Birkenstock (NYSE:BIRK) Upgraded by HSBC to Buy Rating

Birkenstock (NYSE:BIRK) was upgraded by analysts at HSBC from a “hold” rating to a “buy” rating in a research note issued on Tuesday, Marketbeat.com reports. The brokerage currently has a $60.00 price target on the stock, up from their previous price target of $58.00. HSBC’s target price would suggest a potential upside of 15.12% from the stock’s previous close.

BIRK has been the topic of several other reports. BMO Capital Markets reaffirmed an “outperform” rating and issued a $60.00 price objective on shares of Birkenstock in a report on Friday, August 30th. Evercore ISI reaffirmed an “outperform” rating and set a $77.00 target price (up from $63.00) on shares of Birkenstock in a report on Monday, August 26th. BTIG Research set a $60.00 target price on shares of Birkenstock and gave the company a “buy” rating in a report on Friday, October 18th. Stifel Nicolaus lifted their price target on Birkenstock from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Finally, Telsey Advisory Group reiterated an “outperform” rating and issued a $70.00 target price on shares of Birkenstock in a research report on Tuesday, September 24th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $66.00.

Birkenstock Trading Up 1.2 %

Shares of BIRK traded up $0.61 during trading hours on Tuesday, reaching $52.12. 94,938 shares of the company traded hands, compared to its average volume of 1,008,267. The company has a current ratio of 2.91, a quick ratio of 1.49 and a debt-to-equity ratio of 0.55. The stock’s fifty day moving average price is $48.46 and its 200 day moving average price is $52.67. Birkenstock has a 12-month low of $41.00 and a 12-month high of $64.78. The firm has a market cap of $9.79 billion, a price-to-earnings ratio of 84.36, a PEG ratio of 1.12 and a beta of 2.22.

Institutional Investors Weigh In On Birkenstock

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP purchased a new position in Birkenstock during the third quarter worth $25,000. GAMMA Investing LLC raised its holdings in Birkenstock by 377.1% in the 2nd quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock valued at $36,000 after acquiring an additional 528 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in shares of Birkenstock by 52.2% during the third quarter. MetLife Investment Management LLC now owns 688 shares of the company’s stock worth $34,000 after purchasing an additional 236 shares during the last quarter. Amalgamated Bank increased its stake in Birkenstock by 51.8% in the third quarter. Amalgamated Bank now owns 2,071 shares of the company’s stock valued at $102,000 after purchasing an additional 707 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new position in Birkenstock during the second quarter worth about $136,000. 19.93% of the stock is currently owned by institutional investors and hedge funds.

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.