Latham Group (NASDAQ:SWIM) Stock Price Down 6% - Here's What Happened

Latham Group, Inc. (NASDAQ:SWIM - Get Free Report)'s share price dropped 6% on Friday . The company traded as low as $6.58 and last traded at $6.63. Approximately 89,156 shares traded hands during trading, a decline of 80% from the average daily volume of 456,058 shares. The stock had previously closed at $7.05.

Analysts Set New Price Targets

Several research firms have commented on SWIM. Craig Hallum assumed coverage on Latham Group in a report on Monday, December 9th. They issued a "buy" rating and a $10.00 price target for the company. Stifel Nicolaus boosted their price target on Latham Group from $7.70 to $8.80 and gave the company a "buy" rating in a research report on Wednesday, December 11th. The Goldman Sachs Group raised their price target on shares of Latham Group from $3.00 to $5.00 and gave the company a "sell" rating in a report on Wednesday, November 6th. Finally, Robert W. Baird upped their price target on shares of Latham Group from $5.50 to $7.50 and gave the stock an "outperform" rating in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Latham Group currently has an average rating of "Hold" and an average price target of $6.65.

Latham Group Stock Up 3.2 %

The company has a quick ratio of 1.60, a current ratio of 2.44 and a debt-to-equity ratio of 0.67. The firm has a 50 day moving average price of $6.97 and a two-hundred day moving average price of $6.37. The company has a market capitalization of $780.44 million, a price-to-earnings ratio of 75.01 and a beta of 1.81.

Insiders Place Their Bets

In other news, CEO Scott Michael Rajeski sold 22,191 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $8.34, for a total transaction of $185,072.94. Following the transaction, the chief executive officer now owns 480,829 shares of the company's stock, valued at approximately $4,010,113.86. This trade represents a 4.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 8.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Latham Group

A number of hedge funds have recently added to or reduced their stakes in SWIM. Cubist Systematic Strategies LLC boosted its holdings in shares of Latham Group by 71.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 27,923 shares of the company's stock valued at $85,000 after buying an additional 11,601 shares during the period. SG Americas Securities LLC bought a new position in shares of Latham Group during the third quarter worth about $105,000. Roubaix Capital LLC increased its holdings in shares of Latham Group by 70.9% in the 3rd quarter. Roubaix Capital LLC now owns 761,541 shares of the company's stock worth $5,178,000 after acquiring an additional 315,889 shares during the period. Olympiad Research LP bought a new stake in Latham Group in the 3rd quarter valued at about $160,000. Finally, Principal Financial Group Inc. acquired a new position in Latham Group during the 3rd quarter valued at about $697,000. Institutional investors and hedge funds own 83.95% of the company's stock.

About Latham Group

Latham Group, Inc designs, manufactures, and markets in-ground residential swimming pools in North America, Australia, and New Zealand. It offers a portfolio of pools and related products, including in-ground swimming pools that include fiber glass and packaged pools; and pool covers and liners under the Latham, Narellan, CoverStar, Radiant, and GLI brand names.