Birkenstock (NYSE:BIRK) Upgraded to Buy at Bank of America

Bank of America upgraded shares of Birkenstock (NYSE:BIRK) from a neutral rating to a buy rating in a research note released on Thursday, Marketbeat Ratings reports. The firm currently has $65.00 target price on the stock, up from their previous target price of $62.00.

Several other brokerages have also recently issued reports on BIRK. Morgan Stanley raised their price objective on Birkenstock from $44.00 to $58.00 and gave the stock an equal weight rating in a research note on Tuesday, June 25th. Evercore ISI increased their target price on Birkenstock from $54.00 to $63.00 and gave the stock an outperform rating in a research report on Friday, May 31st. Deutsche Bank Aktiengesellschaft reaffirmed a buy rating and issued a $70.00 target price on shares of Birkenstock in a research report on Thursday, June 13th. Stifel Nicolaus increased their target price on Birkenstock from $54.00 to $63.00 and gave the stock a buy rating in a research report on Friday, May 31st. Finally, JPMorgan Chase & Co. increased their target price on Birkenstock from $56.00 to $64.00 and gave the stock an overweight rating in a research report on Monday, June 3rd. Four research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $60.29.

Birkenstock Stock Performance

NYSE BIRK opened at $57.21 on Thursday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.13 and a current ratio of 2.87. The business has a 50 day moving average price of $55.57 and a two-hundred day moving average price of $49.79. Birkenstock has a fifty-two week low of $35.83 and a fifty-two week high of $61.83.

Birkenstock (NYSE:BIRK) last released its earnings results on Thursday, May 30th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.35 by $0.09. The business had revenue of $522.51 million for the quarter, compared to analysts’ expectations of $499.98 million. On average, equities analysts predict that Birkenstock will post 1.37 EPS for the current fiscal year.

Institutional Investors Weigh In On Birkenstock

Several hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC raised its position in Birkenstock by 377.1% in the second quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock worth $36,000 after acquiring an additional 528 shares in the last quarter. Banque Cantonale Vaudoise bought a new stake in Birkenstock in the first quarter worth about $40,000. Tower Research Capital LLC TRC bought a new stake in Birkenstock in the fourth quarter worth about $77,000. Venturi Wealth Management LLC bought a new stake in Birkenstock in the fourth quarter worth about $83,000. Finally, CWM LLC increased its stake in Birkenstock by 358.2% in the 1st quarter. CWM LLC now owns 2,181 shares of the company’s stock worth $103,000 after purchasing an additional 1,705 shares in the last quarter. 19.93% of the stock is currently owned by institutional investors.

About Birkenstock

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.