Boot Barn Holdings, Inc. (NYSE:BOOT) Sees Large Decrease in Short Interest

Boot Barn Holdings, Inc. (NYSE:BOOT) was the target of a significant decrease in short interest in the month of June. As of June 15th, there was short interest totalling 3,020,000 shares, a decrease of 5.9% from the May 31st total of 3,210,000 shares. Based on an average trading volume of 811,000 shares, the days-to-cover ratio is presently 3.7 days.

Insider Activity

In other news, insider Michael A. Love sold 5,653 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $113.61, for a total transaction of $642,237.33. Following the completion of the sale, the insider now owns 2,327 shares in the company, valued at $264,370.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Boot Barn news, insider Michael A. Love sold 5,653 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $113.61, for a total value of $642,237.33. Following the completion of the transaction, the insider now owns 2,327 shares in the company, valued at $264,370.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael A. Love sold 1,079 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $110.21, for a total value of $118,916.59. Following the completion of the transaction, the insider now owns 2,112 shares of the company’s stock, valued at approximately $232,763.52. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,795 shares of company stock valued at $1,329,686. 2.20% of the stock is currently owned by company insiders.

Institutional Trading of Boot Barn

A number of hedge funds have recently added to or reduced their stakes in BOOT. Vanguard Group Inc. lifted its stake in shares of Boot Barn by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 2,744,105 shares of the company’s stock valued at $210,638,000 after purchasing an additional 35,925 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Boot Barn by 186.6% in the 4th quarter. Wellington Management Group LLP now owns 2,573,306 shares of the company’s stock valued at $197,527,000 after purchasing an additional 1,675,410 shares in the last quarter. Wasatch Advisors LP lifted its stake in shares of Boot Barn by 43.8% in the 1st quarter. Wasatch Advisors LP now owns 2,131,689 shares of the company’s stock valued at $202,830,000 after purchasing an additional 649,021 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Boot Barn by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,086,810 shares of the company’s stock valued at $83,425,000 after buying an additional 16,308 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Boot Barn by 35.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 700,007 shares of the company’s stock valued at $53,733,000 after buying an additional 182,130 shares during the period.

Boot Barn Price Performance

NYSE:BOOT traded down $3.93 during mid-day trading on Wednesday, reaching $127.47. The company’s stock had a trading volume of 335,198 shares, compared to its average volume of 819,145. The company’s fifty day simple moving average is $117.94 and its two-hundred day simple moving average is $96.83. Boot Barn has a twelve month low of $66.73 and a twelve month high of $134.61. The stock has a market cap of $3.88 billion, a P/E ratio of 27.35 and a beta of 2.09.

Boot Barn (NYSE:BOOT) last issued its quarterly earnings results on Tuesday, May 14th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.12. Boot Barn had a return on equity of 16.84% and a net margin of 8.82%. The firm had revenue of $388.46 million for the quarter, compared to analyst estimates of $383.67 million. Sell-side analysts expect that Boot Barn will post 4.82 EPS for the current fiscal year.

Analyst Ratings Changes

BOOT has been the subject of several research analyst reports. Craig Hallum increased their price objective on Boot Barn from $120.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, June 5th. JPMorgan Chase & Co. increased their price objective on Boot Barn from $115.00 to $125.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 21st. BTIG Research increased their price objective on Boot Barn from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, June 5th. Piper Sandler raised their price target on Boot Barn from $94.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Finally, TD Cowen raised their price target on Boot Barn from $120.00 to $145.00 and gave the company a “buy” rating in a research report on Wednesday, June 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $123.36.

About Boot Barn

Boot Barn Holdings, Inc, a lifestyle retail chain, operates specialty retail stores in the United States. The company's specialty retail stores offer western and work-related footwear, apparel, and accessories for men, women, and kids. It offers boots, shirts, jackets, hats, belts and belt buckles, handbags, western-style jewelry, rugged footwear, outerwear, overalls, denim, and flame-resistant and high-visibility clothing.