Birkenstock (NYSE:BIRK) Upgraded to Buy at Bank of America

Bank of America upgraded shares of Birkenstock (NYSE:BIRK) from a neutral rating to a buy rating in a research note issued to investors on Thursday morning, MarketBeat reports. They currently have $65.00 price objective on the stock, up from their previous price objective of $62.00.

Several other research analysts have also recently issued reports on BIRK. Telsey Advisory Group reissued an outperform rating and issued a $56.00 price target on shares of Birkenstock in a research note on Thursday, May 30th. The Goldman Sachs Group downgraded Birkenstock from a buy rating to a neutral rating and raised their price objective for the company from $54.20 to $58.00 in a research note on Wednesday, June 12th. BNP Paribas began coverage on Birkenstock in a research note on Thursday, June 20th. They issued an outperform rating and a $68.00 price objective on the stock. JPMorgan Chase & Co. lifted their price target on Birkenstock from $56.00 to $64.00 and gave the stock an overweight rating in a research report on Monday, June 3rd. Finally, BMO Capital Markets boosted their price objective on Birkenstock from $54.00 to $60.00 and gave the company an outperform rating in a research report on Friday, May 31st. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $60.29.

Birkenstock Price Performance

Shares of BIRK opened at $57.21 on Thursday. The company has a quick ratio of 1.13, a current ratio of 2.87 and a debt-to-equity ratio of 0.56. Birkenstock has a 52-week low of $35.83 and a 52-week high of $61.83. The business’s 50 day moving average is $55.57 and its two-hundred day moving average is $49.79.

Birkenstock (NYSE:BIRK) last posted its quarterly earnings results on Thursday, May 30th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.09. The firm had revenue of $522.51 million for the quarter, compared to analyst estimates of $499.98 million. As a group, equities research analysts predict that Birkenstock will post 1.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Birkenstock

Large investors have recently made changes to their positions in the company. Venturi Wealth Management LLC bought a new stake in Birkenstock in the fourth quarter valued at about $83,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Birkenstock in the fourth quarter worth about $1,886,000. Federated Hermes Inc. acquired a new position in shares of Birkenstock during the fourth quarter worth about $27,152,000. New York State Common Retirement Fund acquired a new position in shares of Birkenstock during the fourth quarter worth about $1,067,000. Finally, Amalgamated Bank acquired a new position in Birkenstock during the fourth quarter valued at approximately $233,000. Institutional investors and hedge funds own 19.93% of the company’s stock.

Birkenstock Company Profile

Birkenstock Holding plc manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned retail stores, as well as business-to-business channels. It operates in the United States, Brazil, Canada, Mexico, Europe, APMA, and internationally.