Clarus (CLAR) small-cap stock near recent lows but traded 65X average calls earlier this week with the May $22.50 calls bought 3000X and name that already has 7000 of the $25 calls in open interest. CLAR is back near the January and March lows with room above to $23-$24 and then a potential breakout to $27. The $811M company focuses on outdoor equipment and lifestyle products focusing on the climb, ski, mountain, sport, and skincare markets. The company has two business segments, Black Diamond and Sierra, the former focuses on activity-based apparel, such as shells, insulation, midlayers, pants, and logowear and mountain climbing equipment. Sierra manufactures bullets and ammunition products for rifles and pistols which are used for precision target shooting and hunting. CLAR has been consistently growing through acquisitions and likely looks at further deals in 2022 to build out their market potential. The firm sees the global outdoor apparel market at $19.5B and growing 6.3% CAGR while Hunting is a $13B market growing at 6.6% CAGR. DA Davidson positive on the name noting that company’s super fan brands have a lot of pricing power, as Clarus benefited from the average price increase of 6%. The company’s leverage is low at 2-times and the analyst anticipates more accretive deals. BAML starting at Buy in December citing their strong brand recognition, low penetration, especially across Black Diamond and Rhino-Rack. The analyst also calls the company a significant beneficiary of the Solitary Leisure trend and increased consumer interest in outdoor activities.