SharkNinja (NYSE:SN) Reaches New 52-Week High - Here's Why

Key Points

• SharkNinja's stock reached a new 52-week high of $129.00 during trading, closing at $121.92, reflecting a significant uptick from its previous close of $114.16.
• Analysts have a consensus rating of "Moderate Buy" on the stock, with an average target price of $129.13, supported by upgrades from firms like Oppenheimer and Canaccord Genuity.
• SharkNinja reported strong quarterly earnings with $0.87 EPS, surpassing estimates, and a 14.7% year-over-year revenue growth amounting to $1.22 billion.

Shares of SharkNinja, Inc. (NYSE:SN - Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $129.00 and last traded at $121.92, with a volume of 53270 shares trading hands. The stock had previously closed at $114.16.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SN. Morgan Stanley increased their price target on SharkNinja from $85.00 to $101.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. Guggenheim cut their price target on SharkNinja from $135.00 to $120.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Oppenheimer increased their price target on SharkNinja from $120.00 to $135.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Canaccord Genuity Group increased their price target on SharkNinja from $127.00 to $136.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Finally, Jefferies Financial Group set a $175.00 price objective on SharkNinja in a research report on Monday, June 30th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $129.13.

SharkNinja Stock Performance

The business's 50-day simple moving average is $102.61 and its two-hundred day simple moving average is $96.49. The firm has a market cap of $16.20 billion, a price-to-earnings ratio of 36.29, a P/E/G ratio of 2.23 and a beta of 1.69. The company has a quick ratio of 1.17, a current ratio of 1.97 and a debt-to-equity ratio of 0.36.

SharkNinja (NYSE:SN - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.14. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.17 billion. SharkNinja had a net margin of 7.86% and a return on equity of 28.89%. The company's revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.06 EPS. As a group, sell-side analysts expect that SharkNinja, Inc. will post 4.52 earnings per share for the current fiscal year.

Institutional Trading of SharkNinja

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Palestra Capital Management LLC boosted its position in SharkNinja by 83.4% in the 4th quarter. Palestra Capital Management LLC now owns 1,780,785 shares of the company's stock valued at $173,377,000 after buying an additional 809,960 shares during the period. Federated Hermes Inc. boosted its position in SharkNinja by 14.7% in the 1st quarter. Federated Hermes Inc. now owns 1,305,771 shares of the company's stock valued at $108,914,000 after buying an additional 167,757 shares during the period. Alua Capital Management LP boosted its position in SharkNinja by 21.8% in the 1st quarter. Alua Capital Management LP now owns 1,269,433 shares of the company's stock valued at $105,883,000 after buying an additional 226,944 shares during the period. Hood River Capital Management LLC boosted its position in SharkNinja by 30.1% in the 4th quarter. Hood River Capital Management LLC now owns 1,048,390 shares of the company's stock valued at $102,071,000 after buying an additional 242,723 shares during the period. Finally, Cooper Creek Partners Management LLC boosted its position in SharkNinja by 90.2% in the 4th quarter. Cooper Creek Partners Management LLC now owns 829,454 shares of the company's stock valued at $80,756,000 after buying an additional 393,369 shares during the period. Institutional investors and hedge funds own 34.77% of the company's stock.

About SharkNinja

SharkNinja, Inc, a product design and technology company, engages in the provision of various solutions for consumers worldwide. It offers cleaning appliances, including corded and cordless vacuums, including handheld and robotic vacuums, as well as other floorcare products comprising steam mops, wet/dry cleaning floor products, and carpet extraction; cooking and beverage appliances, such as air fryers, multi-cookers, outdoor and countertop grills and ovens, coffee systems, carbonation, cookware, cutlery, kettles, toasters and bakeware; food preparation appliances comprising blenders, food processors, ice cream makers, and juicers; and beauty appliances, such as hair dryers and stylers, as well as home environment products comprising air purifiers and humidifiers.

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