YETI stock is starting to look like a beast as more people are taking solo trips and social distancing in 2020.
Summertime is here and the biggest trend in 2020 is social distancing, so it doesn’t make much sense to be sharing coolers and beverages with your buds – instead, it’s time for a YETI of your own.
Or, at least, that’s what analysts are saying, and the market appears to be believing them. YETI ($NASDAQ:YETI) shares have risen by 20% in 2020 and optimists’ visions of the stock are that it will keep running. Some data supports them, particularly its reviews submitted by users.
Bank of America analysts are still bullish on YETI stock even after the big run-up: “Web traffic accelerated significantly in [the second quarter of 2020],” analysts wrote, adding “Our channel checks, Google Trends and Google Mobility data also indicate accelerating momentum.
Reviews tracked in the company’s data certainly seem to reflect it. Over a recent 12-month period, they grew more than 23%, and marked rising acceleration in reviews submitted this year.
For all the cash YETI is raking in, it may be doing it a bit more efficiently, too. The company – which has an enormous social media presence – has also slashed job postings more than 70% from the company’s 2019 hiring peak. Notably, a great deal of job postings cut came prior to the pandemic.
For all the sales, and all the run-up in YETI’s share prices, there hasn’t been an awful lot of social media chatter around its brand – the way other early-pandemic success stories like Clorox and Target enjoyed. But then again, more people are enjoying leisure time, and for many, it’s quite well-earned.
The Bank of America analysts boosted expectations for performance another 20% more, to $50 per share, saying there is “continued momentum” in a spending shift aimed at “solitary leisure.” Maybe it makes a little less sense to post a selfie all alone.
About the Data:
Thinknum tracks companies using the information they post online – jobs, social and web traffic, product sales, and app ratings – and creates data sets that measure factors like hiring, revenue, and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.
Originally Posted on July 13, 2020 – YETI Stock Packs on 20% Thanks To COVID-19 and Analysts Say It Has More Room to Run
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