's products include STREAK Visual Ammunition that enables shooters to see the path of the bullets fired by them; and Stelth Subsonic ammunition primarily for suppressed firearms. It also owns and operates GunBroker.com, an auction site that supports the lawful sale of firearms, ammunition, and hunting/shooting accessories.