Best known for its air fryers and vacuum cleaners, kitchen and household device maker SharkNinja is moving into outdoor products. And SharkNinja stock is trading in record high territory.
The Needham, Mass.-based company first stepped into the great outdoors with its compact grills and pizza ovens. It recently added two new products for the segment: the Ninja FrostVault cooler and Shark FlexBreeze indoor-outdoor fan.
"We're really starting to see a lot more innovation and consumer demand for these outdoor products," SharkNinja Chief Executive Mark Barrocas told Investor's Business Daily.
The Ninja FrostVault is "completely sold out" right now, he said. The innovative portable cooler offers ice retention for up to six days in the top compartment and also has a fridge-temperature dry storage drawer.
The Shark FlexBreeze can transform from a standing fan to a tabletop fan. The device has a range of speeds and settings that can be controlled with a remote. The battery-powered fan also can be plugged in.
Launching 25 New Products In 2024
The new products are part of SharkNinja's goal of relentless innovation.
"We will launch this year 25 new products," Barrocas said. "There will be lots of new products in existing categories and we'll also, in the second half of the year, be expanding into some new categories as well."
SharkNinja currently sells products in 33 different categories with appliances for cleaning, food preparation, cooking, beauty and more.
SharkNinja Stock Jumps On Earnings News
Early Thursday, SharkNinja beat expectations for the first quarter and with its guidance for the full year. SharkNinja stock jumped 6.4% to close at 71.35 on the news.
On Friday, SharkNinja stock notched a record high of 72.57 before pulling back. On the stock market today, SharkNinja stock rose 0.7% to finish at 71.84.
"We gained share in the existing categories we're in. We grew in new and adjacent categories. And we expanded internationally," Barrocas said.
SharkNinja now gets about 70% of its sales from North America and 30% from international markets.
"The consumer has been under a lot of inflationary pressure," Barrocas said. "But we think our combination of market-leading performance, high quality and a great value is a recipe that consumers are gravitating to right now."
SN Stock Gets Price-Target Hikes
After the first-quarter report, Jefferies analyst Randal Konik reiterated his buy rating on SharkNinja stock. He also raised his price target to 100 from 75.
"SharkNinja's brands are achieving global appeal, driven by its innovation flywheel and compelling range of products," Konik said in a client note. "Expansion into new categories and regions for future growth is in early innings. Additionally, SharkNinja's industry-leading margins are both predictable and stable, positioning the company as a consistent grower."
Elsewhere on Wall Street, Canaccord Genuity analyst Brian McNamara kept his buy rating on SharkNinja stock and upped his price target to 82 from 75.
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