Leslie’s (NASDAQ:LESL) Shares Gap Down on Analyst Downgrade

Leslie’s, Inc. (NASDAQ:LESL)’s stock price gapped down prior to trading on Tuesday after Robert W. Baird lowered their price target on the stock from $4.00 to $3.50. The stock had previously closed at $3.51, but opened at $2.78. Robert W. Baird currently has a neutral rating on the stock. Leslie’s shares last traded at $2.80, with a volume of 812,857 shares changing hands.

Several other equities research analysts also recently weighed in on LESL. Mizuho decreased their target price on Leslie’s from $6.00 to $4.00 and set a “neutral” rating for the company in a research report on Tuesday, August 6th. Telsey Advisory Group decreased their price target on Leslie’s from $4.00 to $3.75 and set a “market perform” rating for the company in a report on Tuesday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Leslie’s has an average rating of “Hold” and a consensus target price of $3.89.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ariel Investments LLC increased its position in Leslie’s by 46.5% in the second quarter. Ariel Investments LLC now owns 36,601,368 shares of the company’s stock worth $153,360,000 after buying an additional 11,618,490 shares during the period. State Street Corp increased its holdings in shares of Leslie’s by 7.7% in the 3rd quarter. State Street Corp now owns 8,406,377 shares of the company’s stock worth $26,564,000 after acquiring an additional 601,177 shares during the period. Private Management Group Inc. lifted its position in Leslie’s by 121.3% in the 3rd quarter. Private Management Group Inc. now owns 5,569,278 shares of the company’s stock valued at $17,599,000 after purchasing an additional 3,052,539 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Leslie’s by 13.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,877,390 shares of the company’s stock valued at $9,093,000 after purchasing an additional 345,064 shares during the period. Finally, Raymond James & Associates grew its position in Leslie’s by 24.3% in the 2nd quarter. Raymond James & Associates now owns 2,096,631 shares of the company’s stock worth $8,785,000 after purchasing an additional 410,128 shares during the last quarter.

Leslie’s Stock Up 1.2 %

The firm’s 50 day simple moving average is $2.85 and its 200 day simple moving average is $3.48. The company has a market cap of $458.58 million, a price-to-earnings ratio of -20.92, a price-to-earnings-growth ratio of 2.37 and a beta of 1.19.

About Leslie’s

Leslie’s, Inc operates as a direct-to-consumer pool and spa care brand in the United States. The company markets and sells pool and spa supplies and related products and services. It also offers various pool and spa maintenance items, such as chemicals, equipment and parts, cleaning and maintenance equipment, safety, recreational, and fitness related products.