In another suspicious trade from United States politicians, Senator Katie Britt sold all her OneWater Marine (NASDAQ: ONEW) shares one week before a disastrous Q2 2024 earnings report.
On August 2, Finbold retrieved data from Quiver Quantitative, looking at a specific trade from Senator Katie Britt. As Britt disclosed on July 29, she liquidated her OneWater position between $1,001 and $15,000 five days before.
US Senator Buy/Sell Signal
Stay up-to-date on the trading activity of US Senators. This signal triggers based on SEC updates on all the trades that are made by US Senators. Learn more.
According to the ONEW stock chart, the U.S. Senator sold her shares at a local bottom that came before a bounce up and further price crash, driving the stock to a three-month low at $21.88 per share. Britt’s trade occurred at around $26.83, a week before the crash caused by poor Q2 2024 earning reports.
Picks for you
As of this writing, OneWater’s stock price has lost 18.45% since the disclosed “full sale.” The perfect timing gathered the market’s attention.
OneWater (ONEW) Q2 2024 earnings
OneWater Marine, a leading boat and marine products retailer, delivered disheartening Q2 2024 earnings.
Firstly, the company reported revenues of $542.4 million, an 8.7% decline from the previous year. Analysts had expected $611 million, translating to an 11.2% miss. Moreover, OneWater’s earnings per share (EPS) dropped to $1.05, sharply missing the $2.17 forecast and marking a 51.6% shortfall.
Additionally, OneWater’s gross margin also took a hit, down to 24.4% from last year’s 26.8%. The number of locations decreased slightly, from 99.5 to 98, which doesn’t sound too alarming but still shows a contraction. Consequently, the stock plummeted 14.6% to $25.89 right after the earnings release, hitting investors hard.
CEO Austin Singleton attributed the subpar performance largely to weaker market conditions and adverse weather in Texas. Besides, retailers focused on high-end, discretionary purchases like boats are particularly susceptible to economic fluctuations. This quarter’s disappointing results reflect OneWater’s vulnerabilities in both market dynamics and environmental factors.
Senator Katie Britt’s timely divestment added a layer of intrigue to the narrative. Looking ahead, however, Wall Street anticipates a 7.1% sales growth over the next year.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
