Why OneWater (ONEW) Stock Is Trading Up Today
What Happened:
Shares of boat and marine products retailer OneWater Marine (NASDAQ:ONEW) jumped 4.8% in the morning session after the company reported first quarter results with same-stores sales exceeding expectations. Guidance for full-year same-store sales also exceeded expectations. Full-year EPS guidance was maintained, which is comforting. On the other hand, gross margin and EPS both missed analysts' expectations this quarter. Overall, it was a decent quarter for the company. After the initial pop the shares cooled down to $26.39, up 5% from previous close.
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What is the market telling us:
OneWater's shares are somewhat volatile and over the last year have had 15 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The biggest move we wrote about over the last year was 6 months ago, when the stock dropped 6% on the news that the company reported weak third quarter results that missed analysts' expectations for revenue and same-store sales. Notably, earnings per share also missed by a whopping 42%. In addition, gross margin deteriorated. The CEO called out "...a deteriorating selling environment" and how "The marine industry continues to transition back to historical norms and moderated pricing. However, the pace of this transition accelerated ahead of expectations, which pressured margins in the third quarter." Overall, it was a bad quarter for OneWater.
OneWater is down 19.8% since the beginning of the year, and at $26.39 per share it is trading 31% below its 52-week high of $38.27 from July 2023. Investors who bought $1,000 worth of OneWater's shares at the IPO in February 2020 would now be looking at an investment worth $1,751.
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