Formidable Asset Management LLC Makes New Investment in SharkNinja, Inc. $SN

Formidable Asset Management LLC bought a new position in shares of SharkNinja, Inc. (NYSE:SN) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,386 shares of the company’s stock, valued at approximately $610,000.

Several other large investors have also recently bought and sold shares of SN. Bank of New York Mellon Corp bought a new stake in SharkNinja in the 2nd quarter valued at $81,134,000. Renaissance Technologies LLC acquired a new stake in SharkNinja in the 1st quarter worth $28,709,000. Ranger Investment Management L.P. bought a new position in shares of SharkNinja during the 2nd quarter worth about $36,643,000. Wellington Management Group LLP increased its holdings in shares of SharkNinja by 228.7% during the 2nd quarter. Wellington Management Group LLP now owns 339,476 shares of the company’s stock worth $51,692,000 after purchasing an additional 236,184 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of SharkNinja by 7,895.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 187,491 shares of the company’s stock worth $19,855,000 after purchasing an additional 185,146 shares during the period. 34.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SN. TD Cowen increased their target price on shares of SharkNinja from $205.00 to $230.00 and gave the company a “buy” rating in a research note on Tuesday, October 27th. JPMorgan Chase & Co. lifted their target price on SharkNinja from $223.00 to $243.00 and gave the stock an “overweight” rating in a research report on Thursday. UBS Group restated a “buy” rating and set a $219.10 price target on shares of SharkNinja in a research note on Wednesday, August 12th. Piper Sandler upped their price target on SharkNinja from $200.00 to $234.00 and gave the company an “overweight” rating in a report on Wednesday, October 28th. Finally, BTIG Research raised their price objective on SharkNinja from $245.00 to $250.00 and gave the stock a “buy” rating in a research report on Thursday. Fourteen equities research analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $208.32.

SharkNinja Stock Up 0.3%

SN opened at $223.53 on Monday. The firm has a market cap of $31.50 billion, a price-to-earnings ratio of 37.50, a PEG ratio of 2.44 and a beta of 1.20. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.39 and a current ratio of 2.04. The firm’s 50-day simple moving average is $186.03 and its 200-day simple moving average is $145.02. SharkNinja, Inc. has a twelve month low of $83.21 and a twelve month high of $225.68.

SharkNinja (NYSE:SN) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $2.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.44. SharkNinja had a net margin of 11.64% and a return on equity of 28.84%. The firm had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period last year, the firm posted $1.50 EPS. The firm’s quarterly revenue was up 21.2% on a year-over-year basis. Equities research analysts anticipate that SharkNinja, Inc. will post 5.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other SharkNinja news, insider Neil Shah sold 50,000 shares of the company’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $186.36, for a total transaction of $9,318,000.00. Following the sale, the insider directly owned 497,220 shares of the company’s stock, valued at approximately $92,661,919.20. This represents a 9.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 40.80% of the company’s stock.

About SharkNinja

SharkNinja is a global product design and technology company that develops and markets household appliances under its Shark and Ninja brands. Its products are designed for everyday home use and are sold through retail and online channels.

The Shark brand is known for floor-care and cleaning products, including vacuums and floor cleaners, as well as home-environment and beauty products. Ninja focuses on kitchen appliances and food-preparation products, such as air fryers, blenders, multicookers, and coffee makers.