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Why SharkNinja Stock Was a Big Winner This Week

Motley Fool - Fri Sep 15, 2023

What happened

SharkNinja(NYSE: SN) was quite the beast on the stock market over the past five trading days. Following the initiation of coverage from a researcher who considers it to be an unabashed buy, the company's share price shot more than 16% higher over the week, according to data compiled by S&P Global Market Intelligence.

So what

Jefferies kicked off its SharkNinja coverage on Monday, inaugurating it with a buy recommendation at a price target of $67 per share. That's well above its current level of under $41.

The analyst who's now tracking SharkNinja for Jefferies is Randal Konik, who wrote in a research note that the company "is well positioned to grow its market share across new and existing categories given its global rapid innovation and commercialization flywheel model."

He went on to say that with these tailwinds, the company is poised to grow its top line at substantial rates. He also believes it will be able to lift its profit margins.

SharkNinja is a unique home goods manufacturer, in that it concentrates exclusively on two segments -- floor care products and kitchen appliances, the latter of which covers the popular Ninja line of blenders. Despite the significantly different use profiles of these goods, they are nevertheless complementary for customers looking to stock a home.

Now what

SharkNinja has posted some encouraging numbers in the recent past. In its second quarter, the company managed to boost its net sales by 22% year over year to $950 million. Its non-GAAP (adjusted) net income saw an even better improvement, rising 40% to over $65 million.

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Jefferies Financial Group. The Motley Fool has a disclosure policy.

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