Clarus

CLAR · NASDAQ

$3.60−$0.04 (−1.10%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $3.64

CLAR analyst rating

BuyConsensus of 4 analysts over the last 12 months. 50% rate it a buy.

Strong buy0
Buy2
Hold2
Underperform0
Sell0

12-month price target · 6 analysts

Average $3.63 (+0.9% upside)

Low: $3.03
Now: $3.60
High: $4.72

Upgrades and downgrades

The latest rating actions, newest first

CLAR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Roth Capital	Aug 10, 2026	Maintains	Neutral	$2.90 → $3.75	39%
B. Riley Securities	Aug 10, 2026	Maintains	Buy	$4.00 → $4.50	34%
Lake Street	Mar 6, 2026	Maintains	Hold	$3.50 → $3.00	33%
Roth Capital	Mar 6, 2026	Maintains	Neutral	$3.50 → $3.25	39%
Stifel	Mar 6, 2026	Maintains	Buy	$7.00 → $6.00	30%

The case for and against

Updated Oct 14, 2026

Bull case

Clarus is attractive because its Outdoor segment is showing broad-based momentum, with 2Q sales up 8% to $39.8mn, led by climb, mountain, and apparel growth across all regions and improving mix quality in apparel. The company also demonstrated better earnings power, as consolidated adjusted EBITDA rose to $7.6mn from $2.1mn, while pro forma adjusted EBITDA improved to $0.2mn from a loss, helped by stronger gross margins, lower legal costs, and the closure of the DOJ investigation. Even with Adventure down 12% to $16.4mn, that segment remained above breakeven, inventory was being built for an expected strong 2H, and the ONWRD Supply acquisition adds product breadth and optionality.

Bear case

Clarus is facing a weak fundamental setup because 2026 sales are expected to be only $250mn, essentially flat year over year, while the higher adj EBITDA guide to $12.5mn is driven almost entirely by non-operating items, including about $6mn of tariff refunds and $2mn of avoided legal expense rather than durable margin improvement. 3Q guidance is also soft at $67mn in sales and about $3mn in adj EBITDA, both below prior consensus, underscoring that core demand in Outdoor and Adventure remains under pressure despite some segment-level stability in Outdoor versus an -8% decline in Adventure. The outlook is further constrained by exposure to discretionary spending, retailer concentration, foreign exchange, input cost volatility, and reliance on third-party manufacturing, all of which limit confidence that earnings can compound sustainably.

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