Skechers U.S.A. (NYSE:SKX) Shares Gap Up – Here’s Why

Skechers U.S.A., Inc. (NYSE:SKX) gapped up prior to trading on Tuesday . The stock had previously closed at $65.65, but opened at $68.34. Skechers U.S.A. shares last traded at $68.81, with a volume of 545,890 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SKX shares. StockNews.com lowered shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a research report on Monday, November 25th. Bank of America reduced their target price on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a report on Friday, October 25th. Needham & Company LLC started coverage on shares of Skechers U.S.A. in a report on Friday, November 22nd. They issued a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Barclays increased their price target on Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Skechers U.S.A. currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.09.

Skechers U.S.A. Price Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. The stock’s 50 day simple moving average is $63.44 and its two-hundred day simple moving average is $66.04. The firm has a market capitalization of $10.44 billion, a PE ratio of 16.17, a price-to-earnings-growth ratio of 0.89 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The firm had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the previous year, the company posted $0.93 EPS. The company’s revenue was up 16.0% compared to the same quarter last year. On average, sell-side analysts forecast that Skechers U.S.A., Inc. will post 4.25 EPS for the current year.

Institutional Investors Weigh In On Skechers U.S.A.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new stake in shares of Skechers U.S.A. during the 1st quarter worth about $203,000. Cetera Advisors LLC purchased a new stake in shares of Skechers U.S.A. in the 1st quarter valued at approximately $600,000. GAMMA Investing LLC boosted its position in shares of Skechers U.S.A. by 107.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,168 shares of the textile maker’s stock worth $81,000 after purchasing an additional 605 shares during the period. First Hawaiian Bank acquired a new stake in Skechers U.S.A. in the 2nd quarter valued at approximately $673,000. Finally, Harbor Capital Advisors Inc. purchased a new stake in Skechers U.S.A. in the second quarter valued at approximately $1,813,000. Institutional investors and hedge funds own 79.96% of the company’s stock.

Skechers U.S.A. Company Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.