SharkNinja (NYSE:SN) Hits New 1-Year High After Better-Than-Expected Earnings

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.

SharkNinja, Inc. (NYSE:SN - Get Free Report)'s share price hit a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $129.00 and last traded at $121.92, with a volume of 53270 shares traded. The stock had previously closed at $114.16.

The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.19. The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.38 billion. SharkNinja had a net margin of 8.82% and a return on equity of 28.78%. SharkNinja's quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter last year, the company posted $0.71 earnings per share.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Wall Street Zen raised SharkNinja from a "hold" rating to a "buy" rating in a report on Saturday. JPMorgan Chase & Co. upped their price target on SharkNinja from $108.00 to $144.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Morgan Stanley raised 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 reissued a "buy" rating on shares of SharkNinja in a report on Friday. Finally, Canaccord Genuity Group raised their target price on shares of SharkNinja from $127.00 to $136.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, SharkNinja has a consensus rating of "Moderate Buy" and an average target price of $129.13.

Hedge Funds Weigh In On SharkNinja

Institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC increased its holdings in shares of SharkNinja by 77.9% in the first quarter. GAMMA Investing LLC now owns 354 shares of the company's stock worth $30,000 after acquiring an additional 155 shares in the last quarter. Harbour Investments Inc. grew its position in shares of SharkNinja by 5,800.0% in the 1st quarter. Harbour Investments Inc. now owns 413 shares of the company's stock valued at $34,000 after purchasing an additional 406 shares during the period. SVB Wealth LLC bought a new stake in SharkNinja during the 1st quarter worth approximately $36,000. New York State Teachers Retirement System acquired a new stake in SharkNinja during the 2nd quarter worth approximately $43,000. Finally, Quarry LP bought a new position in SharkNinja in the fourth quarter valued at approximately $47,000. 34.77% of the stock is currently owned by institutional investors and hedge funds.

SharkNinja Price Performance

The company's fifty day moving average price is $103.51 and its two-hundred day moving average price is $96.36. The company has a quick ratio of 1.20, a current ratio of 1.94 and a debt-to-equity ratio of 0.32. The company has a market cap of $16.21 billion, a price-to-earnings ratio of 31.41, a PEG ratio of 2.24 and a beta of 1.69.

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.