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Latham Group, Inc. (SWIM) Stock Dipped in Aftermarket, Here’s why

Latham Group, Inc. (SWIM) is one of the largest company focused on designing, manufacturing, and commercialization of in-built residential pools. The company operates in North America, Australia, and New Zealand. Along with offering the in-built swimming pools, the company is also engaged in developing pool covers and pool lining products.

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The price of SWIM stock during the regular trading on January 4, 2022, was $23.63 with a significant decline of 6.19%. At last check in the aftermarket, the stock further tumbled by 9.35%.

SWIM: Events and Happenings

On January 04, 2022, SWIM reported about the opening of a public offering of 12,000,000 shares of the company’s common stock. The company also intended to grant the underwriters the acquisition of extra 1,800,000 shares of its common stock. The company aims to use the net proceedings for the acquisition of an equal number of shares of common stock from some shareholders.

On December 06, 2021, SWIM reported that the company’s Executives hosted virtual investor meetings at the 3rd Truist Securities Annual Industrials and Services Summit held on December 7, 2021. On November 30, 2021, SWIM reported about the acquisition of Radiant Pools for $90 million. The purchase increased the company’s product portfolio. Radiant pools are affordable with vinyl-lining and aluminum walls. The pools had insulating wall panels, for durability and are aesthetically pleasant to look upon.

SWIM: CEO Comments

Scott Rajeski, CEO of SWIM at the occasion said that the new venture complemented the company’s existing business and enabled SWIM to expand its horizon. He further added that the new venture primarily served the Northeastern part of the US, thus the company had a bright opportunity to expand its market across North America.

SWIM: Key Financials

On November 10, 2021, SWIM reported its financial results for the third quarter of its fiscal year 2021 ended October 2, 2021. Some of the key points are as follows

Net Income/Loss

Net loss for the third quarter of 2021 was $11.3 million as compared to the net income of $17.7 million for the same period of 2020. It represented a 7.0% net loss margin over the year period.

Total Current Assets

Total current assets for Q3 2021 were $263 million for the company.

Net Sales

Net sales for the period of third-quarter 2021 for the company were $161 million as compared to the same period prior year when net sales were $127.5 million.

On September 07, 2021, SWIM reported that the company’s Executives participated in two investor conferences. Goldman Sachs 28th Annual Global Retailing Conference held on September 10, 2021, and 9th Morgan Stanley Annual Laguna Conference held on September 15, 2021.

Conclusion

SWIM stock declined 22% from the past six months. The current deceleration is possibly the result of the company’s latest announcement regarding the opening of the offering of its common stock shares. The analysts are suggesting the company form strong investor-oriented policies so that the company’s stock price will uplift.

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