Boot Barn Holdings, Inc. (NYSE:BOOT) Sees Large Decrease in Short Interest

Boot Barn Holdings, Inc. (NYSE:BOOT) was the target of a significant decrease in short interest in the month of June. As of June 15th, there was short interest totalling 3,020,000 shares, a decrease of 5.9% from the May 31st total of 3,210,000 shares. Based on an average trading volume of 811,000 shares, the days-to-cover ratio is currently 3.7 days.

Analyst Ratings Changes

Several research firms recently commented on BOOT. JPMorgan Chase & Co. raised their price target on shares of Boot Barn from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 21st. Benchmark increased their target price on shares of Boot Barn from $110.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, June 10th. BTIG Research increased their target price on shares of Boot Barn from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 5th. Piper Sandler increased their target price on shares of Boot Barn from $94.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Finally, TD Cowen increased their target price on shares of Boot Barn from $120.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, June 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $123.36.

Boot Barn Trading Down 3.0 %

Shares of NYSE:BOOT traded down $3.93 during trading on Wednesday, reaching $127.47. The stock had a trading volume of 335,198 shares, compared to its average volume of 819,145. Boot Barn has a one year low of $66.73 and a one year high of $134.61. The company has a market capitalization of $3.88 billion, a P/E ratio of 27.35 and a beta of 2.09. The firm’s 50-day simple moving average is $117.94 and its 200 day simple moving average is $96.83.

Boot Barn (NYSE:BOOT) last released its earnings results on Tuesday, May 14th. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.12. The company had revenue of $388.46 million during the quarter, compared to analysts’ expectations of $383.67 million. Boot Barn had a net margin of 8.82% and a return on equity of 16.84%. Equities research analysts forecast that Boot Barn will post 4.82 earnings per share for the current fiscal year.

Insider Activity

In other news, insider John Hazen sold 3,563 shares of the stock in a transaction on Friday, May 17th. The shares were sold at an average price of $113.21, for a total value of $403,367.23. Following the sale, the insider now owns 1,309 shares of the company’s stock, valued at $148,191.89. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Michael A. Love sold 1,079 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $110.21, for a total value of $118,916.59. Following the transaction, the insider now owns 2,112 shares of the company’s stock, valued at approximately $232,763.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider John Hazen sold 3,563 shares of the firm’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $113.21, for a total transaction of $403,367.23. Following the completion of the transaction, the insider now directly owns 1,309 shares in the company, valued at approximately $148,191.89. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,795 shares of company stock valued at $1,329,686. 2.20% of the stock is currently owned by company insiders.

Institutional Trading of Boot Barn

Institutional investors have recently bought and sold shares of the stock. Broad Bay Capital Management LP boosted its stake in Boot Barn by 25.0% in the 4th quarter. Broad Bay Capital Management LP now owns 400,000 shares of the company’s stock worth $30,704,000 after purchasing an additional 80,000 shares in the last quarter. Louisiana State Employees Retirement System purchased a new position in Boot Barn during the 4th quarter worth approximately $1,167,000. Eagle Asset Management Inc. raised its position in Boot Barn by 17.6% during the 4th quarter. Eagle Asset Management Inc. now owns 337,335 shares of the company’s stock worth $25,894,000 after buying an additional 50,577 shares during the last quarter. Prevail Innovative Wealth Advisors LLC raised its position in Boot Barn by 60.0% during the 4th quarter. Prevail Innovative Wealth Advisors LLC now owns 28,522 shares of the company’s stock worth $2,189,000 after buying an additional 10,699 shares during the last quarter. Finally, Aigen Investment Management LP raised its position in Boot Barn by 96.4% during the 4th quarter. Aigen Investment Management LP now owns 23,629 shares of the company’s stock worth $1,814,000 after buying an additional 11,596 shares during the last quarter.

About Boot Barn

Boot Barn Holdings, Inc, a lifestyle retail chain, operates specialty retail stores in the United States. The company's specialty retail stores offer western and work-related footwear, apparel, and accessories for men, women, and kids. It offers boots, shirts, jackets, hats, belts and belt buckles, handbags, western-style jewelry, rugged footwear, outerwear, overalls, denim, and flame-resistant and high-visibility clothing.