Skechers U.S.A. (NYSE:SKX) Shares Gap Down – Here’s What Happened

Skechers U.S.A., Inc. (NYSE:SKX)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $59.03, but opened at $52.39. Skechers U.S.A. shares last traded at $46.64, with a volume of 1,816,612 shares traded.

Wall Street Analysts Forecast Growth

SKX has been the topic of several analyst reports. Piper Sandler assumed coverage on Skechers U.S.A. in a report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 target price on the stock. Bank of America dropped their price target on shares of Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. TD Cowen raised their price objective on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Evercore ISI lifted their target price on shares of Skechers U.S.A. from $72.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. Finally, Raymond James cut their price target on shares of Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $80.42.

Skechers U.S.A. Stock Performance

The company has a market cap of $7.28 billion, a P/E ratio of 11.75, a P/E/G ratio of 1.11 and a beta of 1.21. The company has a quick ratio of 1.12, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. The business has a fifty day simple moving average of $63.40 and a two-hundred day simple moving average of $65.03.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, February 6th. The textile maker reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. On average, sell-side analysts anticipate that Skechers U.S.A., Inc. will post 4.47 EPS for the current year.

Insider Transactions at Skechers U.S.A.

In other Skechers U.S.A. news, CEO Robert Greenberg sold 52,600 shares of the company’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total value of $3,299,072.00. Following the completion of the sale, the chief executive officer now owns 61,367 shares in the company, valued at $3,848,938.24. This represents a 46.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO David Weinberg sold 36,000 shares of the firm’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total value of $2,257,920.00. Following the completion of the transaction, the chief operating officer now directly owns 54,499 shares in the company, valued at $3,418,177.28. This trade represents a 39.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 218,245 shares of company stock worth $13,452,902 in the last three months. Corporate insiders own 24.75% of the company’s stock.

Hedge Funds Weigh In On Skechers U.S.A.

A number of hedge funds have recently modified their holdings of SKX. NewEdge Advisors LLC lifted its stake in shares of Skechers U.S.A. by 85.2% during the 4th quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker’s stock valued at $28,000 after buying an additional 190 shares in the last quarter. TD Private Client Wealth LLC raised its holdings in Skechers U.S.A. by 534.3% during the fourth quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker’s stock valued at $29,000 after acquiring an additional 358 shares during the period. Investment Management Corp VA ADV bought a new stake in Skechers U.S.A. during the fourth quarter valued at about $32,000. UMB Bank n.a. lifted its position in shares of Skechers U.S.A. by 53.1% in the fourth quarter. UMB Bank n.a. now owns 689 shares of the textile maker’s stock valued at $46,000 after acquiring an additional 239 shares in the last quarter. Finally, IFP Advisors Inc boosted its stake in shares of Skechers U.S.A. by 62.4% in the fourth quarter. IFP Advisors Inc now owns 825 shares of the textile maker’s stock worth $55,000 after acquiring an additional 317 shares during the period. 79.96% of the stock is currently owned by institutional investors.

About Skechers U.S.A.

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.