| Over a week ago | ||||
The United States Court… The United States Court of Appeals For the Eleventh Circuit A U.S. appeals court upheld a Florida law that outlaws people under the legal age of 21 from purchasing a gun, rejecting a challenge by the National Rifle Association. A unanimous panel of judges from the Atlanta-based 11th U.S. Circuit Court of Appeals found that "Florida enacted the Marjory Stoneman Douglas High School Public Safety Act-as its name indicates-for precisely the same reason as states in the Reconstruction Era adopted their firearm restrictions for 18-to-20-year-olds-to address the public-safety crisis some 18-to-20-year-olds with firearms represent. Because Florida's Act is at least as modest as the firearm prohibitions on 18-to-20-year-olds in the Reconstruction Era and enacted for the same reason as those laws, it is "relevantly similar" to those Reconstruction Era laws. Bruen, 142 S. Ct. at 2132. And as a result, it does not violate the Second Amendment. We therefore affirm the district court's order granting summary judgment in Florida's favor." Publicly traded companies in the space include Smith & Wesson Brands (SWBI), Sturm Ruger (RGR) and Vista Outdoor (VSTO). Reference Link | ||||
The FBI reported that… The FBI reported that there were 2,565,607 firearm background checks initiated through the NICS system in February 2023. This compares to 2,554,912 checks in February of 2022 and 2,673,921 in January 2023. Companies in the gun space include Sturm, Ruger (RGR), Smith & Wesson Brands (SWBI), and Vista Outdoor (VSTO). Reference Link | ||||
| Over a month ago | ||||
Lake Street analyst Mark… Lake Street analyst Mark Smith lowered the firm's price target on Vista Outdoor to $35 from $45 and keeps a Buy rating on the shares following the company's "mixed" Q3 report. The company's narrowed full-year guidance implies Q4 results "well below our prior expectation," which is "disappointing," the analyst tells investors. While the firm does see some positives in the market, including strong NICS checks for firearm purchases in January, it thinks the headwinds the company is currently facing are likely to continue into FY24. | ||||
B. Riley analyst Eric… B. Riley analyst Eric Wold lowered the firm's price target on Vista Outdoor to $41 from $45 and keeps a Buy rating on the shares post the fiscal Q3 results. The analyst acknowledges some continued level of economic uncertainty on the horizon, but continues to believe Vista is well positioned to benefit from elevated shooting sports participation and a more concentrated ammo supplier set into retail. | ||||
Sees FY23 revenue… Sees FY23 revenue $3.06B-$3.08B, consensus $3.11B. | ||||
Reports Q3 revenue $755M,… Reports Q3 revenue $755M, consensus $753.73M. "Our business is operating from a position of strength," said interim CEO Gary McArthur. "We've built a resilient operating model with strong brands, shared resources, leadership expertise and a clean balance sheet that allows us to achieve levels of performance out of reach for any one brand on its own. In the past two years, we have closed and successfully integrated eight acquisitions that have increased our total addressable market, broadened and deepened our platforms, and further diversified our leading brand portfolio. We have 12 power brands that generate more than $100M in annual revenue, and our net leverage ratio is a healthy 1.7x, right in line with our long-term target. This execution is a result of a dedicated and resilient team and demonstrates that we are well-positioned compared to where the business was only a few years ago. Our long-term outlook is encouraging despite current conditions. Macroeconomic pressures continue to impact consumer purchasing and retailer inventory levels remain high. We are seeing positive signs emerging as consumer demand remains strong and retailers are expected to return to more normalized purchasing. We are bullish on the $862B outdoor industry and the influx of new users trying - and sticking with - outdoor recreation." | ||||
Vista Outdoor announced… Vista Outdoor announced that Gary McArthur, a member of the company's Board of Directors, has been appointed Interim CEO, effective immediately. McArthur succeeds Chris Metz, who agreed to resign as CEO and director at the request of the Vista Outdoor Board based on the Board's loss of confidence in his leadership for reasons not involving financial reporting or internal controls. | ||||
Pre-earnings options… Pre-earnings options volume in Vista Outdoor is 18.5x normal with puts leading calls :. Implied volatility suggests the market is anticipating a move near 6.7%, or $1.99, after results are released. Median move over the past eight quarters is 4.8%. | ||||
| Over a quarter ago | ||||
The FBI reported that… The FBI reported that there were 2,788,138 firearm background checks initiated through the NICS system in November 2022. This compares to 2,717,458 checks in November of 2021 and 2,511,034 in October 2022. Companies in the gun space include Sturm, Ruger (RGR), American Outdoor Brands (AOBC), and Vista Outdoor (VSTO). | ||||
The FBI reported that… The FBI reported that there were 2,511,034 firearm background checks initiated through the NICS system in October 2022. This compares to 2,593,168 checks in October of 2021 and 2,470,462 in September 2022. Companies in the gun space include Sturm, Ruger (RGR), American Outdoor Brands (AOBC), and Vista Outdoor (VSTO).Reference Link | ||||
