OneWater Marine’s stock slumps after stock offering, while revenue outlook is upbeat

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Shares of OneWater Marine Inc. slumped 6.6% in premarket trading Monday, after recreational boat retailer announced a public offering of 3.17 million shares. The offering includes 425,000 shares offered by the company and 2.75 million shares offered by selling stock holders. The total shares offered represents about 21.8% of the shares outstanding. Separately, the company said based on quarter-to-date information, it expects fiscal fourth-quarter revenue increased more than 20% from a year ago, while same-store sales are expected to rise 17%. The FactSet revenue consensus of $248.9 million implies 19% growth. OneWater said quarter-to-date results suggest demand remains “resilient” in the face of the COVID-19 pandemic, as families have increasingly focused on outdoor socially distanced recreation. The stock has gained 23.9% over the past three months, while the S&P 500 has advanced 9.9%.
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