POOL - Why Pool Stock Dropped 10% Last Month
2024-05-06 17:15:12 ET
Shares of Pool (NASDAQ: POOL) dropped 10.2% in April, according to data provided by S&P Global Market Intelligence . The swimming pool supply stock drifted lower throughout the month, following the downward trend for the S&P 500 index. But late in the month it reported financial results of its own that contributed to its monthly losses.
On April 25, Pool reported financial results for the first quarter of 2024, showing net sales of $1.1 billion. The problem is this was a 7% year-over-year drop, which is something that investors didn't want to see even though other financial metrics looked good.
Most analysts looked at Pool's Q1 top-line numbers and lowered their price targets for the stock as a result. For example, Oppenheimer analyst Scott Schneeberger lowered his price target for Pool stock from $436 per share to $416 per share, citing weak demand for its products, according to The Fly.
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Why Pool Stock Dropped 10% Last Month