Leslie's (NASDAQ:LESL) Shares Down 8.6% - Should You Sell?

Key Points

• Leslie's stock price fell by 8.6%, trading as low as $6.08, with a significant decline in trading volume of 71% from the average.
• Analysts have downgraded Leslie's target price from $60.00 to $20.00, with several firms issuing ratings ranging from "neutral" to "sell."
• Institutional investors have recently increased their stakes in Leslie's, with Neuberger Berman and ProShare Advisors boosting their holdings by over 29% and 44%, respectively.

Leslie's, Inc. (NASDAQ:LESL - Get Free Report)'s stock price traded down 8.6% during mid-day trading on Tuesday . The stock traded as low as $6.08 and last traded at $6.09. 66,607 shares changed hands during trading, a decline of 71% from the average session volume of 228,545 shares. The stock had previously closed at $6.66.

Analyst Ratings Changes

Several research analysts have weighed in on LESL shares. Mizuho dropped their target price on Leslie's from $60.00 to $20.00 and set a "neutral" rating on the stock in a research report on Thursday, July 3rd. Wall Street Zen upgraded Leslie's to a "sell" rating in a report on Saturday, July 26th. Telsey Advisory Group restated a "market perform" rating and issued a $7.00 target price on shares of Leslie's in a report on Wednesday, September 17th. Finally, Morgan Stanley set a $7.00 price target on shares of Leslie's in a research report on Tuesday. Nine analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $29.13.

Leslie's Price Performance

The business has a fifty day moving average price of $6.93 and a 200 day moving average price of $10.76. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of -12.40 and a beta of 1.27.

Hedge Funds Weigh In On Leslie's

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Neuberger Berman Group LLC boosted its holdings in shares of Leslie's by 29.1% during the 1st quarter. Neuberger Berman Group LLC now owns 73,520 shares of the company's stock valued at $54,000 after acquiring an additional 16,561 shares in the last quarter. ProShare Advisors LLC increased its holdings in Leslie's by 44.4% in the fourth quarter. ProShare Advisors LLC now owns 54,268 shares of the company's stock valued at $121,000 after purchasing an additional 16,674 shares during the period. Two Sigma Advisers LP acquired a new position in Leslie's during the 4th quarter worth about $39,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Leslie's by 106.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 37,279 shares of the company's stock valued at $27,000 after buying an additional 19,257 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position in shares of Leslie's by 38.5% during the second quarter. Canada Pension Plan Investment Board now owns 117,000 shares of the company's stock worth $49,000 after acquiring an additional 32,500 shares during the last quarter.

About Leslie's

Leslie's, Inc operates as a direct-to-consumer pool and spa care brand in the United States. The company markets and sells pool and spa supplies and related products and services. It also offers various pool and spa maintenance items, such as chemicals, equipment and parts, cleaning and maintenance equipment, safety, recreational, and fitness related products.

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