Clarus Corp Stock Price, News & Analysis

Clarus Corporation (NASDAQ: CLAR) has granted Thrivent Asset Management approval to increase its ownership stake from 4.1% to a maximum of 9.9% of the company's outstanding shares. Thrivent currently holds 1,533,554 shares, and any increase is conditioned on remaining eligible for Schedule 13G reporting and not exceeding the 9.9% limit. Clarus expects this potential investment reflects Thrivent's confidence in its long-term strategy. Furthermore, the company has $60.7 million in Net Operating Loss (NOL) carryforwards, with plans to utilize approximately $39.5 million by the end of 2022.

Clarus Corporation (NASDAQ: CLAR) has filed a lawsuit in the U.S. District Court for the Southern District of New York against HAP Trading, LLC and Mr. Harsh A. Padia. The lawsuit seeks to recover profits from transactions in Clarus common stock, alleging violations of Section 16(b) of the Securities Exchange Act of 1934. This section mandates that beneficial owners of over 10% of a company's securities must return any profits from certain stock transactions within a six-month period. Further details on the complaint can be accessed via Clarus's legal filings.

Clarus Corporation's subsidiary, MAXTRAX, has won the 2022 Australian Good Design Award for Product Design in the Automotive and Transport category for its innovative MAXTRAX 4x4 Recovery System. This product enhances safety for overland enthusiasts with features like a soft shackle hitch receiver, winch ring, and various ropes. The awards jury praised its holistic design that minimizes injury risks. Clarus President John Walbrecht emphasized the company's ongoing commitment to developing safe and effective outdoor adventure tools as more consumers engage in off-road activities.

Clarus Corporation (NASDAQ: CLAR) will participate in upcoming investor conferences, including the Lake Street Big6 Best Ideas Growth Conference on September 14 and the Raymond James Consumer Conference on September 15, where it will present from 1:10 to 1:40 PM ET. Additionally, Clarus will attend the Wells Fargo Consumer Conference on September 20-21. The company focuses on outdoor and consumer enthusiast markets, aiming to grow 'super fan' brands through innovation. More information is available through their investor relations contacts.

Clarus Corporation (NASDAQ: CLAR) announced an investigation into Caption Management, LLC for failing to comply with beneficial ownership reporting rules. Caption's acquisition of 17.1% ownership in Clarus violated its Rights Agreement, prompting the company to evaluate potential liabilities for short swing profits. The Board of Directors will pursue remedies, which may substantially dilute Caption’s ownership. Clarus is also in contact with Nasdaq regarding Caption's trading activity and may take further action against manipulative trading practices.

Clarus Corporation (NASDAQ: CLAR) acknowledged recent market volatility affecting its stock, stating no material developments contributed to this activity. Parallax Volatility Advisers acquired over 5% of Clarus' shares without board approval, violating a rights agreement aimed at preserving net operating losses. Clarus may pursue remedies to dilute Parallax's ownership. Additionally, Clarus has a $50 million stock repurchase program and had $13.9 million in cash as of June 30, 2022, with $274.5 million available on its revolving credit line.

Clarus Corporation (NASDAQ: CLAR) has approved requests from its major shareholders, Brown Advisory and Greenhouse Funds, to increase their ownership stakes to 12.5% of the company’s outstanding shares. Brown currently holds about 8.5% (3,179,132 shares) and Greenhouse holds about 7.4% (2,772,000 shares). This approval is conditional on both parties not exceeding the 12.5% limit and maintaining eligibility to report on Schedule 13G. The company also confirmed that this increased investment will not hinder the utilization of approximately $60.7 million in Net Operating Loss carryforwards.

Clarus Corporation (NASDAQ: CLAR) reported a remarkable 57% increase in second-quarter sales, reaching $114.9 million compared to the prior year. Adjusted EBITDA rose 51% to a record $17.6 million, with an adjusted EBITDA margin of 15.3%. Net income soared 105% to $3.8 million or $0.09 per diluted share. The company has approved a new $50 million stock repurchase program while expecting a 25% increase in annual sales to $470 million. Challenges in supply chain logistics impacted delivery capabilities, yet strong demand persists across segments.

Clarus Corporation (NASDAQ: CLAR) has declared a regular quarterly cash dividend of $0.025 per share, to be paid on August 19, 2022, to stockholders recorded as of August 8, 2022. This dividend reflects the company’s commitment to returning value to its shareholders while maintaining its focus on the outdoor and consumer enthusiast markets. Clarus operates under renowned brands including Black Diamond and Rhino-Rack, aiming for sustainable long-term growth in the outdoor equipment sector.