Carnegie Investment Counsel Cuts Stock Position in Arhaus, Inc. (NASDAQ:ARHS)

Key Points

• Carnegie Investment Counsel has reduced its stake in Arhaus, Inc. (NASDAQ:ARHS) by 28.6%, selling 95,004 shares to hold approximately 237,406 shares valued at $2.065 million.
• Institutional investors such as Vanguard, JPMorgan Chase, and Bank of America have modified their holdings, showing significant increases, particularly Bank of America with a 1,532.9% boost.
• Equity analysts have predominantly assigned a "hold" rating to Arhaus shares, with a recent consensus target price reduced to $10.50 amidst mixed performance in earnings and revenue expectations.

Carnegie Investment Counsel trimmed its holdings in shares of Arhaus, Inc. (NASDAQ:ARHS - Free Report) by 28.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 237,406 shares of the company's stock after selling 95,004 shares during the quarter. Carnegie Investment Counsel owned 0.17% of Arhaus worth $2,065,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of America Corp DE grew its position in Arhaus by 1,532.9% in the 4th quarter. Bank of America Corp DE now owns 2,497,915 shares of the company's stock valued at $23,480,000 after acquiring an additional 2,672,239 shares in the last quarter. Barclays PLC grew its position in Arhaus by 108.6% in the 4th quarter. Barclays PLC now owns 110,447 shares of the company's stock valued at $1,038,000 after acquiring an additional 1,391,342 shares in the last quarter. Long Focus Capital Management LLC acquired a new position in Arhaus in the 4th quarter valued at about $10,575,000. Jane Street Group LLC grew its position in Arhaus by 808.3% in the 4th quarter. Jane Street Group LLC now owns 899,693 shares of the company's stock valued at $8,457,000 after acquiring an additional 1,026,710 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in Arhaus by 32.0% in the 4th quarter. JPMorgan Chase & Co. now owns 2,590,184 shares of the company's stock valued at $24,348,000 after acquiring an additional 627,952 shares in the last quarter. 27.88% of the stock is owned by institutional investors and hedge funds.

Arhaus Stock Performance

NASDAQ ARHS traded up $0.07 on Friday, reaching $9.53. The stock had a trading volume of 2,241,645 shares, compared to its average volume of 2,006,986. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.57 and a current ratio of 1.26. Arhaus, Inc. has a 12-month low of $6.61 and a 12-month high of $16.46. The business's 50-day moving average price is $8.81 and its 200 day moving average price is $9.44. The stock has a market cap of $1.34 billion, a P/E ratio of 23.82, a price-to-earnings-growth ratio of 6.00 and a beta of 2.56.

Arhaus (NASDAQ:ARHS - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.03 earnings per share for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). Arhaus had a net margin of 4.53% and a return on equity of 17.36%. The firm had revenue of $311.37 million during the quarter, compared to analysts' expectations of $314.76 million. During the same quarter in the prior year, the firm posted $0.11 EPS. Arhaus's quarterly revenue was up 5.5% compared to the same quarter last year. As a group, equities analysts expect that Arhaus, Inc. will post 0.46 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Piper Sandler dropped their target price on Arhaus from $12.00 to $10.00 and set a "neutral" rating for the company in a research report on Monday, May 5th. Robert W. Baird downgraded Arhaus from an "outperform" rating to a "neutral" rating and lowered their price objective for the stock from $13.00 to $8.50 in a research report on Monday, April 7th. Raymond James Financial initiated coverage on Arhaus in a research report on Monday, June 9th. They set a "market perform" rating for the company. Telsey Advisory Group reissued a "market perform" rating and set a $10.00 price objective on shares of Arhaus in a research report on Thursday, May 15th. Finally, Morgan Stanley lowered their price objective on Arhaus from $11.00 to $10.00 and set an "equal weight" rating for the company in a research report on Friday, May 9th. Twelve research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $10.50.

About Arhaus

Arhaus, Inc operates as a lifestyle brand and premium retailer in the home furnishings market in the United States. It provides merchandise assortments across various categories, including furniture, lighting, textiles, décor, and outdoor. The company's furniture products comprise bedroom, dining room, living room, and home office furnishings, which includes sofas, dining tables and chairs, accent chairs, console and coffee tables, beds, headboards, dressers, desks, bookcases, modular storage, and other items; and outdoor products, such as outdoor dining tables, chairs, chaises and other furniture, lighting, textiles, décor, umbrellas, and fire pits.