Birkenstock (NYSE:BIRK) Shares Gap Down to $60.70

Birkenstock Holding plc (NYSE:BIRK)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $60.70, but opened at $54.08. Birkenstock shares last traded at $51.65, with a volume of 1,194,688 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BIRK. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $70.00 target price on shares of Birkenstock in a research report on Thursday, June 13th. UBS Group upgraded shares of Birkenstock from a “neutral” rating to a “buy” rating and boosted their target price for the company from $52.00 to $85.00 in a research report on Monday, July 1st. Citigroup started coverage on shares of Birkenstock in a report on Monday, July 1st. They set a “buy” rating and a $65.00 price objective on the stock. Telsey Advisory Group upped their price objective on shares of Birkenstock from $63.00 to $70.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Finally, Stifel Nicolaus upped their price objective on shares of Birkenstock from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Birkenstock presently has a consensus rating of “Moderate Buy” and an average price target of $62.23.

Birkenstock Price Performance

The company’s 50-day moving average is $57.72 and its two-hundred day moving average is $51.81. The company has a current ratio of 2.87, a quick ratio of 1.13 and a debt-to-equity ratio of 0.56.

Birkenstock (NYSE:BIRK) last issued its earnings results on Thursday, May 30th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.09. The business had revenue of $522.51 million for the quarter, compared to the consensus estimate of $499.98 million. Analysts predict that Birkenstock Holding plc will post 1.37 earnings per share for the current year.

Hedge Funds Weigh In On Birkenstock

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BIRK. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Birkenstock in the fourth quarter valued at approximately $458,539,000. Norges Bank purchased a new stake in Birkenstock in the fourth quarter valued at approximately $177,068,000. Bamco Inc. NY raised its stake in Birkenstock by 1.4% in the first quarter. Bamco Inc. NY now owns 2,974,458 shares of the company’s stock valued at $140,543,000 after purchasing an additional 40,457 shares in the last quarter. Capital World Investors raised its stake in Birkenstock by 1.0% in the first quarter. Capital World Investors now owns 1,469,369 shares of the company’s stock valued at $69,428,000 after purchasing an additional 14,089 shares in the last quarter. Finally, Millennium Management LLC purchased a new stake in Birkenstock in the second quarter valued at approximately $61,972,000. Institutional investors own 19.93% of the company’s stock.

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.