Equities Analysts Issue Forecasts for Latham Group, Inc.’s Q2 2023 Earnings (NASDAQ:SWIM)

Latham Group, Inc. (NASDAQ:SWIM – Get Rating) – Research analysts at William Blair cut their Q2 2023 EPS estimates for shares of Latham Group in a note issued to investors on Tuesday, May 9th. William Blair analyst R. Merkel now forecasts that the company will post earnings of $0.19 per share for the quarter, down from their previous forecast of $0.21. The consensus estimate for Latham Group’s current full-year earnings is $0.21 per share. William Blair also issued estimates for Latham Group’s Q3 2023 earnings at $0.17 EPS, Q4 2023 earnings at ($0.01) EPS and FY2023 earnings at $0.29 EPS.

Latham Group (NASDAQ:SWIM – Get Rating) last issued its earnings results on Tuesday, May 9th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.09). Latham Group had a negative net margin of 0.82% and a negative return on equity of 0.77%. The company had revenue of $137.70 million during the quarter, compared to analyst estimates of $123.05 million. During the same quarter last year, the company posted ($0.02) EPS. The business’s revenue for the quarter was down 28.1% compared to the same quarter last year.

Several other research analysts have also weighed in on SWIM. The Goldman Sachs Group dropped their price objective on shares of Latham Group from $3.00 to $2.50 and set a “sell” rating on the stock in a research note on Tuesday, April 11th. Barclays cut their price target on shares of Latham Group from $5.00 to $4.00 in a report on Wednesday. Finally, Stifel Nicolaus lowered their price target on shares of Latham Group from $3.50 to $2.50 in a research report on Monday, April 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $5.25.

Latham Group Stock Down 6.2 %

SWIM stock opened at $3.33 on Friday. Latham Group has a 12 month low of $2.12 and a 12 month high of $11.75. The firm has a market cap of $381.88 million, a PE ratio of -20.81 and a beta of 1.21. The firm has a 50 day simple moving average of $2.76 and a 200 day simple moving average of $3.32. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.94 and a quick ratio of 1.03.

Insiders Place Their Bets

In related news, Director James E. Cline purchased 40,000 shares of Latham Group stock in a transaction dated Thursday, May 11th. The stock was purchased at an average cost of $3.40 per share, for a total transaction of $136,000.00. Following the completion of the acquisition, the director now directly owns 159,050 shares of the company’s stock, valued at $540,770. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 8.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Latham Group

A number of institutional investors and hedge funds have recently modified their holdings of SWIM. Citigroup Inc. grew its holdings in Latham Group by 217.5% during the first quarter. Citigroup Inc. now owns 10,239 shares of the company’s stock worth $29,000 after acquiring an additional 7,014 shares during the period. Commonwealth Equity Services LLC purchased a new stake in Latham Group during the first quarter worth approximately $30,000. LPL Financial LLC purchased a new stake in Latham Group in the fourth quarter valued at approximately $33,000. Allspring Global Investments Holdings LLC acquired a new position in Latham Group during the third quarter worth $34,000. Finally, Creative Planning acquired a new position in Latham Group during the third quarter worth $36,000. Hedge funds and other institutional investors own 31.00% of the company’s stock.

Latham Group Company Profile

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Latham Group, Inc designs, manufactures, and markets in-ground residential swimming pools in North America, Australia, and New Zealand. It offers a portfolio of pools and related products, including in-ground swimming pools, pool covers, and pool liners. The company was formerly known as Latham Topco, Inc and changed its name to Latham Group, Inc in March 2021.