Hibbett (NASDAQ:HIBB) Releases FY 2024 Earnings Guidance

Hibbett (NASDAQ:HIBB) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of $8.00-$8.30 for the period, compared to the consensus EPS estimate of $7.27. The company issued revenue guidance of $1.71 billion-$1.74 billion, compared to the consensus revenue estimate of $1.72 billion.

Hibbett Stock Performance

HIBB stock opened at $53.62 on Tuesday. The business has a 50-day simple moving average of $47.21 and a two-hundred day simple moving average of $43.82. The company has a market capitalization of $664.57 million, a P/E ratio of 6.35, a price-to-earnings-growth ratio of 0.94 and a beta of 1.60. Hibbett has a 52-week low of $34.86 and a 52-week high of $75.38.

Hibbett (NASDAQ:HIBB) last announced its quarterly earnings results on Friday, August 25th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.17. Hibbett had a return on equity of 29.34% and a net margin of 6.43%. The business had revenue of $374.90 million during the quarter, compared to the consensus estimate of $375.96 million. During the same quarter in the prior year, the company posted $1.86 earnings per share. Hibbett’s revenue was down 4.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Hibbett will post 7.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on HIBB shares. Robert W. Baird upped their price objective on shares of Hibbett from $50.00 to $56.00 and gave the stock an outperform rating in a research report on Friday, August 25th. Benchmark reaffirmed a buy rating and issued a $80.00 target price on shares of Hibbett in a report on Monday, August 28th. StockNews.com assumed coverage on Hibbett in a report on Thursday, October 5th. They set a hold rating on the stock. B. Riley boosted their price target on shares of Hibbett from $37.00 to $45.00 and gave the stock a neutral rating in a report on Monday, August 28th. Finally, Williams Trading raised shares of Hibbett from a hold rating to a buy rating in a research report on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $58.33.

Hedge Funds Weigh In On Hibbett

Several large investors have recently modified their holdings of HIBB. The Manufacturers Life Insurance Company bought a new position in Hibbett in the 3rd quarter worth approximately $236,000. Man Group plc bought a new position in shares of Hibbett in the fourth quarter worth $217,000. LPL Financial LLC purchased a new position in shares of Hibbett in the fourth quarter valued at $201,000. Royal Bank of Canada grew its position in shares of Hibbett by 83.0% in the second quarter. Royal Bank of Canada now owns 4,397 shares of the company’s stock valued at $160,000 after purchasing an additional 1,994 shares in the last quarter. Finally, UBS Group AG raised its stake in shares of Hibbett by 106.6% during the 1st quarter. UBS Group AG now owns 1,636 shares of the company’s stock valued at $96,000 after purchasing an additional 26,466 shares during the period. Hedge funds and other institutional investors own 94.08% of the company’s stock.

About Hibbett

Hibbett, Inc together with its subsidiaries, engages in the retail of athletic-inspired fashion products in the United States. Its stores offer a range of merchandise, including athletic footwear, athletic and fashion apparel, team sports equipment, and related accessories. The company operates Hibbett stores, City Gear stores, and Sports Additions athletic shoe stores.